The retail industry is evolving like never before. Thanks to advancements in digital technology and innovations in delivery and data, retailers can predict and understand what their customers want, successfully meeting their demands.
It’s no secret that there are no quick-wins for starting a business. Unfortunately, the majority of small businesses fail within the first few years of its lifespan, specifically apparel brands. This can be attributed to fashion industry’s many challenges, and fragmented and competitive nature, making the success rate fairly low. According to Statistic Brain, the percentage rate of businesses that still operate after the first 4 years of operation in the retail industry is 47%.
The fashion industry is dynamic, complex and rife with competition. Running a successful fashion brand and maintaining success over the long run comes with many industry challenges and unfortunately, few apparel brands outlive their first 5 years of existence.
Technological advancements and the adoption of 3D models have been prominent in manufacturing and engineering industries for decades, working with products such as furniture, autos, computer chips, aerospace, and more.
Social compliance is essential in any manufacturing sector. In the apparel industry, adhering to set standards, practices, industry rules and government regulations can mean the difference between brand failure and brand success.
In the midst of the fourth industrial revolution, more textile brands and manufacturers are considering the shift towards advanced manufacturing technologies and automation of production by incorporating robotic sewing machines and connected systems for their softlines.
In the apparel sector, many organizations tend to misunderstand the Cost of Quality (COQ) because the term often gets incorrectly associated with the price of creating quality products, rather than the costs incurred as a result of manufacturing products incorrectly.
With the rise of the ethical consumer, more and more fashion brands are announcing their new efforts to commit to becoming more sustainable in the long run and engage in ethical sourcing practices. But, are consumers actually living up to their word when it comes to investing and buying ethical fashion products?
In the fashion industry, competition runs exceptionally high amongst fashion brands. If your quality is not up to scratch, you risk failing to meet industry and customer demands, waste a great deal of time, money and resources and inevitably fall behind your competition. Many brands are also pressured to increase their output and maximize profits and as a result, experience problems within their quality management systems.
Producing high-quality softlines products is the end goal for all garment manufacturing processes. But, in the highly competitive, complex fashion industry, if the outcome of your product does not meet the high-quality industry standards and expectations of your customers, your brand can suffer immensely in terms of loss of sales and a damaged brand reputation.