Next Big Futures has published a study revealing that the fashion industry has a very different set of priorities than other industries, with much more emphasis placed on social media, marketing, and digital marketing than the other three areas.
In fact, it found that there was a whopping 93 percent of designers were focused on all three, and 85 percent of the time designers were using only one platform.
The findings also revealed that many of the biggest brands have a “lack of a plan,” with almost half of the top-earning fashion brands lacking a strategy for the coming decade.
The study, entitled The Future of Fashion: An Insights into Designing for the 21st Century, shows that most of the fashion brands surveyed did not know how they could change their business model for the better, or how they would compete with brands of the future.
“The fashion industry is a global community, and the challenges facing it are real,” said Nafeesa Riaz, who conducted the research for Next Big.
“This study provides an important insight into how designers, brands and consumers will react to this new era of fashion.
Our data reveals that most designers are focused on social networks, but are not thinking strategically about the future of their brands.”
According to Next Big, social media and mobile devices are the key drivers of innovation in fashion.
“We know that people are searching for trends and products on social platforms, but that they are not spending enough time with the brands and their product portfolios,” Riaz said.
“These findings show that fashion designers and consumers have not had the time and resources to invest in their brands’ marketing, or the ability to spend time and money on the brand’s content and social media platforms.”
“Our study shows that fashion brands are not investing in the brand and their content, and instead they are using platforms like Instagram and Pinterest to promote their brand and products,” she added.
Riaz noted that brands that are focused more on social networking and marketing will have a harder time keeping up with the changing trends.
“The brands that focus more on their products and services will have more time and space to develop, but they will have less time to invest and their brand will become diluted.”
Riaz said that this is the real reason behind many fashion brands failing to innovate in the future, as they are afraid to risk losing their top-dollar position.
“With a lack of a clear strategy, many fashion brand owners are relying on their own networks, brands or their personal connections to develop a strategy and grow their business,” she said.
“A lack of an overall strategy can lead to poor execution and a poor brand, with less investment and a diminished customer experience,” she concluded.
Next Big Futurus research revealed that the average spend per employee is $9,000, and more than 70 percent of companies are spending less than $2,000 per employee.
Riaz noted the trend that fashion is becoming more “creative” and has a higher reliance on digital media.
“There are so many companies that are spending money on digital marketing and they are spending it on brands that will not do well in the coming years,” she explained.
“I believe the next decade will be a very competitive one, with many brands and brands of tomorrow becoming dominant.
This will give us the chance to innovate and create new trends that will change the way we see the world.”
The study also revealed a number of trends in fashion that have been discovered in the past decade, which show that designers are not looking for the same kind of trends and trends that are already present in other industries.
For example, there is a higher concentration of men’s and women’s clothing in the fashion world, but there is less attention paid to the same types of fashion, with men’s brands dominating the fashion landscape.
Another trend is the “gendered nature of fashion,” with women being much more involved in the design of fashion and in the promotion of their products.
While there are some positive trends emerging in fashion, there are many negatives that can be found in the industry, including a lack to develop brands and products that appeal to the wider market, the lack of knowledge on how to increase engagement and customer loyalty and a lack in leadership, which is an issue for many of these brands.