The clothing market in the United States is the world's largest. As of 2016, retailing in stores amounted to nearly $292 billion. Every month, the number of sales recorded in retail apparel stores all over the US exceed $15 billion. As of the end of 2017, sales recorded in clothing retail stores totaled a massive $23.3 billion. For the clothing market specially tailored to females, the 2017 revenue amounted to about 117 billion while that of the males amounted to about $87 billion within the exact same cycle. In the United States, the apparel market constantly evolves as attempts are made to adapt to the ever-volatile trends of consumers. Then again, there are continuous attempts to adopt technology which will give consumers the ability to improve their shopping experience and make it more exciting.
Consumer Behavior in a competitive market
It is very important for apparel brands to understand the fashion choices of consumers. There are consumers who see apparel purchasing as only a necessity. Therefore, they carry out clothes buying only when their already existing clothes get worn out. However, there are other categories of consumers who consider apparel shopping as enjoyable and an intricate part of their lives. Mostly, they are constantly in search of apparel to put on to different occasions, outings, events, and more. It is this category of consumers that ensure that the retail clothing industry keeps running.
In a way, these categories of consumers are a blessing to the retail apparel industry. While these consumers are constantly searching for newer brands to align with and newer apparel to wear, gone are the days when they would visit a brick and mortar store and request some assistance from a shop assistant while shopping. Today, consumers are online carrying out research. They go through online reviews of brands while searching for items which are a perfect fit for their personality.
And then, there is the Amazon Effect which is currently creating ripples in the retail industry. The Amazon Effect is not only about carrying out online shopping. Now, there is a trend of consumers preferring to carry out their shopping with online behemoths that can be different things to different people. When it comes to that, Amazon delivers a superb job. However, Amazon has triggered a rise in other channels of online shopping. Today, consumers who made purchases from Amazon have begun to check out other retailers in virtual space and done some shopping there too.
However, there's a relatively small effect on how online shopping affects clothing retailers. Research carried out by Pew revealed that about 79% of Americans have engaged in online buying. Yet, only about 10% - 15% have admitted to carrying out online shopping every week. Most of these consumers happen to still prefer doing their shopping in-store. So, a clothing retailer that makes provisions for online shopping must ensure that the experience is very outstanding for online shoppers.
It can be beneficial to have online shoppers that are smart. This gives you an insight into what they want and helps you to reach them directly as they search. Then again, you must consider the fact that brand loyalty is no longer guaranteed. Today, Amazon is topping the private labels in terms of retail success. Consumers no longer happen to attach so much importance to branded purchases. All they want is something that they are happy with, and that matches their taste. So, whether the shopping is done online, or they visit a brick-and-mortar store to carry out their shopping, Millennials have built expectations that are very high with regards to what they buy. Consumers want customer-centered shopping experiences while conserving time and saving cost. The options for these buyers are numerous. Shipping is no longer a problem as their goods can be delivered to wherever they want. For consumers today, the world of fashion is theirs to control.
You Need Data-driven Decisions to Drive Sales
Clothing retailers that record success today are those who focus on their strengths make use of insights from the ever-evolving consumer trends and effectively utilize these techniques. Virtually every industry in the United States is affected by consumer trends. However, fashion seems to be the most significantly impacted. Consumer purchasing decisions today are driven by public sentiments, and it's important that fashion brands have an idea of what these consumers desire before carrying out product releases.
The top brands are currently making use of data which help them to anticipate these trends, thus, giving them the ability to react better and faster. This is kind of like a fusion of science and art. The market is hyper-competitive, and success will depend on how centrally apparel brands place consumer insights in their business model. The apparel retail terrain is currently a winner takes all environment. With the hyper-competition, the amount of profits that can circulate is not as enough. So, apparel brands cannot afford to lose there already existing buyers.
According to McKinsey, the apparel industry drivers which keep the top brands ahead of the competition are –
- Heavy reliance on data analytics.
- Quick reaction times to results of data analytics which is very important to keep up with the insights and trends of apparel consumers.
However, this is where Neural Trend comes in. With Neural Trend, you have the ability to design quicker and better. Neural Trend is dedicated to assisting retailers in designing products which ensure improved sales with a reduction in the go-to-market. With the use of top-notch artificial intelligence tech, Neural Trend provides apparel retail businesses with premium, credible, and fast data analytics, thus, giving clients the ability to effectively connect product design with consumer demand accurately and in record time.
How Neural Trend Can Help Apparel retailers
Neural Trend technology empowers apparel retail businesses with a user interface that is practical and customizable which gives them the ability to tap into market analytics easily and apply the knowledge gained to product lines. By partnering with Neural Trend, you can simplify, strengthen, as well as, expedite your retail process. Here are some benefits Natural Trend offers for your business –
With Neural Trend, all research components will be further broken down to provide you with more information for your product line design in a way that boosts your sales and your ROI.
Reduce your go-to-market time
Neural Trend reduces the decision-making time for your product design significantly and, within a few days, the product can be ready for bulk manufacturing.
Improve your market position
Within a few weeks, market research can become obsolete. We will offer you market analysis that provides you with data-driven feedback needed to build customer loyalty.