Innovating with
Maximizing Market Opportunities
Why are fashion brands missing out on market opportunities?
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Fashion brands often overlook the impact of sales markdowns on their bottom line. Industry research shows that markdowns can account for over 45% of sales, significantly affecting profitability.
How can fashion brands address this issue?
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Adopt a 'test, react, replenish' model that allows for small-batch testing of new products in the market. This approach enables brands to gauge customer response and adjust production based on real demand.
What should fashion brands do to implement this model effectively?
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Invest in Quick Response Systems: Enable faster production and distribution processes to replenish successful products quickly.
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Leverage Data Analytics: Use customer feedback and sales data to make informed decisions about which products to scale up or down.
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Enhance Supply Chain Flexibility: Develop partnerships with manufacturers and suppliers who can rapidly adjust to changes in production needs.
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Train Teams on Agile Methods: Ensure that staff across production, marketing, and sales are skilled in agile practices and can collaborate effectively to respond to market changes.
Reducing Product Markdowns
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Testimonial
