Fashion’s Digital Transformation – 4 Critical TIps (2021)
At first look, it may seem like the Covid-19 pandemic (and the limitations it has placed on brick and mortar operations) has been responsible for fashion’s digital transformation in 2020 (e.g. moving to e-commerce and digitizing their operations). In truth, while the need for these drastic changes may have been highlighted by the pandemic, the retail industry has been decisively moving to adapt new technology for a while. The bankruptcy of notable fashion retailers like Neiman Marcus, J.Crew, and Pier 1 were an inevitability (sped up by the circumstances of the pandemic), because these giants were not adapting fast enough to the digital age. In fact, the McKinsey & Company report “Fashion’s Digital Transformation: Now or never”, emphasizes the importance of adopting new technology in order to remain competitive and even viable in the industry as we enter the industry digitally transforms. The McKinsey report outlines 4 important adjustments retailers must make to thrive in the digital age: Focus your prioritiesLeverage analytics solutions to manage your supply chainThe transition into e-commerce must be holisticSuccessful digital transformation relies on empathetic customer engagement Applying these adjustments have documented advantages. McKinsey found that retailers who introduced advanced analytics and digitally transformed their supply chains have outperformed their competition by...
