People
People, the pillar essential in the fashion business world, with the power to make sales obsolete without its consideration. It reflects a consumers wants and needs from within a product to the way it is marketed to its audience. Businesses often group their consumers within their generations, with the focus currently on Gen Z.
Gen Z, the generation born between the years 1996 and 2010, is one that differs dramatically from their ancestors. Given their label as “digital natives”, which alludes to the integral part the internet played in their lives, having been the first generation to grow up with it, means that their technological abilities are key in the insight to the way they consume or choose to shop. Other aspects of their upbringing such as climate change affecting much of their childhood, influences the ethics and sustainability considered before purchases (McKinsey & Company, 2023).
With the new emerging markets appearing in parallel with the new consumers of Gen Z, businesses must create alternate methods of marketing in order to attract the audience on an individual basis. Given Gen Z’s dependency with social media, marketing campaigns projected on these platforms devise a primary source in gaining the consumers attention (Mitterfellner, 2019). Closely linked with their particular care for the ease of shopping, social media provides direct links to products which could generate a larger pool of Gen Z customers. In accompany to this, businesses must take into consideration the generations spending cap as they are the youngest customer. Gen Z would have to remain in a realm of affordability when shopping due to the lack of finance they would have at hand considering most only work part time whilst still in full or part time education (McKinsey & Company, 2023). Therefore, the idea that Amit Sharma (2016) eloquently presents, that the AI technology we have available should be used to recommend products and set prices to appeal to individual consumers could be proven beneficial.
In respect to Gen Z’s clear awareness of inclusivity, brands that respond with diversity, are admired by the generation. For example, the rebrand of Victoria’s Secret has demonstrated this with models that appear in all races and body types, which creates an inclusive environment for the consumer to feel a part of (Victoria’s Secret, 2023).
However, it’s not always about the consumer, but also about the people working within the business, requiring a number of skills to ensure its success. These include but are not limited to, communicative and collaborative skills, given the fast-paced industry that is fashion, which operates in a dynamic market with continually evolving ideas. This indicates that the success of a fashion business is determined by the consumer, the employees, and overall, the people.
Reference List:
Sharma, A. (2016), ‘How Predictive AI Will Change Shopping’, Harvard Business Review, (Online) Available at: https://hbr.org/2016/11/how-predictive-ai-will-change-shopping (Accessed 13/10/23).
McKinsey & Company. (2023), ‘What is Gen Z?’, (Online) Available at: https://www.mckinsey.com/~/media/mckinsey/featured%20insights/mckinsey%20explainers/what%20is%20gen%20z/what-is-gen-z.pdf (Accessed 9/10/23).
Mitterfellner, O. (2019), ‘Fashion Marketing and Communication: Theory and Practice Across the Fashion Industry’, Taylor & Francis Group, Milton, (Online) Available at: https://ebookcentral.proquest.com/lib/ual/reader.action?docID=5981798 (Accessed 10/10/23).
Victoria’s Secret & Co. (2023), ‘Our Diversity, Equity & Inclusion Strategy’, (Online) Available at: https://www.victoriassecretandco.com/corporate-responsibility/inclusion/our-diversity-equity-and-inclusion-strategy (Accessed 14/10/23).