How social media is driving profit for modern fashion business  

It is no question that profit is a key drive for companies, and a key indicator for their success; but it is becoming increasingly clear that the modern fashion industry is having to evolve and adapt to the demands, not only of their Gen Z consumers, but also the technologically demanding aspects of modern marketing. Essentially, it seems that the success of a brand, and their subsequent profit, lies in their capabilities of tapping into the opportunities offered by 21st century platforms. It is said that the average millennial checks their phone 45 times a day, and we are seeing growing engagement in social media platforms from both millennials and Gen Z (Hethorn and Ulasewicz, 2015). Unlike traditional media, social media provides a variety of information sources as well as the ability to interact with information by sharing, or sharing opinions; meaning that it can also be used to raise the profile of upcoming or popular brands. Brands such as Jacquemus, Dior and Skims are examples of how, by using opportunities offered by online platforms as well as consumer desire for more of a shopping experience, modern fashion brands are able to engage with modern consumers and generate more profit. According to Lyst, all three of these brands can be found on the index of 2023s most successful and in demand fashion houses, and this is arguably due to the understanding they have of their audiences, providing a complete shopping experience that leaves consumers begging for more, and excited to feel part of an exclusive, high end fashion ‘moment’ (LYST, 2023). Let’s take recent Jacquemus pop up stores, for example; by offering unique shopping experiences in highly decorated, immersive shops, that boast added elements such as coffee bars or florists, which are only available temporarily, they are making consumers not only feel they are investing in something exclusive, but they are generating an online ‘buzz’ within fashion communities that, essentially, creates more profit. By teasing exclusive events and making items hard to find, social media sites become obsessed with the brands marketing moves and, opinion leaders spread the message that the brand is in demand (Mitterfellner, 2019). According to Mitterfellner, the ‘two step flow of communication’, a theory originally created by Lazarafield and Belson, is the biggest influence on people is personal or informal contacts. As information from mass media reaches opinion leaders, celebrities or influencers, they create their own interpretations, and spread this to a larger group whom their socially connected with. In terms of fashion marketing, this means that by providing experiences that create online ‘buzz’, social media personalities spread the word of the brands success and therefore put products in demand, generating optimal profit. It seems as though the key contributor to brand success is the ability to create an online presence, and evidently the most successful brands of 2023 are those who have creative directors, and marketers, who are recognising the opportunity for growth in profits with commitment to shopping experiences and creating online communities. The fashion industry can also be seen to be taking steps into the fashion world, combining art with fashion and commerce which too is generating profit. Dior opened their own museum in Paris, in spring of 2022, which consists of exhibitions of the brands history and development, as well as a cafe which offers multiple opportunities for consumers to snap their experience and share their pictures online. The experience had huge effect on social media, and it feels sad though Dior really understood how to connect with their customers, and provide an exclusive experience for all consumers, not just those who shop the brands most sought after garments, shoes and handbags. They understood that generating profit comes from more than just two collections a year, more than an ad in Vogue; profit is about connecting with consumers who use online status to raise the demand of the brand, and recognising that the power lies with the people.

Hethorn, J., & Ulasewicz, C, Sustainable Fashion: What’s Next? (2015). accessible at https://uncannycreativity.com/how-do-you-bridge-the-gap-between-creativity-and-business/ https://fashinnovation.nyc/fashion-industry-statistics/ – Date accessed 20/10/23 

LYST (2023) accessible at https://www.lyst.com/data/the-lyst-index/q123/ – date accessed 20/10/23 

Mitterfellner, Fashion Marketing and Communication (2015) accessible at https://ebookcentral.proquest.com/lib/ual/detail.action?docID=5981798 – date accessed 21/10/23