The retail industry is changing every day – we don’t need to scroll up decades to see how the retail template has metamorphosed over the years. Yet, there’s one thing in retail that simply refuses to budge – innovation. The age old saying that constant innovation is the key to retail success holds true even today. And the need to differentiate from the competition through continual innovation has never been as dire as it is now.
Rapid change in technology and changes in the way we communicate, connect, and discover are carrying incredible implications for businesses worldwide. In the modern retail ecosystem, shoppers are turning into critical influencers, progressively deciding the goals of most retailers’ innovation strategy. And it definitely is difficult to adapt naturally!
And honestly, the pressure to be more superior is nowhere as pronounced as it is in the fashion retail sphere. Whether a vertically integrated luxury brand or a fast-turning low consideration apparel store, fashion retailers are feeling the heat to be more innovative. But the good news is that Indian brands and retailers are stepping up to the challenge and how!
The cover story of the December issue of IMAGES Business of Fashion – Technology & Innovation: The Core of Fashion Creation – outlines how fashion brands in India are investing on innovation, both process and technology. Engaging in novel ways and enabling new processes to focus on customer engagement and augment customer experiences has now become the new standard of fashion retail. I would also like to accentuate that while innovation can be very subjective, depending largely on the need of the retailer, ultimately, it is technology that is going to make innovation possible.
The issue also gives insights into the various aspects of innovation pertaining to the fashion industry in India, including accounts of some the biggest names in the domain. I hope you enjoy reading it as much as we did writing it.