Dear All,

Business of Fashion - - Fashion Forward - Amitabh Taneja

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.


Newspapers in English

Newspapers from India

© PressReader. All rights reserved.