‘Fashion industry should shun discounting, adopt hyper-personalisation’

BENGALURU

The Indian office market reported a net absorption of 11.5 million square feet (MSF) across the top 8 cities in Q1 24 ( January-March quarter of 2024), as per the office-segment data released by Cushman & Wakefield (C&W). “This is the third-highest level recorded in the last five years, demonstrating a robust appetite for office space among businesses. Net absorption is a barometer of real demand or expansion of occupied space in the market,” C&W said.

The fashion retail industry is contemplating moving away from “discounting” and embracing hyper-personalisation (close to bespoke model) to shore up its balance sheets and stop margin erosion, hinted industry captains.

Domain experts, who spoke at the India Fashion Forum (IFF), an industry intelligence summit, held in Bengaluru, further said several pressing challenges constantly confronted the industry and therefore urged the fashion retail community to move away from conventional discounting practices and embrace data-driven personalisation which may lead to better business impacts and enhanced customer satisfaction.

Suparna Mitra, CEO, Titan Watches & Wearables, highlighted the detrimental impact of unsold inventory resulting from heavy investments in large-scale production.

“The perpetual cycle of excess stock leading to discounted rates threatens the financial health of fashion businesses. However, a deeper understanding of consumer behavior presents a potential solution,” she recommended.

Echoing similar sentiments, Shailesh Chaturvedi, Managing Director and CEO of Arvind Fashions cautioned the industry against discounting and commoditisation.

“Today’s consumers are discerning and savvy. They recognise the facade of discounts and demand authenticity. Our industry must

Gen-AI, client-data algorithms will allow fashion brands to know consumer desires more precisely, says Chaturvedi. transcend pricing and differentiate through innovation to remain competitive,” he asserted.

By harnessing disruptive technologies such as generative AI and customer data algorithms, fashion brands would know consumer desires more precisely, Mr. Chaturvedi, who is also the Chairman of the India Fashion Forum, added.

Shivanee Dutt, Director, Brand Marketing & Merchandising, Snapdeal, emphasised the critical role of personalised experiences in engaging discerning consumers. “Tailored communication strategies driven by consumer data insights are essential for resonating deeply with today’s audience,” she said.

According to participants, the integration of generative AI, from chatbots

to personalised content creation and data visualisation is revolutionising marketing strategies and reshaping the entire fashion retail landscape in India and globally.

Experts noted the detrimental impact of unsold inventory resulting from heavy investments