Whether you are just starting or have been working in the fashion industry for a while, you already know that watching out for the latest trends is essential to staying ahead. It really doesn’t matter what your interest is, an awareness of the potential for different media to disseminate ideas, or seeking ways to better adapt to and exploit market changes can help you to thrive and grow.
The information age we live in today means change is happening faster than ever before in human history. This hurricane of trends, themes, memes, images and ideas presents huge and positive opportunities, but also comes with big challenges.
Day-to-day events can easily escape our attention, drowned out in the noise, but it is always worth trying to understand what is going on both locally and in the wider world. In order to make sense of what is relevant, taking the time to filter and identify good sources of information is a worthy exercise. Keeping up to date with what’s going on outside your workspace needn’t be a chore; whether it’s how you ground yourself at the start of the day, or perhaps relax with a coffee on a break is, of course, up to you.
Consumers Are Smart
With more access to real time purchasing information, the ability to compare prices, find discount schemes and order goods from anywhere, customers now have more choice than ever. The internet and social media have allowed all of us to access much of the world and these technologies will continue to shape our industry and the world around us.
How will it benefit us to know this?
As your customers explore the different ways they prefer to shop you will need to match those services; otherwise you risk they will find someone else who does.
Trends
Being in tune with trends in ecommerce and social media is now as important as following trends in fashion. A nexus is a cross-over or link between threads, trends or ideas. Just now, there is an exciting new combination of healthy living and the fashion world. Luxury brands in particular are branching out into the world of health, with companies such as Vogue dedicating vast amounts into exploring this aspect of the fashionable person.
How does it benefit us to know this?
Expansion into new niches is always potentially lucrative as it may expand your current revenue streams or open up completely new ones. There will always be a buzz around people spending money on new trends and thus being part of an original scene and is a sure way to get noticed and maybe even acknowledged as a trendsetter. There is nothing wrong with jumping on a band wagon and it can offer great opportunities to generate content you already know people are interested in.
Global Instability or Opportunity
With so many factors to consider: political shifts, general elections, Brexit, trade wars etc, perhaps the only thing predictable about the economy is its unpredictability. If the world was static then the big corporations would have locked down all the opportunities for themselves long ago. One of the best advantages a small business entrepreneur has over the giants is the speed and flexibility to react to an opportunity when it presents itself. However, you must keep yourself informed if you’re to be at the leading edge of the release of a new product or an emerging market.
But how will it benefit us to know this?
Global instability can allow new partnerships to be created with individuals and/or businesses in emerging economies. When one door closes another may open. As an entrepreneur you’re inevitably dealing with other businesses, and being aware of current events, both local and global, will help better inform your decisions.