The fashion industry is full of glitz and glamour. But it is also about constantly changing trends, acute competition, target audience, and a sizeable part of the economy.
With a Compound Annual Growth Rate (CAGR) of 9.9%, the study suggests that the global apparel market will reach $606.19 billion by the end of 2022. This means a plethora of opportunities for designers, models, fashion bloggers, and even digital marketers.
The world has gone digital so why should the fashion industry be left behind? Digital transformation in the fashion industry is setting new standards for user experiences.
For example, AI analyses the clothes that are the best for a particular body type. VR to get the feel of how a person might look in particular pair of sunglasses. Predictive modelling to understand the upcoming fashion trends, consumer preferences, and potential sales.
Digital marketing has laid its foundation in the fashion industry too and leveraging this to maximize sales is what all big and small brands are aiming for. Mobile applications, online shopping, affiliate or influencer marketing, content marketing, email marketing, and performance marketing are the key digital marketing strategies adopted by brands.
This is because the benefits of digital marketing go far & wide –
- Measurability – Unlike traditional marketing, there is more accuracy in measuring the results of marketing activities. The audience persona can be better built with the aid of all the details collected. The results are quick and hassle-free to obtain and measure. Thus monitoring becomes easy, efficient, and effective.
- Reach – Specific targeting, customized messaging and wider reach as the advantages of digital marketing. There is no geographical barrier and the companies can leverage the data to reach their desired audience.
- Costs– The companies are in charge of deciding the budget and the costs to be incurred for any marketing campaign. There is no minimum cost and the spending can be directly mapped to the returns.
- Customization & localization – It is possible to customize the messaging strategy to suit each target group. Similarly, localization helps in appealing to the target audience productively.
- Analytics – Due to digital mediums measuring and monitoring become easy. The data generated can be analyzed to optimize the existing activities, predict future trends, map the spending, carefully plan budgets, understand the correct mix of mediums for its audience, and take corrective actions.
- Evolution – Since the digital world is constantly evolving, marketing strategies also need to evolve with it. This helps the company, develop multiple strategies and continually update itself to stay relevant. The constantly changing environment curbs the ill effects of monopoly, market aggressors, and unfair practices.
Digital marketing in the fashion industry is an effective way for businesses to expand beyond geographical boundaries without having to spend much.
This gives them the advantage of being visible to their audience, communicating effectively, and having transparency in their efforts.
However, since the world is changing rapidly due to digitization, it is important to stay relevant and update yourself.
MIT School of Distance Education (MITSDE) is one such institute that understands the current skills gap in the market and strives hard to reduce it. For this purpose, MITSDE brings to you PG Certification in Digital Marketing (PGCM Digital Marketing). This digital marketing course covers the latest concepts, gives hands-on training on the latest tools, and teaches you to create a virtual brand, analyse market trends, and design campaigns.