Enhancing consumer experience in apparel retail via digitization

Abstract

The methodology includes both primary and secondary research. In order to understand the existing constraints and challenges in the apparel industry owing to COVID-19 Pandemic, we went through various articles, blogs and whitepapers. For firsthand insights on how companies are effectively using technology to stay ahead of competition and to stay updated with changing trends, we interviewed industry experts in the field of apparel retail and consumers. Futuristic technology trends were derived from secondary research and some ideas from our own. Then, we are also deep-dived into challenges of adoption of digitization in the apparel industry from primary research. Digital transformation helps companies to establish themselves in the market. It usually took Fortune 500 companies more than 15 years to reach to height of success, but in recent times companies have built digital assets and created distinct value. Therefore, it has taken the digitally equipped companies less than 5 years to make it to Fortune 500 companies list. Digital technologies are bridging the gap by exploring customers' needs and satisfying them. It plays an important role by helping the companies get more happy customers. Also, it helps the companies in understanding customer consumption pattern, buying behaviors and overall internal process optimization. It helps in growing the company and getting new profit pools by transforming companies' approach and process to meet customer's demand. In recent years we have seen increase adoption of technology. With growing accessibility of digital platforms to most of the population, we can see the change in consumer behavior and consumption pattern. The expectation from both B2B and B2C platforms are increasing and overlapping. Expectation for speed, convenience, customization, and uninterrupted connectivity is on rise.