Speaking at the India Fashion Forum (IFF), an industry intelligence summit held in Bengaluru, domain experts also mentioned the numerous urgent issues facing the fashion retail community. They therefore urged them to abandon traditional discounting strategies in favor of data-driven personalization, which could have a positive impact on business outcomes and improve customer satisfaction.
Titan Watches & Wearables CEO Suparna Mitra emphasized the negative effects of unsold inventory that arise from significant expenditures in large-scale manufacture. The incessant cycle of surplus inventory resulting in reduced prices jeopardizes the fiscal stability of fashion enterprises. But a more thorough comprehension of customer behavior offers a possible remedy, the speaker advised.
Shailesh Chaturvedi, Managing Director and CEO of Arvind Fashions warned the sector against commoditization and discounting, echoing similar concerns. Consumers nowadays are astute and discriminating. They want authenticity and can see through the facade of discounts. To stay competitive, our sector needs to go beyond price and set itself apart via innovation.
Mr. Chaturvedi, who is also the Chairman of IFF, continued, “Fashion brands would know consumer desires more precisely by harnessing disruptive technologies like generative AI and customer data algorithms.”
The Director of Brand Marketing & Merchandising at Snapdeal, Shivanee Dutt, stressed the importance of tailored experiences in attracting discriminating customers. “To truly connect with today’s audience, tailored communication strategies powered by consumer data insights are imperative.”
