As the fashion industry adapts to life and business in a COVID landscape, questions are being raised about what the future may hold for retailers—and, crucially, how they can leverage technology and other tools to remain competitive, relevant, and thriving in a pandemic-influenced market.

By combining industry-specific software with an understanding of the new trends that are predicted to take hold in the coming months and years, future-focused fashion brands will be empowered to stay ahead and gain valuable market share.

Here, we take a look at how fashion product lifecycle management (PLM) software in particular can support fashion businesses to navigate the post-pandemic landscape and succeed in a changing retail environment.

The renewed need for speed

Accelerating time-to-market has always been a factor in retail success. However, in the wake of COVID, the ability to act quickly and with rapid agility has never been more important.

The impact of the pandemic has led to fast-changing consumer demands that can develop in a very short space of time. Take, for example, the dramatic growth in athleisure fueled by a sudden requirement to work from home—retailers who could jump on this trend by designing and developing relevant products quickly were best placed to take advantage of this fast-growing sector.

By accelerating design processes, reducing product development times, and enabling faster decision-making through improved collaboration, effective PLM software can deliver significant improvements in speed to market, allowing fashion retailers to respond quickly to changes of direction, evolving consumer demands, and emerging market trends.

Gartner Report Findings: Bottom line improvements experienced through PLM

• Reduced product development time: 37% of respondents
• Improved time to market: 27% of respondents
• Reduced total lead time: 27% of respondents

Supporting sustainability across the supply chain

 While the COVID-19 pandemic caused extensive disruption to the fashion sector, it appears there may be a positive to come out of the crisis, in the form of a shift towards greater sustainability across the industry.

According to a McKinsey consumer survey, two-thirds of respondents believe it has become even more important to limit impacts on climate change, while 88% think more attention should be paid to reducing pollution.

By providing comprehensive visibility into the supply chain, an advanced PLM solution can be a critical resource for improving sustainability efforts and meeting compliance requirements. Two key areas in which PLM software can support these practices are:

• Ethical sourcing: By streamlining the task of maintaining ethical sourcing records and keeping key information ready for review, an effective PLM system can support fashion companies in demonstrating their activities in this area when required.
• Supply chain accountability: Adaptable PLM processes are essential for ensuring transparency and accountability across the supply chain, helping retailers respond to the demands of a dynamic regulatory environment.

Fueling innovation to meet shifting consumer behaviour

Just as necessity is the mother of invention, a crisis such as a global pandemic could well be the mother of innovation, with the fashion retailers that are able to innovatively adapt their brands and products to suit the COVID-era consumer most likely to win in this new retail environment.

A report by McKinsey^[3] examining the post-pandemic state of the fashion industry suggests that apparel retailers attempting to move on successfully should be prepared to “undertake bold action”, as well as “anticipate shifts in consumer sentiment and behaviour”. Taking these steps in a way that differentiates your brand in a competitive market will demand innovation and adaptability.

“(Post-pandemic) it will be critical to keep a close eye on how your consumer base is changing and determine what that means for your brand.” Perspectives for North America’s fashion industry in a time of crisis: McKinsey

An advanced PLM solution can empower creatives and technologists alike to innovate with speed and ease. Supported by a platform that helps people across the value chain to think creatively, collaborate intuitively, and act decisively, fashion brands that invest in effective PLM software will be better equipped to satisfy consumer impulses rapidly and profitably with forward-thinking market solutions.

Sources
1. https://sourcingjournal.com/topics/lifestyle-monitor/coronavirus-athleisure-bcg-klaviyo-american-eagle-offline-aerie-npd-226232/
2. https://www.mckinsey.com/industries/retail/our-insights/survey-consumer-sentiment-on-sustainability-in-fashion
3. https://www.mckinsey.com/industries/retail/our-insights/perspectives-for-north-americas-fashion-industry-in-a-time-of-crisis