Fusion of sales channels
One of the biggest challenges is dynamic customer behavior across the traditional sales channels. Online shopping is becoming increasingly popular, which is driving up product and price transparency. Smartphones are fusing over-the-counter retail sales and online sales. Where and how the purchase takes place is becoming less and less important to the consumer. However, multichannel sales need to be barrier-free and fast. And if they are staged as an experience and discounted, even better. Not only must the clothing industry be seen to meet these requirements, but the internal sales channels must also be seamlessly connected. The sales channels must function alongside one another in the company without competing. This unrivaled coexistence makes it ultimately irrelevant for clothing retailers through which channel the customer obtains information or purchases items.
Focusing on customers, focusing on the essentials
In the future, sales of items of clothing will need to be geared more toward customers if they are to be successful. On this basis, the brand must be clearly defined and the range of products focused on the target group. Instead of increasingly expanding product ranges, product development should be structured and follow certain guidelines. Taking a definition of the target customer as the starting point, this requires product management that works in line with the target group and incorporates any intermediaries. Focusing the product range squarely on the customer makes it possible to have a smaller number of line items, thus reducing complexity, especially in procurement, production, and logistics. Fashion can be a very emotional product for consumers. However, the development of a fashion product, putting together a collection and the final economic result depend to a large extent on technical factors, not just creative aspects.
Not jeopardizing brand positioning through knockoffs
Avoiding knockoffs is crucial in the clothing industry. In addition to careful procurement planning, this requires a degree of flexibility in the design of the product range that is defined from the outset. A smaller number of collection cycles inevitably reduces the flexibility to react to external influences and trends. What is needed here are more flexible collection models. Short-term flash programs in particular can generate more interest. Effective inventory management and clearly defined channels for selling off old stock help to maintain a positive perception of the brand.
Interdisciplinary industry teams
We help you meet all of these challenges. From strategy consulting to performance management to accounting and auditing, in business matters and in tax and legal issues. Furthermore, as a member of Nexia International, we have access to a network of 560 partner offices in over 115 countries and will also assist you with your transnational activities.
Our services at a glance
- Single-entity and consolidated annual financial statements
- International financial reporting
- Advising on tax returns and tax structures
- Relocation of functions abroad
- Advice and documentation in tax matters concerning transfer pricing
- Tax and social-security questions for posting employees abroad
- Advising on value added tax
- Management information systems and controlling
- Consulting on restructuring
- Consulting on cross-border transactions
- Consulting on risk management and compliance