This is in large part due to the better understanding of this new customer behavior. Alternatively, stores will become showrooms, where customers can engage with products and try them out in a stimulating environment. If you’re interested in what we have in store for you, please consider including us in your, Cookies help us in delivering our service. The State of Fashion 2019 marks the third year of an ongoing partnership between The Business of Fashion and McKinsey & Company, bringing analytical rigour and evidence to better understand the rapidly changing global fashion industry and providing an authoritative point of view on the state of fashion in the year to come. You consent to our cookies and you agree to our privacy policy and cookie policy if you continue to use our website. Share to Twitter. As for loyalty programs, they unlock a third option: coalition loyalty programs. The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. The State of Fashion 2021 expects most players in the fashion industry to solve this issue by unlocking new opportunities and expanding their capabilities. One major observation from the report is that the apocalyptic mood from the beginning of the year has evolved into a strong determination to better manage business and sail through the hardships. LONDON, United Kingdom — Fashion leaders are not looking forward to 2020. Best of Theater in Berlin. The reason why customers felt “less loyal” during the first half of the year is that they missed the human element while shopping online, so they felt less obliged to stay. For more information, check out our Privacy Policy. Brands and retailers across all verticals have realized that the only way forward is to disrupt their existing business model, adapt to the new customer reality, and introduce innovative new solutions to capture the attention of novelty-hungry shoppers. According to the State of Fashion 2021, 60% of customers were willing to move away from their favorite brands and experiment more in the early part of the year. eCommeleon Co-Founder Jesse Wragg Tells All, : Retail Workers Need Greater Wage Protections—and They Need Them Now, : Retail Picks of the Week: Sephora and Kohl’s, Big BFCM Round Up. In a rather unexpected takeaway, the SoF 2021 emphasizes that fashion companies should rebalance their supply chain and move away from transactional relationships in favor of deeper partnerships with greater flexibility. We will be in touch soon with more information on our subscription options. In 2021, McKinsey estimates that online will account for 37 percent of fashion and luxury retail sales, both in the U.K. and in China. There will be … This year put a strain on the whole world, not just the fashion industry. are more prevalent now, as brands are looking to handle marketing and email management through other companies, and need a strong technology provider that integrates into their existing system. The outlook for 2021 does not look bright either. 14 38. The main reason for this radical shift is that digital adoption has skyrocketed during the lockdown, pushing brands that were previously hesitant to establish an online shop to take a leap of faith and go omnichannel. This year has radically reshaped the landscape for the fashion industry. The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. 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