The fashion buying cycle. Fashion buying cycle 2022-11-08
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The fashion buying cycle refers to the process that businesses go through in order to purchase merchandise for their stores. It involves a series of steps that start with the identification of consumer demand and end with the delivery of the purchased goods to the store. Understanding the fashion buying cycle is essential for fashion retailers and brands as it helps them to make informed decisions about what to buy and when to buy it, in order to meet the needs and preferences of their customers.
The first step in the fashion buying cycle is market research, which involves gathering information about consumer demand and industry trends. This can be done through a variety of methods, including market surveys, focus groups, and analysis of sales data. The goal of market research is to identify what styles and trends are popular among consumers, and to determine the best time to introduce new products to the market.
The next step is product development, which involves designing and creating prototypes of the clothing and accessories that the business plans to sell. This may involve working with designers, manufacturers, and other partners to bring the products to life.
Once the products have been developed, the business must decide on a pricing strategy and determine how much to order. This involves considering factors such as the cost of materials, labor, and shipping, as well as the expected demand for the products.
Once the products have been priced and the order has been placed, the next step is production. This involves the actual manufacturing of the products, which may be done in-house or through a third-party manufacturer.
Once the products have been produced, they must be shipped to the store or warehouse. This may involve working with a logistics company or using the business's own transportation systems.
Finally, the products are ready to be sold to customers. This involves setting up displays, advertising the products, and managing inventory to ensure that the store has the right mix of products to meet customer demand.
Overall, the fashion buying cycle is a complex process that requires careful planning and coordination. By understanding the various steps involved, fashion retailers and brands can make informed decisions about what to buy and when to buy it, in order to meet the needs and preferences of their customers.
What Is a Fashion Buying Cycle?
Cohn, 2009 In this regard, Dillon 2011 argued that all fashion buyers should possess strong analytical and financial skills, as even though their responsibilities may vary according to the retailer they work for, they all operate in a fast-changing environment which is affected by both haute couture and mass markets. This collaboration can cut out unnecessary iterations and shave up to five weeks off the initial phase. Once a week there is a meeting with the buying team to review all the category sales in depth. Related: Operating Cycle vs. The Fashion Cycle To purchase The Fashion Cycle from Amazon, To Purchase The Fashion Cycle eBook, To place bulk orders with our publisher, The Fashion Cycle: Strategic Buying and Selling for Retail is for those looking for something new: an edge over competitors; a distinctive service for customers; or the ability to use professional development as a way to retain employees in a high-turnover industry. Become a XanEdu partner.
The product life cycle 1. Garments samples featuring on the Range plan are presented. Intent is the stage that ultimately leads to a purchase; during this time the consumer solidifies their decision through emotion, budget, and logic. Harder, 2004; Hoffmann and Coste-Manière, 2013; Jones, 2005 On the other hand, forecasting packages are published up to eighteen months ahead of retail and provide detailed data in the form of sketches, trend boards etc. McKelvie and Munslow, 2009; Dillon, 2011 Trade Shows In order to be always informed about the latest fashion trends, fashion buyers should use various sources of information, as each tool presents particular advantages and merits.
For example, Sportswear International focuses on street fashion, jeans and sportswear, examining trends from all over the world, whereas Textile Outlook International provides a global perspective on textiles, fibres and garments in general. Related: What Does It Mean To Be Customer-Oriented? Selling large quantities of product can generate extra cash flow and selling product fast can move stock more quickly through the business. So a rough idea of a new range plan can start to be penciled in. Garment production — items sent back to buyers to review colour etc, samples are tested against a model fit. Repurchasing is the decision making process undergone by a customer which leads to additional purchases.
Closing Sales Knowing where a customer is in the buying cycle can be an important indicator of how to engage, e. In the world of luxury fashion, everything boils down to the fashion cycle. Budget planning By analysing trends and history they can come up with a realistic plan that gives them the best chance of achieving targets. It includes several different stages, and the length and content of the buying cycle depends greatly upon the budget, needs and preferences of each individual customer. Manufactures use less expensive fabric and modify the designs to sell in low price. Offering tiers and product options also helps your brand to stand out from competitors who only offer one product option and price point. Fashions do not always survive from year to year.
Within customer profiles includes long and short-term behaviours, from immediate trends to lasting phenomena in the market, such as almost genderless dressing. Using body scans of human models, 3-D technology can show sizing, fit, and how the garment would look on a person. This book will educate, empower, and transform fashion students into skilled, certified retail professionals. Fashion cycles start when fabric manufacturers present their new samples of materials. For example, perishable items such as food or paper goods offer a high likelihood of repurchase with minimal marketing efforts. Jackson and Shaw, 2006.
As Dillon 2011 noted, fashion forecasting agencies predict future trends up to eighteen months ahead of a fashion season by examining current fashion, lifestyle and cultural movements. The Fashion Cycle will provide your students with the in-demand skills needed to succeed in the competitive fashion industry. We strive to provide individuals with disabilities equal access to our website. Buying Cycle Example Suppose that a business wanted to improve the way they communicate with their target audience to help guide potential customers through the buying cycle. Companies are taking advantage of lower-priced prod- ucts from overseas in an attempt to improve competitiveness, and discounts can be between 15 and 35 per cent for products sourced from Asia and Africa Lowson, 2001.
The Fashion Cycle: Strategic Buying & Selling for Retail
. On-time availability and production planning improved as well, thanks to better forecasting that allowed the company to book factory capacity ahead of time. For larger customers, fashion companies can create a few physical samples but show most of the collection via customized digital showrooms. Marketing in this stage transitions from sparking awareness to showing customers how your product fulfills their needs and the benefits they'll receive after choosing your product or service. We all know legendary buyers, and we know the names, and we see them at the front rows, but nobody really knows how to get there or what to look out for. Leading-edge companies have instead established a central merchandising team composed of staff from both the financial and creative sides of the business. But we can give specific cycle name with type of acceptance.
Using fair and accurate pricing in comparison to your competitors minimizes the risk of any last-minute factors that could change a buyer's decision. For more insight and advice on how to become a success buyer, Managing The Buying Cycle "This course is really special. Indeed, the buyer must take into account how the market is likely to evolve, what consumer trends there are, what social behaviours they can perceive and what short term trends are emerging. In some cases, manufacturers bypass several sign-offs from the head office, thereby cutting as many as ten days from the production process. Introduction Growth Maturity Decline an extension strategy could be used Fad, fashion or classic? Scaling Retail is a retail consulting firm and agency guiding retailers and brands via a unique blend of sales, marketing and merchandising expertise marked by custom solutions. Bruce and Daly, 2006 As Clark 2015 pointed out, since fashion buyers cannot possibly predict the exact number of items that will be purchased during a season, markdown pricing is one of the greatest risks that retailers must manage and minimise, as even though it can be used as a promotional tool, it actually represents a significant cost. Defining and Managing Its 7 Steps 2.
Faster fashion: How to shorten the apparel calendar
By using QR companies are able to reduce both excess stock holding in the supply chain and risk associated with fore- casting. Traditionally, fashion sourcing focussed on sourcing product with the cheapest landed cost, usually overseas sourcing with a single delivery prior to the sales period Mattila et al. However, with an ever-growing number of customers buying fashion products every day, retailers are starting to offer more product ranges, thus requiring buyers and merchandisers to create more product ranges and to buy more frequently in order to reduce excess stock and lost sales. The Fashion Cycle: Strategic Buying and Selling for Retail is for those looking for something new — an edge over competitors, a distinctive service for customers, or the ability to better retain employees in a traditionally high turnover industry through professional development. Intent In this stage, buyers consider their purchasing options from an emotional, financial and logical perspective.
