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Fashion Retailing Industry: Challenges and Opportunities

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Added on  2021-06-18

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The supply chain management of the fashion industries are finding it significantly difficult to anticipate the current trends and the complexity of predicting the changes in the fashion style are the main barriers in terms of acknowledging the consumer demands. The renowned organizations of the fashion industry are observed to generate new product lines within a span of 2 to 3 months as the organizations are significantly driving to follow the ever changing consumer trends (Remy, Speelman & Swartz, 2016).

Fashion Retailing Industry: Challenges and Opportunities

   Added on 2021-06-18

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Running head: THINK BIGThink BigName of the StudentName of the UniversityAuthor Note
Fashion Retailing Industry: Challenges and Opportunities_1
THINK BIG1Portfolio 1Need of the innovation:The global market of fashion retailing industry is facing significant challenges inadapting to the new customer demands and the supply chain management along with thelogistics are considered to be the main parts which are blocking the follow of trends. Thefashion industry is significantly subjected to the unforced or unanticipated events like theinflation or financial crisis (Fernie & Sparks, 2014). Another major issue of recent time in thefashion industry is the increment of the lead time in between the arrival of the products tostore from the manufacturing centres. The absence of effective communication and thesmooth exchange of information in between the stakeholders of the organizations areobserved to be causing significant detrimental effects. The supply chain management of thefashion industries are finding it significantly difficult to anticipate the current trends and thecomplexity of predicting the changes in the fashion style are the main barriers in terms ofacknowledging the consumer demands. The renowned organizations of the fashion industryare observed to generate new product lines within a span of 2 to 3 months as theorganizations are significantly driving to follow the ever changing consumer trends (Remy,Speelman & Swartz, 2016). The fast fashion changes are difficult to match for the industry asthe lead time for the processing and selling of the products are increasing (Brooks, 2015).Along with this the absence of perfect synchronization among the customer demand and thesupply chain activity are also contributing to the list of obstacles in the adaption of the fastfashion changes for the industry (Caro & Martínez-de-Albéniz, 2015).The adaption of the fast fashion changes is only possible if the supply chainmanagement and the logistics management be efficient enough in sourcing the right qualityand quantity of the materials according to the customer needs (Blecker, 2014). But the
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THINK BIG2adaption becomes difficult if there is absence of effective stock and that is instrumental inswitching over of the customers to some other brands.Description of the Innovation:The inclusion of PowerSourcers business concept into the fast fashion industries issignificant in generating the on-time or real-time information and that is highly helpful intransferring important information to the different stakeholders of the organization (Basu,2017). The supply chain model will be significant in allowing the collaboration of thesuppliers, manufacturers and the retailers in sourcing the material with desired quality whichwill be aligning with the customer needs (Grefen et al., 2017). Hence the new concept willincrease the sales of the quality products and at the same time it will also increase the overallsales by the repetitive purchases. The new concept will be instrumental in making the supplychain management flexible and will reduce the amount of shocks which is usually generatedwith the sudden changes in the consumer demand (Manners-Bell, 2017). The major reasonbehind introduction of the agile supply chain paradigm will be to enhance the amount ofcustomer satisfaction and the formation of the customers’ loyalty out of their satisfaction(Christopher, 2016).The activities of the proposed concept will be to implement an effective interaction inbetween the different partners of the supply chain management may that be the vendor,fashion retailers, manufacturers or the supplier’s firms. The list of the partners of the supplychain management also includes the warehousing team and the interaction incorporates thegeneration of the electronic data interchange or EDI interfaces or specifically the RadioFrequency Identification Scanners (RFID). The formation of the tags of the RFID will enablethe merchandise information to get stored and it and get scanned. The Enterprise ResourcePlanning or ERP will help the stored data to get transmitted by the help of the internet. Along
Fashion Retailing Industry: Challenges and Opportunities_3

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