Fashion companies need to get off the new-products treadmill and create an ecosystem of services that lets consumers participate in sustainability.
While the 2024 fashion forecast depicts cautious optimism, uncertainty prevails among industry leaders as fashion brands face pressing issues affecting the trade's profitability and sustainability, including economic slowdown, inflation, weak consumer confidence, and unsold inventory.
Behind all the glitz and glamour fashion brands still have a business to run. It’s clear that in 2023 the back-office and supply chain is in the spotlight when it comes to delivering new and improved customer experiences and meeting expectations around sustainability and product provenance.
Today’s shoppers are increasingly concerned with the ethical creation of their clothing. Beyond compliance to codes of conduct, they will want to see active efforts to preserve resources, eliminate waste, and drive sustainability in fashion.