Fast fashion, also known as fast fashion, is a modern trend in the fashion field, aiming to meet the increasing demand of consumers for changing fashion styles quickly and economically. feeFast fashion brands focus on producing and distributing goods quickly, according to the latest fashion standards.
However, the fast fashion business also comes with some advantages and disadvantagesOne advantage is that fast fashion brings diversity and choice to consumersThey can easily update new fashion trends without losing too much money
However, the fast fashion model also causes some negative problemsThe rapid and reckless production of goods, along with the unsustainable use of natural resources, causes negative impacts on the environment and natural resources.Furthermore, continuous discounts and promotions also create a careless consumer attitude and cause waste of goods.
Therefore, the fast fashion business needs to be considered and managed responsibly, to protect the environment and create products of real value for consumers.
Fast fashion is a trend that is becoming popular in the fashion industryThis term is used to refer to "instant noodle" products that are produced quickly and are often constantly changed.The fast fashion trend focuses on introducing new designs and quickly bringing them to marketThese products are often cheap and suitable for the majority of consumers, especially young people who always keep up with fashion trends.
Fast fashion is shaking up the traditional fashion industry with the launch of new collections every week or every few daysFor example, after a product performs on the Runway, within just 12-24 hours, a similar product appears on the market at a much cheaper price.Fast fashion allows consumers to keep up with fashion trends and own new products at affordable prices.
However, fast fashion places rapid growth on innovation and is not too concerned with product qualityFast fashion businesses often take advantage of available materials or expedite production to meet production speedsThis leads to not having too much time to check quality.
Famous brands in the fast fashion industry include H&M, Shein and many other brandsH&M is a popular fashion brand that has existed since 1947 and currently has more than 5,000 stores worldwide.Shein, a Chinese fashion brand, has become a giant in this field with revenue of up to 15.7 billion USD in 2021.
The advantages of fast fashion include attracting customers with diverse designs, affordable prices and not having to worry about inventory problems.It also provides an opportunity for middle-income consumers to refresh their wardrobesHowever, fast fashion also has disadvantages such as difficult customer management and difficulty managing cash flow and inventory due to the diversity of designs and products.
Lesson
January 1, 2023
At present, the keyword fast fashion can be considered a trend for the fashion industryAnd for fashionistas, you've probably heard this term a few timesIf you do not clearly understand this term, do not skip the article below.
What is fast fashion?
Fast fashion, also known as Fast Fashion, is the term used to refer to the "instant noodle" fashion trend.Usually these items are produced quickly and designs are constantly innovated.
The criterion of the fast fashion trend is to focus on many designs and quickly bring them to marketTherefore, these items are often cheap and suitable for the majority of consumersThe customers that instant noodle fashion targets are young people with a tendency to always innovate according to trends.
It is because of this speed that fast fashion is shaking up the traditional fashion industry with collections that are carefully and orderly invested in each season.Fast fashion with new design collections released incredibly quickly, even a week or a few days.
For example: A product performs on the Runway floor, only about 12 - 24 hours later on the market, a product with a similar design and design immediately appears.These products have prices that are many times "softer" than the products on the previous Runway floorAnd that's called fast fashion.
Because of keeping up with fashion trends, having more diverse variations than the original and being easy to own, products belonging to the "fast fashion" group are chosen by many consumers.
See more: The fashion industry expects to prosper in the new year
Characteristics of fast fashion
Because it needs to be "fast", products in this group will have certain characteristics to suit the nature and needs of customers.The outstanding features that can be mentioned are:
The time factor is placed first
Most of the prestigious catwalks come from fashion houses such as Chanel, Gucci, LV, Dior, etc., always causing the high fashion industry to stagger.That's why not only the upper class want to be the first to own and be the one to follow the trend, but even ordinary people want to keep up.
And the truth is that this group of "ordinary people" accounts for a higher proportion than the elite customer group.Taking this opportunity, fast fashion was born, with rapid production speeds bringing rapid growth rates for businesses, which are important in the fast fashion industry.
Characteristics of fast fashion Quality issues are not too much attentionBecause of the requirement for quick production time, product quality is very difficult to ensure.To be able to keep up with the speed and progress of production, fast fashion businesses often take advantage of available materialsOr they can quickly produce auxiliary materials and operate at full capacity.
That means these businesses don't have much time to check quality and material issues.But because the nature of consumers of this product is to constantly change in style and design, they usually do not have too high expectations for quality.
Continuously update and innovate designs to keep up with trends
As mentioned above, the nature of fast fashion is innovation to keep up with market trends.That's why the "big guys" in the fast fashion industry always update new designs continuouslyThat's why there are many types of fashion items.
Even with the recently prominent instant noodle fashion brand Shein, the release time for new products is calculated in weeks.You can also see that innovation through prominent giants in instant noodle fashion such as H&M, Uniqlo, Topshop,...
Some famous fast fashion brands
H&M
H&M, a fashion company founded in 1947, is a famous popular brand with headquarters in Sweden.It can be said that H&M is one of the oldest brands in the fashion industry.
By 2022, H&M will have more than 5,000 stores operating strongly in 75 countries and territories under the names of affiliated brands.In addition, H&M also owns COS, a slightly higher-end fashion brand, and Monki, with products aimed more at young people.
Some fast fashion brands famousH&M operates as a family department storeBecause it not only sells separate clothes for men, women and children, but also expands into cosmetics and furniture for the familyTo be more precise, H&M is a retailer that does not own its own factory but depends on up to 800 other suppliers.
Shein
According to The Guardian, recently, Shein (super fast fashion brand from China)From an unremarkable fast fashion brand, Shein has risen to the top of this marketAccordingly, this giant's revenue from only 2 billion USD in 2018 suddenly jumped to 15.7 billion USD in 2021.
E-commerce fashion company Shein is currently considered a leader in the instant noodle fashion business model.Recently, Shein has been valued at 100 billion USD, equivalent to the total of two brands Zara and H&M combined.
This brand is headquartered in Guangzhou (China) and was founded by Chris Xu and has up to 7,000 employees.And with inventory only about 6% within 90 days.
SheinShein operates in an experimental manner, based on 3rd party manufacturers located in China to market the panels in small quantities of about 50 to 100 units of each typeIf that item performs well, the business will release it in large quantities, otherwise it will stop producing that item.
Advantages and disadvantages of doing fast fashion business
Advantages of fast fashion
Because the designs are constantly changing, it is easier to attract customers, without worrying about the problem of outdated inventory.
Production costs for the instant noodle fashion industry will be cheaper than in a sustainable period.
Because of the many designs and low prices, it easily attracts many customers and brings huge profits.
Helps consumers at the average income level have the opportunity to refresh their wardrobes with cheap items and not feel regretful when they don't use them much.
Disadvantages of fast fashion business
Because of the diversity of customers, it is quite difficult for businessmen to manage customers.
With the rotation in production and business of this industry, businessmen will also have difficulty managing cash flow.
It will be quite difficult for business people to manage inventory: because of the variety of designs, items for women, items for men, colors, sizes,...
Because its nature is instant noodle fashion, the business will have quite a few employees, this is also a management issue that should be paid attention to.
Issues related to marketing campaigns,...
With the above, you can see that to manage a fast fashion business, many factors, acumen, organizational thinking and experience are needed.And if these things cause difficulties for you, don't worry too much because with the development of technology, businesses also receive quite a lot of support from machines.
See more: Experience in effective fashion store chain management
Software to support fast fashion business management
GoSELL's fashion business management software brings efficiency and simplification of management, creating a premise for quick business, increasing labor productivity and revenue day by day.With optimization in each process, GoSELL brings you outstanding features such as:
Software to support management Fast fashion business managementDetailed inventory management, feel free to add new products, easily change product information.Manage products by: name, barcode, SKU code and IMEI code.
Synchronize sales at the counter with POS devices, making the sales process faster.
Create combos for promotional products, create quick incentives.
Multi-modal payment: ATM card, Credit/debit card (Visa, MasterCard, JCB), E-wallet (MoMo, ZaloPay), Bank transfer, COD or over-the-counter payment for services.
Manage customer information in detail, easily build a customer loyalty program.
Track employee activities, manage each employee's time and productivity easily.
Report revenue by day, week, month, year accurately, conveniently and quicklyThrough sales reports and analysis to know best-selling products,...Easy to track with visual charts.
Allows remote management via smart devices that only need to be linked to an account.
Conclusion
The above is all the information related to the fast fashion industry, as well as the pros and cons of business that GoSELL has compiled.Hopefully this article will help if you are planning to do business in this industryWish you success!
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CONCLUSION The appeal of fast fashion and its strengths and weaknesses in business
: Summary article about the content of fast fashion or also known as Fast FashionFast fashion is a trend in the fashion industry, with a focus on rapid production and continuous design innovation.Fast fashion products are often cheap and suitable for the majority of consumers, especially young peopleThis trend is shaking up the traditional fashion industry with seasonal collections and thoughtful investmentsFast fashion products can be released incredibly quickly, even just a few days after being performed on the runway.Fast fashion also has its own characteristics such as focusing on time factors, not focusing too much on product quality, and updating and innovating designs to keep up with trends.Some famous fast fashion brands include H&M and SheinFast fashion has its own advantages and disadvantages, such as attracting customers more easily but also having difficulty managing and managing inventory.
#FastFashion #FastFashion #Fashion Trends #Instant Noodles #Fast Production #Continuous Models #Cheap Prices #Trend #Youth Fashion #SanRunway #New Collection #Men's Clothes #Women's Clothes #Children #Cosmetics #Interior #H&M #Shein #Quality #Innovation Model #L BenefitsConsumers #CustomerManagementApplications #FastFashion #FastFashion in The fashion industry is a trend for fashionistasAccompanied by rapid production and continuous design innovation, fast fashion meets the needs of the majority of consumers at low prices.But with this speed also comes the inability to focus on product quality, and characteristics of fast fashion include focusing on the time factor, constantly updating and innovating designs according to trends.Famous brands such as H&M and Shein are representatives of the fast fashion industryAlthough the fast fashion business has its pros and cons, it still attracts a wide range of customers and generates huge profits.
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