With recent figures suggesting the UK fashion industry is worth over £32 billion, and with close to a million jobs across the country being created from said industry, it’s clear to see that fashion means big business.
Yet with so much discussion within both the government and the media surrounding fast fashion and the notable struggles of the likes of high street brands such as Debenhams, House of Fraser and even Topshop, you’d be forgiven for being under the impression that the fashion industry as a whole could well have peaked, and may even be showing signs of slowing down.
Yet for e-commerce brands and retailers, the online fashion business is well and truly booming, with the likes of fast fashion retailers such as Boohoo, Pretty Little Thing and Nasty Gal all upping their full-year revenue outlooks after seeing sales rising hugely in the last year.
In an environment where consumer demand expects instant results, and in an industry as fast paced as fashion, it’s key to move with the pace, continuingly updating websites with new offers and new products to ensure the buying experience is not only parallel to that of a physical store, but even better where possible.
In order for these e-commerce retailers to be so widely and globally successful, the wholesale industry must align itself, ensuring that speed, quality and demand can be met in all instances. Wholesalers work extremely hard to meet the demand of e-commerce retailers, not only through their fast-paced tactics but through their huge and consistently varying available options. Take the abundance of new ladies clothing from BGirl Fashion dropping each and every day on site, it’s clear to see that the demand on the wholesale industry to produce clothing that is stylish, affordable and readily available is great, yet wholesalers are consistently meeting the demands placed on them.
In an industry that clearly has huge growth potential, wholesalers are looking to trends across the market that could affect their success and profitability, with many trends being utilised to add value and progression to businesses. Here are three trends that are expected to make waves within the wholesale industry this year:
It’s the word on everyone’s lips, and whilst the UK is still without an agreed deal, there’s real uncertainty on how Brexit will affect the economy as a whole. Wholesale fashion businesses may need to consider how any changes could affect trade across the EU, with the potential for garment prices, shipping costs and tariffs to alter.
As touched on above, it’s clear that the world of e-commerce is where the success of many fashion business lie, and wholesale is no different. Whilst previously wholesalers may have had manual ordering processes, and physical printed catalogues, companies will need to alter their processes in order to meet the demands of the retailer and consumer. Many if not all wholesalers will need to look to an e-commerce store in order to reap the benefits of the flexible and uniform system.
Being more readily available not only nationwide but across the globe means huge scope for potential growth. By considering international shipping, wholesalers are much more likely to see even larger growth in terms of margins.