Digital Product Management strategies in the Fashion Industry

One word that perfectly describes the dynamics of the fashion industry is “change.” It is the only constant that keeps the industry functional and, frankly, highly profitable. Let it be the digital transformation or any strategic modification, this industry undergoes incessant change and variation.

One of the many departments that are profoundly changing with every new trend is the product management department. This dimension of the fashion industry keeps all executives awake at night, forcing them to come up with innovative strategies to survive in the competitive field.

So, to help you keep up with the rising competition, here are a few ways to wrestle the challenges most commonly faced in the product management department of the fashion industry.

Digitalization- A Powerful Weapon

If you have seen Devil Wear Prada as many times as I have, then you must know how a visionary such as Miranda perceives fashion, and How every product has its own life cycle. A product manager has to oversee that entire course of life and dedicate his/her efforts to perfecting it.

So, why not integrate technology into this arena and maximize the benefits reaped from digital transformation?

Sealing End to End

One of the most crucial questions fashion companies often ask themselves is “how can we achieve the same results much faster?” This loosely translates into looking for a more efficient way of conducting business.

If such firms were to digitalize the entire process through which a product, in this case, apparel, footwear, or anything related to fashion, goes through, they can generate more in the same time frame. There are many effective and efficient tools available for managing suppliers.

All procurement processes must be managed via software and digital instruments, so that everybody, from the vendor to the salesperson, offers the customer the most refined version of the product.

The Big Guns

I believe that technology, more specifically the internet, is like nuclear power. It has such immense power that via effective digital campaigning, anyone can sell anything and earn a fortune. This is why most companies reserve a large portion of their financial budget for digitalization.

Creating brand awareness greatly depends on the proficient use of social platforms. A healthy supply chain management, customer relations, product deliverance, quality assurance, design visualization, and construction; all this heavy stuff falls under the jurisdiction of a product manager.

Using technology, like the cloud system, or creating a strong digital footprint, can help product managers with a large chunk of their responsibilities.

The Game Changer

Virtualization can take a great load off of the product manager’s shoulders. Switching to digital assets, AI (artificial intelligence), and automated workflows can significantly increase the speed and accuracy of the work. Incorporating visualization will improve the decision-making process as executives use of real-time data. Virtually connecting with vendors, sellers, suppliers, and designers can really shift the management in a more progressive and rewarding direction. This will reduce the communication errors, and we all know what seamless communications result in; the perfect product.

In the fashion industry, you either deliver the best, or nothing, and to deliver the best, you need to ensure that the communication channel from the manufacturer to the seller is crystal-clear and harmonious. This can only be done via virtualization.

INVENTORY MANAGEMENT

Inventory management will make the transition of products more smooth, rapid, and seamless. Even the inventory management and customer experience must be radically structured on online platforms. This will make the work easier, and the results will truly be worthwhile.

With the incorporation of digital solutions, firms can avoid unfortunate instances of excess or surplus inventory. Because there are so many distinct fashion styles out there, firms use inventory war rooms effectively. Via this, they analyze data to simulate accurate and precise demand scenarios. These are highly particular; they can relate to different markets, segments, locations, and even stores. This makes the redistribution process easier and the logistics of managing a warehouse become manageable.

The Numbers Game

Acquiring customer data is no longer a remote possibility. But using the customer data and analyzing it to identify key variables that determine the trends and converge at customers’ needs can be highly useful for product managers. This way, they can outline the aspect of the product’s life cycle where they should dedicate more efforts. This will improve the product development cycle.

It will also help product managers better understand the market and conceptualize the product in a way that will be in greater demand. Many firms in the fashion industry fail to use this analysis of data to build their competitive advantage.

The seamless, unhindered integration of data can help enhance vendor systems and even capitalize on the manufacturing equipment. The numbers do not lie; the data can help such firms make well-informed and influential decisions.

The 3-D Approach

Instead of presenting drawings and sketches of designs, product managers can invest in the making of 3-dimensional designs. This approach encapsulates the design of the product more accurately. The details are more visible and compelling.

In the fashion industry, everything depends on the design, and if the manufacturers are unable to visualize it, the execution may be impeded. 3-D samples of apparel, shoes or other fashion products can make the production process flawless. The designs will be more precise as the correction loops will decrease.

Conclusion

We are living in the future. The fashion industry is more progressive than ever, and this is mainly because the idea of a designer is carefully tied up and then perfectly executed. But through all this, the product manager ensures that the final result embodies the vision of the designer perfectly, and this is a significantly challenging task.

However, with the right digital strategies, a product manager can efficiently bring a vision to life, and in the fashion industry, winning is all about that!