FOMO is a powerful force in the world of high fashion, and big brands are cashing in on it in a big way with “see-now, buy-now” models that enable shoppers to purchase items as soon as they make their runway debuts.
Runway fashion shows in the past have debuted clothing that would eventually be available to consumers for purchase, but that model is being up-ended, offering customers the ability to nearly instantly acquire the hottest new clothing as soon as it makes its first public appearance.
Making All Products Instantly Available
As part of its ongoing restructuring, Burberry has partnered with luxury marketplace Farfetch to make the brand’s entire inventory available through its e-commerce platform, allowing Burberry to process and deliver orders the moment they’re placed. According to Glossy, the program, called “Show to Door,” will deliver items debuted on the runway to shoppers’ doors within an unthinkable 90 minutes, which incentivizes shoppers to act quickly and place their orders upon seeing items that catch their eye being modeled at fashion shows.
Victoria’s Secret is another brand with a high-profile annual fashion show utilizing the see-now, buy-now model, and they’ve been successful at driving those early sales as a result. According to Forbes, Fashionunited.com
reported that the completely sold out a number of its items less than 12 hours after launching at their runway show.
E-Commerce, Big Data Playing a Part in the Movement
As might be expected, Amazon is getting in on the craze, too. It recently won a patent for a manufacturing system which allows the e-commerce giant to quickly produce goods including clothing after a customer places an order, according to Forbes.
Using artificial intelligence, brands are able to categorize customers to gain insight into which products will attract which customer segment, and prepare their raw materials for future orders with greater accuracy, while also reducing their time-to-market and development cycles.
Retailers are also sharing more data with everyone along the supply chain to ensure optimal collaboration and delivery streamlining, ensuring the right products make it into the hands of the consumer more quickly and affordably.
Essential Metrics and KPIs for Retailers
To leverage potent force of FOMO, brands are also turning to smaller, more targeted deliveries of inventory to stoke demand through scarcity. If customers fear the shirt or scarf they fall in love with may soon disappear from the shelf forever, they’re more inclined to buy it when it’s right in front of them.
Offshore manufacturing, especially overseas, thousands of miles from the stores the goods ultimately end up for sale, considerably slowed the production to shelf time for brands. That, too, is changing, as more retailers look to domestic production. This also capitalizes on a trend many have strong opinions about, creating more products (and with them, jobs) in the U.S. instead of shipping production houses to far-off countries.
It’s all part of a strategy to meet changing consumer demands, many of which are centered around getting quality products quickly, and at a reasonable price. It’s yet another moving target the retail industry is tying itself in knots to hit.