“We Live In A Digital World. (Yeah We Do, Yeah We Do).”
Why yes, that is Coldplay’s ‘Beautiful World’ you’re trying to think of right now, and you’re welcome! Now as the lyrical genius that is Chris Martin washes over you, let us talk you through the Physical world’s ‘new’ embrace of all things Digital.
Now for those of you playing along at home, we are currently facing a very serious Social Dilemma – if you know, you know. So, how exactly do we capitalise on this situation, while also ensuring industries are remaking themselves, to reflect this new landscape of inclusivity and culturally credible experiences? The answer might surprise you!
Well surprise and delight we hope, as this industry has little to no history of collaborating on blended concepts and social media projects, yet London Fashion Week has achieved just that. A little over two week ago, many of its designers chose to create entirely wholistic experiences, using physical activations streamed directly to customers around the globe.
These included:
· Virtual pop-up shows and showrooms.
· Exclusive live-streamed events – think FROW at VB.
· Virtual one-to-one appointments with designers, fashion experts/influencers.
· Live streaming a runway from the forest using arrange of perspectives on Twitch – the platform typically associated with gaming.
· Vintage shopping services & mobile apps.
· TikTok even launched its own version of ‘Fashion Week’, live-streaming different shows that featured real pieces available exclusively on the app.
· Fashion exhibitions, films and imagery were also constructed and streamed in a nod to the history of the industry and its progression.
· Collection reveals, that offered customers a 360degree viewing, as well as personalisation while creating shareable moments, using CGI and AR.
· Partnering with rental and resale platforms, to host virtual VIP breakfasts and discussion panels.
Not only did this version of LFW increase engagement and sales across brands, but it also meant designers simultaneously became active participants, in the conversation around decentralisation and sustainability within the industry. And quite frankly, it’s about time!
To many people, the Fashion industry has always represented a societal construct that placed value on frivolity and financial wealth. In more recent years, however, there has been a significant shift towards the new ‘luxury’ market and new ‘value’ equation. Moving away from those high price points and creating the ‘best’ looks, to recognising self-discovery, affordability, authenticity, and action as the new value currency. As this new landscape continues to adapt and streamline both technology and fashion, it will be up to brands to take ownership of their unique online shopping offering, re-establish and reenergise their customer relationships and redesign the user journey through virtually bespoke experiential pieces.
How do they achieve this you ask? By remaining flexible and open-minded to new consumer trends, marketplace evolutions and global economic shifts – enter Rona (COVID for those of you not in the know). And while we know change is never easy, the brands that are allowing customers to help shape their overall approach, face longer term success. Especially now as one generation, Gen Z, is pioneering the way from online inspiration to physical actualisation, all from the comfort of their own TIkTok, Snapchat and YouTube accounts.
Don’t believe us, check the stats:
· Inspiration drives bottom-line growth: More than 70% of Gen-Zers make their decision to purchase while seeking inspiration.
· 20% of fashion and luxury consumers have used resale and mobile platforms to make a purchase in the last 12 months.
· 50% of millennial shoppers more likely to shop mobile and on resale platforms.
· Inspiration is Growing in Importance: Gen Z spends 50% of their purchase journey on seeking inspiration and inspiring others post-purchase, rather than on more directly purchase-related activities. That is 35% more time than Gen X.
· 61% of the new luxury market will be composed of millennials by 2026, up from 39% in 2019.
So with all that said and done, and as we head into the home stretch of what can only be described as a hot-mess of a year, 84 days until Christmas btw, what are some predictions heading into 2021?
· Deeper desires from customers to express themselves within their social circle and wider cultural landscape.
· Escapism, inclusion and personalisation will provide the greatest immersion of experiences for the consumer journey, from inspiration to actualisation.
· Sustainability will continue to trend as the mundane, knockoffs and the cheap stuff will fall to the wayside.
· New wave technology and the continued integration of platforms will seamlessly fuse almost all aspects of consumers lives.
· And we cannot stress this enough, getting back to the basics!
Now enough from us, as we head into the weekend - please enjoy the bittersweet sounds of Coldplay, as they remind you that everybody here has got somebody to lean on….
- SS