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Amid rising inflation, economic headwinds and supply chain pressures, leaders in the apparel and fashion industry are bracing for a tough 2023. Concerns are heightened about lower apparel spend this year resulting in stockpiling in warehouses. Apparel and fashion brands are rethinking their operations, tweaking organizational structures, sharpening their supply chain strategies, reevaluating their order strategies with suppliers, managing inventory efficiently, reasessing distribution channels, exploring nearshore sourcing and innovating their marketing strategies to better respond to fast-shifting consumer demand.
To achieve this, companies across the board are leaning heavily on data analytics and new technology developments. Leaders understand that taking realistic, bold steps now will not only bode well to effectively navigate industry challenges in 2023 but certainly prepare them for 2024. Players who lay a strong foundation now, will be better positioned to seize the opportunities that will unfold at the end of the year or early next year.
In this edition of State of the Apparel & Fashion Industry 2023, experts throw light on how artificial intelligence, web3, metaverse, 3D technology and solutions like virtual try-on, size and fit recommendation apps will shape fashion in the year ahead. Learn about the rise of eco-conscious consumers and how sustainability continues to be a key theme. Gain insights into how leading brands are leveraging new channels to engage with customers.
Preparing for a Promising 2024