Pallavi Saxena, Senior Director, Flipkart Fashion writes for BW Retail World as she delves into the world of affordable fashion while prioritising consumer experience
In a world where instant gratification has become the norm for many consumer goods, the realm of fashion has traditionally been perceived differently. While convenience is readily embraced in various aspects of daily life, individuals often approach their wardrobe choices with caution. ‘Clothes mean nothing until someone lives in them’ – this quote from Marc Jacobs helps fashion make more sense intangibly to everyone than its tangible appeal. Fashion choices should reflect personal expression and the fashion industry is undeniably diverse, competitive and constantly evolving to meet these ever-changing demands of the modern consumer.
The rise of consumer demand for well-fitting, fashionable clothing has underscored the importance of personalisation in apparel manufacturing. However, a new trend is emerging, as stated by McKinsey’s State Of Fashion Report, the organised value apparel retail is poised to outperform the overall value category with a projected CAGR of approximately 13 per cent by 2025. This growth is fueled by factors such as the surge in conscious consumerism and the evolution of e-commerce brands that cater to the burgeoning demand for value fashion.
Value fashion has transcended mere affordability. It’s become a platform for consumers to express their individuality while remaining conscious of their purchasing decisions. Shoppers today are seeking styles that can be relevant with the times, but can also be seen as ‘timeless’ pieces, in a way; underscored by great value. Fashion retailers are responding to this demand by offering diverse styles, including gender-neutral options, to cater to the preferences of Gen Z consumers who prioritise authenticity in their fashion expression. From chic formal wear to comfortable everyday attire, retailers are making fashion more inclusive and accessible to a wider audience.
Consumers are seeking personalised experiences when shopping for fashion, which is where the latest technology plays a role in enabling interesting online shopping experiences. Video commerce and live commerce experiences are great examples of how technology is enabling people to have more interesting shopping experiences online. Current fashion styles in India encompass a fusion of traditional Indian elements with modern silhouettes, the acceptance of western wear across age groups and the evolution of ethnic wear towards contemporary clothing. From fashionable formal wear to everyday casual wear, retailers are providing better fashion choices suiting one’s comfort while making it more accessible and relevant to a wider audience. Moreover, the growing popularity of athleisure in the Indian market further underscores the shift towards versatile and functional clothing that seamlessly blends comfort with style, reflecting evolving consumer lifestyles and preferences.
Ecommerce brands have adeptly capitalised on this changing consumer landscape by expanding their offerings to include a wide array of affordable yet stylish options. These brands have recognised the evolving demands of value-conscious consumers and have tailored their strategies to effectively cater to this segment.
According to McKinsey’s report, the ecommerce market in India is growing rapidly, with a projected CAGR of 20 per cent to reach 99 billion USD by 2024. This presents a significant opportunity for Indian fashion brands to reach consumers. The notion that affordable fashion necessitates a compromise on style is being debunked. With the surge in conscious consumerism, the proliferation of ecommerce platforms and the increasing embrace of value fashion, consumers now have a plethora of choices to articulate their unique style sensibilities while adhering to budget constraints. By embracing these trends, individuals can curate their distinctive fashion personas without straining their finances.
In conclusion, the paradigm of fashion is undergoing a significant transformation, with affordability no longer synonymous with sacrificing style. The confluence of conscious consumerism, the adaptability of ecommerce brands and the burgeoning popularity of value fashion have ushered in a new era of fashion accessibility and expression. By embracing these shifts, individuals can navigate the fashion landscape with confidence, knowing that they can cultivate their personal style narratives without compromising on quality or budget constraints.
