Across the fashion industry, focus has shifted to data driven and shorter design to delivery timelines. This trend has redefined sourcing and production processes, rendering traditional methods obsolete.
“Data gives more confidence to buyers for high sell through and faster development cycles allow them to not only launch collections faster but also churn new styles every other week. This means traditional sourcing method of high MOQs on few styles is no longer relevant,” said Pawan Gupta, Co-Founder & CEO, Fashinza.
Additionally, technology is at the forefront of transforming a highly unorganised industry fashion. Gupta said that in case of Fashinza, the approach began with data-driven trend gathering rather than depending solely on traditional sources such as WGSN and was followed by an AI-driven design development process.
The traditional TNA (Time and action plan) has been replaced by a more dynamic and real time information platform providing visibility and transparency to each stakeholder across the globe, he underlined.
Amid the geopolitical issues and economic fluctuations risk management becomes crucial. Gupta highlighted that some of the usual risk management strategies such as diversifying the supply chain works very well in fashion industry as well.
“Heavy reliance on few buyers, garment suppliers, mills, geographies may lead a company in vulnerable position. The idea is to not loose sight of sustainability in business while focussing on scalability. Also one needs to be agile enough to quickly pivot to a different customer segment, geography or business model while facing any adverse situation,” he said.
While fashion industry being known for its fast-paced nature and the key to ensure that a supply chain remains adaptable and agile is to keep innovating and investing in research and development, he said.
“It also ensures you are the one disrupting the industry rather than being disrupted. This innovation can come in many forms including making new platforms such as data driven trend sourcing, investing in novelty fabrics or state of the art manufacturing,” he highlighted.
