Related Research Articles
E-commerce is the activity of electronically buying or selling of products on online services or over the Internet. E-commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. E-commerce is in turn driven by the technological advances of the semiconductor industry, and is the largest sector of the electronics industry.
Marketing refers to the process an organization undertakes to engage its target audience, build strong relationships to create value in order to capture value in return.
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. The term "retailer" is typically applied where a service provider fills the small orders of many individuals, who are end-users, rather than large orders of a small number of wholesale, corporate or government clientele. Shopping generally refers to the act of buying products. Sometimes this is done to obtain final goods, including necessities such as food and clothing; sometimes it takes place as a recreational activity. Recreational shopping often involves window shopping and browsing: it does not always result in a purchase.
Online shopping is a form of electronic commerce which allows consumers to directly buy goods or services from a seller over the Internet using a web browser or a mobile app. Consumers find a product of interest by visiting the website of the retailer directly or by searching among alternative vendors using a shopping search engine, which displays the same product's availability and pricing at different e-retailers. As of 2020, customers can shop online using a range of different computers and devices, including desktop computers, laptops, tablet computers and smartphones.
Agile manufacturing is a term applied to an organization that has created the processes, tools, and training to enable it to respond quickly to customer needs and market changes while still controlling costs and quality. It's mostly related to lean manufacturing.
Lean software development is a translation of lean manufacturing principles and practices to the software development domain. Adapted from the Toyota Production System, it is emerging with the support of a pro-lean subculture within the Agile community. Lean offers a solid conceptual framework, values and principles, as well as good practices, derived from experience, that support agile organizations.
Demand-chain management (DCM) is the management of relationships between suppliers and customers to deliver the best value to the customer at the least cost to the demand chain as a whole. Demand-chain management is similar to supply-chain management but with special regard to the customers.
Category management is a retailing and purchasing concept in which the range of products purchased by a business organization or sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product categories. It is a systematic, disciplined approach to managing a product category as a strategic business unit. The phrase "category management" was coined by Brian F. Harris.
Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation. The retail mix is loosely based on the marketing mix, but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that the Retail Format should be included. The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing.
Fast fashion is a term used to describe a highly profitable and exploitative business model based on replicating catwalk trends and high-fashion designs, and mass-producing them at low cost. The term fast fashion is also used to generically describe the products of the fast fashion business model. The fast fashion business model was made possible during the late 20th century as manufacturing of cloth became cheaper and easier, through new materials like polyester and nylon, efficient supply chains and quick response manufacturing methods, and inexpensive labour in sweatshop production and low-labour protection bulk clothing manufacturing industries in South, South East, and East Asia. Companies like H&M and Zara, built business models based on inexpensive clothing from the efficient production lines, to create more seasonal and trendy designs that are aggressively marketed to fashion-conscious consumers. Fast fashion applies an extreme version of planned obsolescence to clothing. Because these designs are changing so quickly and are so cheap, consumers buy more clothing than they would previously, so expectations for those clothes to last decrease. Stealing designs is also common.
Dynamic pricing, also referred to as surge pricing, demand pricing, or time-based pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands. Businesses are able to change prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors in the market. Dynamic pricing is a common practice in several industries such as hospitality, tourism, entertainment, retail, electricity, and public transport. Each industry takes a slightly different approach to dynamic pricing based on its individual needs and the demand for the product.
Fashion merchandising can be defined as the planning and promotion of sales by presenting a product to the right market at the proper time, by carrying out organized, skillful advertising, using attractive displays, etc. Merchandising, within fashion retail, refers specifically to the stock planning, management, and control process. Fashion Merchandising is a job that is done world- wide. This position requires well-developed quantitative skills, and natural ability to discover trends, meaning relationships and interrelationships among standard sales and stock figures. In the fashion industry, there are two different merchandising teams: the visual merchandising team, and the fashion merchandising team.
Fashion forecasting is a global career that focuses on upcoming trends. A fashion forecaster predicts the colors, fabrics, textures, materials, prints, graphics, beauty/grooming, accessories, footwear, street style, and other styles that will be presented on the runway and in the stores for the upcoming seasons. The concept applies to not one, but all levels of the fashion industry including haute couture, ready-to-wear, mass market, and street wear. Fashion trend forecasting is an overall process that focuses on other industries such as automobiles, medicine, food and beverages, literature, and home furnishings. Fashion forecasters are responsible for attracting consumers and helping retail businesses and designers sell their brands. Today, fashion industry workers rely on the Internet to retrieve information on new looks, colors, celebrity wardrobes, and designer collections.
In the fashion industry, fast fit refers to a method of handling the shipping and sampling processes typical of multinational organisations who primarily manufacture offshore. The Fast Fit philosophy centres on the sharing of 360-degree, annotatable images intended to reduce the costs and lead times associated with shipping physical samples across continents. The term is particularly prevalent amongst companies that fit the Fast Fashion model, as Fast Fit is considered to be a vital component in the reduction of time between design inspiration and finished garment or product.
Pretail is a sub-category of e-commerce and online retail for introducing new products, services, and brands to market by pre-launching online, from creating an interest waitlist of signups before launch to collecting reservations or pre-orders in limited quantity before release, realization, or commercial availability. Pretail allows new product ideas/prototypes to be mass produced only when they have reached an initial threshold of buy-in from investors/consumers. Pretail includes pre-sale commerce, pre-order retailers, pre-launch marketing services, incubation marketplaces, crowdfunding communities, and demand chain management systems.
EDITED is a retail intelligence company headquartered in London, England with offices worldwide including New York and Texas. The company produces real-time data analytics software intended for brands and retailers. Its products range across Market Intelligence to monitor the retail market worldwide for apparel, homeware and beauty products; Enterprise Intelligence to provide business analytics across ecommerce, physical stores and omnichannel teams; and Automation that combines signals from Market and Enterprise Intelligence. Its software is primarily used by apparel buyers, traders and merchandisers; however, anyone across a retail business from design to C-suite can use EDITED.
Lesara was a clothing e-commerce site founded in Berlin in 2013. On November 9, 2018, the company filed bankruptcy.
Operations management for services has the functional responsibility for producing the services of an organization and providing them directly to its customers. It specifically deals with decisions required by operations managers for simultaneous production and consumption of an intangible product. These decisions concern the process, people, information and the system that produces and delivers the service. It differs from operations management in general, since the processes of service organizations differ from those of manufacturing organizations.
Digital banking is part of the broader context for the move to online banking, where banking services are delivered over the internet. The shift from traditional to digital banking has been gradual and remains ongoing, and is constituted by differing degrees of banking service digitization. Digital banking involves high levels of process automation and web-based services and may include APIs enabling cross-institutional service composition to deliver banking products and provide transactions. It provides the ability for users to access financial data through desktop, mobile and ATM services.
The COVID-19 pandemic affects the global fashion industry as governments close down manufacturing plants, and through store closures, and event cancellations to slow the spread of the virus. The coronavirus pandemic has had a major impact on fashion brands worldwide. At the same time, the fashion industry faces challenges in consumer demand. New opportunities are also presenting themselves as fashion brands shift to making fashionable coronavirus face masks. The ongoing Covid-19 pandemic is inevitably changing the fashion world forever. Take it from Domenico de Sole, chairman of Tom Ford International, who quoted: “I have seen a lot of difficult situations in my long career and this has been the most devastating event, not just for fashion and luxury, but all industries.”
References
- 1 2 3 Nadya Khoja, "Changing Clothes: How Agile Retail is Disrupting the Fashion Industry", business.com, July 20, 2016.
- 1 2 3 4 "Can This New Industry Disrupt Fast Fashion?", huffingtonpost.com, February 3, 2016.
- ↑ "Agile Retailing?" Archived 2015-03-01 at the Wayback Machine , agileretailing.com,.
- 1 2 Lee Bonnell, "Agile 101: An Abbreviated History of Agile" [ permanent dead link ], ptc.com,.
- 1 2 3 4 "Lesara Uses Agile Management and Data to Meet Retail Fashion Trends", insights.samsung.com,.
- ↑ "Reasons Why Big Data Is The Next Big Thing In The Fashion Industry", entrepreneur.com,.
- ↑ Mark Collin, "Future of Retail: Agile Retail Development", thoughtworks.com,.
- ↑ Jason Wallis, Mozu, "3 ways retailers can learn from the Agile movement — and get bolder and faster", venturebeat.com, October 20, 2015.
- ↑ "Agile Methodology: Benefits & Disadvantages", study.com,