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Fashion Marketing 4.0
- 1. Marketing 4.0 And its implications for Fashion Marketers By: Satya Shankar Banerjee Assistant Professor, Department of Fashion Management Studies National Institute of Fashion Technology (NIFT) India
- 5. Disruptions Mobile phones Data usage Changes in user behaviours Web 2.0 Social Media AI/IOT/ Robotics/AR Apps Ecommerce Big data Omnichannel Integration User generated content Screen time
- 6. Rise of smart companies ❖ Real estate ❖ Payments ❖ Entertainment ❖ Travel ❖ Education ❖ Publishing ❖ News ❖ Grocery
- 7. Aware Appeal Ask Act Communication 4.0 Share Like Review Hashtag Comment • Information spread is faster • Unreliable • Multiple sources • Random and Discrete • Reach vs engagement Awareness Knowledge Liking Preference Conviction Purchase Advocate Hierarchy of Effect 4 A’s
- 12. Connectivity is the key For new age marketers
- 13. Consumer to Consumer interactions WOM E-WOM Consumer to Business (Listening) What’s in
- 14. Who are today’s consumers? Millennials (1980-1995) Gen Z (1995-2010)
- 15. Gen Z (Top influencers) • High Connectivity • Less attention span • High experimenting • Less brand loyal • Have trust issue • Demanding • Entrepreneurial • More questioning • More likely to unfollow traditional and societal norms • More value conscious but less price conscious • More likely to earn at an early age • Concerned about environment and social justice issues Gen Z command 40% of self purchase, influence 70% of their family food purchase, and about 80-90% of other purchases.
- 16. Levels of connectivity for brands Mobile connectivity Experiential Connectivity Social Connectivity
- 17. Paradoxes of marketing to connected consumers 1. Online interaction vs offline interaction- Both will coexist, a personalised touch from human interface in addition to machine interface will turn customers into brand advocates. 2. Informed consumers vs distracted consumers- Purchase decisions depends on a. Marketing communications b. Opinions from friends c. Personal knowledge, attitudes and beliefs. Solutions a. Win customer attention b. Create brand conversations in customer communities. 3. Negative advocacy vs positive advocacy- Promoters, passives and detractors. A balance between lovers and haters must be managed. Prompted advocacy vs spontaneous advocacy.
- 18. Digital Subcultures (YWN) ❖ Youth - Youth first strategy, early adopters, trendsetters, gamechangers. ❖ Women - Stay at home house wife, plan to work housewife, working woman with a job, career woman. Three roles a. Information Collectors, holistic shoppers, household managers. ❖ Netizens - Inactives (Spectators), joiners (who visit social media, collectors (who tag webpages use RSS feeds), critics (ratings and comments), creators (create and publish online)
- 19. 4 P’s to 4 C’s ❖ Co-creation, currency, communal activation and conversation. ❖ Co-creation allows personalisation and customisation ❖ Pricing evolving to dynamic pricing ❖ Promotion is not a one sided affair now a days. ❖ Communities are the new market segments. ❖ Customer service to collaborative customer care (ccc).
- 20. From traditional to digital
- 21. Loyalty redefined
- 22. Driving from awareness to advocacy
- 23. Understanding humans using digital anthropology ❖ Social Listening- Hear your customers on the social space, track their conversations, track what they say about your competitors. ❖ Netnography- Immersion into their communities, Netnographers deeply engage and become active participants in consumer communities to do social listening ❖ Emphatic Research- Co-Design with community
- 24. How to initiate the conversation in marketing 4.0 Goal setting Audience mapping Content ideation and planning Content creation Content distribution Content amplification Content marketing evaluation Content marketing improvement Content Marketing
- 25. Popular tools
- 26. From Affiliate and Referral to Content and now Engagement Marketing ❖ By end of 2020, 70% population of world will own smartphone accounting to 80%of total data traffic (Ericsson Mobility Report). ❖ Case studies: Nike running club and Nike training club, Car apps, Loreal Makeup genius (Augmented Reality)
- 28. AKeyChallengeofFashionIndustry • 150 Billion units of garments were manufactured in 2018 alone, half of what is manufactured is never sold or sold on discounts (Apurba, 2019) • Best of the Fashion Brands make 10-12% EBIDTA. (Subramanian, 2014) • The top 20% of companies in fashion commanded an average profit of 128%, the next 60% made 6% profits, whereas the last 20% companies made -34% (negative) profits in the year 2017. (McKinsey, 2019) Only top 20 companies in the fashion industry contributed to 97% of profits in 2017.
- 29. Other Challenges • Forecasts Errors • Supply chain issues • Product Development • Incorrect pricing • Markdowns • Lower sell-through rates • Loss of margins • Higher Inventory
- 30. Fashion Marketing 4.0 ❖ AI ❖ Digital Experience ❖ Consumer Engagement ❖ Hyper personalisation ❖ Phygital ❖ Fashion Analytics and Intelligence
- 31. Assignment ❖ Write a brief report on fashion marketing 4.0 with different case studies and examples. (Which brands, which campaigns, which tools) ❖ Or ❖ Conceptualise a brand/product. Draft its complete marketing strategy in the light of this presentation.