Profit
The profit is related to the economy in the fashion industry. Especially the capitalism is the largest part, including financial, human and planetary, it will produce goods and services to people when they spend money. In 2022, according to the Fashion United that there are 3.384.1 million labors, like the value to 3 trillion dollars, accounting to 2% of the world’s Gross Domestic Product (GDP). And the Joint Economic Committee of United States show a survey in 2019, consumer spent nearly 380 billion on their clothes and footwear in the US. On the basic of statistics, 3 trillion textile and garment enterprises entering the market every day, and the rapid growth. (FASHINNOVATON, 2022) therefore, fashion goods become more and more popular, at the same time, it is a good way to improve the speed of the fashion economy.
The fashion industry involves the design, manufacture, production, marketing, retailing, advertisement, and promotion. The first key sector is Textile Design and Production, most of fashions are made by textiles. However, cotton and fiber are used in high rates, causing great harm to the environment. So, lots of people focus on find some materials in sustainability that it is a hot topic in the fashion industry. The fashion design and manufacturing are a second key sector, they find the popular trend of fashion and according to the consumer preference to design fashion products. Incorporating trend-setting styles into marketable clothing for the average consumer. the third Key Factor of Fashion Industry Retailing, promotion, and merchandising apparel. The aim of marketing is from the initial selection of the design to be produced to the presentation of the product to retail customers, the goal is to maximize the company’s sales and profitability. The main work with retailing takes place at the wholesale and retail levels. Companies that do not sell their products at retail must place them in the hands of retailers, such as boutiques, department stores and online sellers, at wholesale prices. And the last sector is media, helping to market and promote fashion products better, and presenting them as visuals in the form of advertisements. (BFashion, no year)
The first thing that loyal customers are crucial to building connections, because the whole industry has become more competitive, and brands are competing for smaller benefits. Therefore, perform everything to make current customers happy and thank them for their continued purchase of the company products. It can provide a good buying experience and impression for the customer. (horizonmarketing-co, 2022) Also, it is also important to constantly seek customer feedback and make changes, and there are numerous studies that show that it is more expensive to acquire new customers than to nurture current relationships. (Clausen, 2020) So, putting more effort into loyal customers saves money and allows you to better upgrade your brand and increase sales.
Business will bring art to the audience, which is the essential bridge. Starting with a dialogue, the designer can chat with the businessman as a way of getting to know the work better or finding some common ground. There is a need for trust between a good artist and a good business, both to protect their image strongly and to be careful about their image in order to accept the potential risks on both sides and to make something truly impressive happen. (Ahmed, 2013)
Sources
Ahmed. A. Bridging the gap between art and business. [online]. (Last updated 16 October 2013). Available at: https://www.theguardian.com/media-network/media-network-blog/2013/oct/16/bridging-gap-art-business [Accessed 20 October 2022]
Bafashion Academy. (2021). What is fashion industry. [online]. (Last updated 19 February 2021). Available at: https://bfashionacademy.com/key-sectors-of-fashion-industry/ [Accessed 20 October 2022]
Clausen. E. (2020). Marketing Rules To Follow During Uncertain Economic Times.
[online]. (Last updated 3 April 2020). Available at:https://www.forbes.com/sites/forbesagencycouncil/2020/04/03/marketing-rules-to-follow-during-uncertain-economic-times/?sh=717eac204a36 [Accessed 20 October 2022]
Fashinnovation. (2022). FASHION INDUSTRY STATISTICS: THE 4TH BIGGEST SECTOR IS WAY MORE THAN JUST ABOUT CLOTHING. [online]. (Last updated 18 February 2022). Available at: https://fashinnovation.nyc/fashion-industry-statistics/ [Accessed 20 October 2022]
Horizonarketing.co. (2022). The value of marketing in uncertain economic times. [online]. (Last updated 8 August 2022). Available at: https://horizonmarketing.co/the-value-of-marketing-in-uncertain-economic-times/ [Accessed 20 October 2022]