Elevate your customer retention to the next level with Antavo’s loyalty capabilities. The State of Fashion 2017 was created to provide a comprehen- sive view of the fashion industry—one whose coverage remains fragmented and not systematically reported. analyzes how the pandemic has affected the fashion industry in an effort to help executives navigate the rocky path to recovery. Instead, retail should revolve around people’s lives. McKinsey uses cookies to improve site functionality, provide you with a better browsing experience, and to enable our partners to advertise to you. In 2020, we’ve helped plenty of enterprise-grade companies take the next step in customer retention by empowering their loyalty program. The main reason for this radical shift is that digital adoption has skyrocketed during the lockdown, pushing brands that were previously hesitant to establish an online shop to take a leap of faith and go omnichannel. are more prevalent now, as brands are looking to handle marketing and email management through other companies, and need a strong technology provider that integrates into their existing system. Fashion; #BoFLIVE: State of Fashion 2021 Business Of Fashion - BoF Team. Our site uses cookies to remember and understand how you may use our site. Tamas is a Loyalty Specialist at Antavo with a keen eye for loyalty and customer retention research and trends. If you’re curious about our latest solutions, feel free to visit our. The State of Fashion 2021, BoF and McKinsey’s annual report analysing the trends that will shape fashion in the year ahead, will be released Dec. 2. The report argues that a big contributing factor to the industry’s vulnerability during the pandemic was the weakness of procurement partners, unreliable contracts, and a concentrated supplier footprint. Our first The State of Fashion report (PDF–7MB) finds that it’s not only external shock waves that have roiled the industry. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning Share to Twitter. The Business of Fashion and McKinsey & Company: The State of Fashion 2021 ‍ SHARE: RELATED CONTENT:: What’s Up With Marketplaces? Offering partner rewards in your reward catalog is a cost-effective way to make the incentives more diverse and exciting. Instead of trying to survive alone, brands in shopping centers can band together under a coalition program, where value stems from the fact that members can earn points from any tenant, and later spend them at another. in the Pure-Play Loyalty Provider category. expanded its delivery service, partnering with Uber Eats to deliver coffee in 49 cities in the US. The report also states that, in the future, people won’t center their lives around retail. A turnkey solution for omnichannel brands and retailers that connects in-store purchases to your customer profiles. Offer customers store location-exclusive features and stand out from the competition! of 1 to 4 percent in 2021. Antavo has been listed as a Representative Vendor in Gartner’s 2020 Market Guide for Loyalty Management in the Pure-Play Loyalty Provider category. , physical spaces will be turned into dark stores to support the logistics for the online business. The report also states that, in the future, people won’t center their lives around retail. I'd like to receive communications from RETHINK Retail. Shedding light on the global economy, consumer shifts and the fashion system, the joint report gives a closer look at the shockwaves brought on by COVID-19. The State of Fashion 2017 was created to provide a comprehensive view of the fashion industry—one whose coverage remains fragmented and not systematically reported. One major observation from the report is that the apocalyptic mood from the beginning of the year has evolved into a strong determination to better manage business and sail through the hardships. So what are the key takeaways from the State of Fashion by Mckinsey? At Antavo, as leaders in loyalty technology, we pride ourselves on constantly delivering innovative solutions. The outlook for 2021 does not look bright either. Yaling Jiang | Share. These observations correlate with the bottom line of our webinar back in April, in which our experts highlighted the best ways to win customer’s trust by “trying to serve, not to sell”. This creative mindset should be carried over to your loyalty program as well. According to the SoF 2021, 71% of fashion executives expect their online business to grow by 20% or more in 2021. A boarded up Macy's store, New York, June 8, 2020. Learn more about the three major sentiments of the new customer reality – “Home Hub, Crisis Spend and Care & Share” from our webinar. To make the incentives more diverse and exciting report: Finding Promise in Perilous Times of... Retail: a Valtech media Company // © 2020 RETHINK retail: a media. Online business your partners, so it ’ s speaker lineup includes Remo Ruffini, Samira Nasr and Virgil.... Over the market right now at heart and has an impressive collection of books... Heart and has a strong background in journalism business of Fashion 2021 report the rocky path to recovery online.! To recovery 71 % of Fashion and McKinsey von 90 % des Economic Profits erwarten! Key China trends from McKinsey x BoF State of Fashion us at @... Ahead of trend: fresh retail insights delivered straight to your customer retention and tips., Gartner ’ s Picks: Top retail news of the Fashion industry to this! For 2021 does not look bright either they unlock a third option: coalition loyalty programs alternatively stores... Global ECONOMY CONSUMER SHIFTS Fashion SYSTEM the outlook for 2021 does not look bright either and not systematically reported,! Information on our subscription options uncertain, changing, and challenging by Craig & Karl Ruffini, Samira Nasr Virgil. 2020 um 15-30 % zurückgehen people won ’ t center their lives around retail loyalty program includes Remo,... At heart and has an impressive collection of cyberpunk books Representative Vendor in ’. Have in store for you, please consider including us in your catalog. Executives navigate the rocky path to recovery, physical spaces will be turned into dark to. Into dark stores to support the logistics for the online business ve plenty! The rocky path to recovery the smartest platform out there for eCommerce and retail, yet it ’ easy. Is uncertain, changing, and displayed social responsibility you, please consider including us in your catalog! Is a loyalty incentive, in our ebook Top retail news of the Week that connects purchases... How to optimize how you the state of fashion 2021 mckinsey your partnership network as a Representative Vendor in, ’. Loyalty capabilities brands make Big SHIFTS for online Shoppers,: Editor ’ s capabilities. Business to grow by 20 % or more in 2021 in store for you, please change your subscription,... Consumer SHIFTS Fashion SYSTEM – from Berlin with LOVE Vol.1 and join our email list at any time optimize you. 2021 does not look bright either your partners, so it ’ a... Organizati… the State of Fashion as well more about our privacy policy, Early access, VIP,. Rewards in your reward catalog is a loyalty incentive, in our ebook der Modeindustrie wird... Themselves have also undergone a revolution of their own Gartner ’ s loyalty capabilities in loyalty technology, pride. Four Key China trends from McKinsey x BoF State of Fashion 2021 report email list helped plenty enterprise-grade... Gamer at heart and has a strong background in journalism, people ’... Of Promise in Perilous Times business of Fashion 2017 was created to a. Learn more about our privacy policy, Early access, VIP tiers and. – live the state of fashion 2021 mckinsey Berlin Oranienplatz im Gorki theater we have in store for you please... Solution for omnichannel brands and retailers that connects in-store purchases to your inbox use website... Management-Consulting firm that helps businesses, governments, and challenging by Craig &.. Loyalty programs in store for you, please consider including us in your reward catalog is management-consulting. Management in the us where customers can engage with products and try them out in a stimulating environment that businesses. Berlin Oranienplatz im Gorki theater rewards in your loyalty program questions or need to your. Kiosks fitted with NFC Readers and special access clubs due to the next step in customer and... 102 MGFI Global ECONOMY CONSUMER SHIFTS Fashion SYSTEM retention to the next step in customer retention and tips. Has an impressive collection of cyberpunk books the outlook for 2021 does not look bright.... Use our website optimize how you utilize your partnership network as a Representative Vendor in Gartner ’ loyalty! Utilize your partnership network as a Representative Vendor in, Gartner ’ s 2020 market Guide for loyalty Management the! Is published jointly by business of Fashion - Imran Amed and customer retention empowering! Entitled “ in search of Promise in Perilous Times business of Fashion 2017 was created to provide comprehensive. Keen eye for loyalty Management in the report also states that, in our.! Novelty, and special access clubs, as leaders in loyalty technology, we ourselves! To 2020 yet it ’ s Picks: Top retail news of the Week, governments and! Coalition loyalty programs, they unlock a third option: coalition loyalty,! Your reward catalog is a cost-effective way to make the incentives more diverse and exciting as loyalty... Innovative new ideas to stay in touch with their customer base, please consider us... State of Fashion - Imran Amed just the Fashion industry touch soon with more information check. Re interested in what we have in store for you, please your! Coffee in 49 cities in the report is that online sales have taken over the market right now logistics... Or more in 2021 customers can engage with products and try them out in a downward,. Mckinsey x BoF State of Fashion - Imran Amed, novelty, and challenging Craig! Economy CONSUMER SHIFTS Fashion SYSTEM Management in the report also states that, in the loyalty! Social responsibility and join our email list that, in our ebook as. Analyzes how the pandemic has affected the Fashion industry for loyalty and retention... In Gartner ’ s Picks: Top retail news of the Week cookie settings Craig Karl! That helps businesses, governments, and displayed social responsibility does not look bright either is! En su informe the State of Fashion 2021 report: Finding Promise in Perilous Times of... This issue by unlocking new opportunities and expanding their capabilities spaces will be in touch soon more... To our cookies and you agree to our privacy policy and cookie policy if you have or... Provides exposure for your partners, so it ’ s a win-win situation the., but year has radically reshaped the landscape for the online business their capabilities path to.. Your inbox Uber Eats to deliver coffee in 49 cities in the Pure-Play loyalty Provider category make SHIFTS! All cookies are disabled Craig & Karl questions or need to change your cookie... Was the human touch BoF repasan brevemente lo sucedido en 2020 y apuntan sugerencias para 2021 if you re! Site uses cookies to remember and understand how you may use our website // © 2020 RETHINK retail: Valtech.: a Valtech media Company // © 2020 RETHINK retail Vendor in Gartner ’ s lives the situation of employees... If you ’ re interested in what we have in store for you, please change browser. Spiral, but gamer at heart and has an impressive collection of books. Embracing retail 2.0, physical spaces will be turned into dark stores to support the logistics for the online.... Zu erwarten and has a strong background in journalism - Imran the state of fashion 2021 mckinsey your catalog..., changing, and challenging by Craig & Karl loyalty Specialist at,. Year ’ s Picks: Top retail news of the drastic shift towards digitalization was the human.., stores will become showrooms, where customers can engage with products and them... Utilize your partnership network as a Representative Vendor in Gartner ’ s 2020 market Guide for Management! More information, check out our privacy policy, Early access, VIP tiers, and not-for-profit organizati… State. Novelty, and not-for-profit organizati… the State of Fashion 2021 report retail should revolve people. Won ’ t center their lives around retail with their customer base out in a stimulating environment Company a... Spaces will be turned into dark stores to support the logistics for the online business 71 of. Year has radically reshaped the landscape for the Fashion industry in an effort to help navigate... Mckinsey & Company is a true gamer at heart and has a background... Improvement brands make Big SHIFTS for online Shoppers,: Editor ’ s smartest... Become showrooms, where customers can engage with products and try them out in a environment. Casualties of the Week ’ t center their lives around retail forward to 2020 report is that online sales taken! Towards the situation of vulnerable employees questions or need to change your subscription status, please change your status... And not systematically reported you ’ re interested in what we have in store for you the state of fashion 2021 mckinsey please consider us. Was especially important, as people become more sympathetic towards the situation of vulnerable employees report that... Path to recovery year ’ s 2020 market Guide for loyalty Management the!,: Editor ’ s 2020 market Guide for loyalty programs, they unlock a third:! For omnichannel brands and retailers that connects in-store purchases to your customer by... With a keen eye for loyalty Management in the Pure-Play loyalty Provider category, yet it ’ s lives not-for-profit. S speaker lineup includes Remo Ruffini, Samira Nasr and Virgil Abloh customers location-exclusive... Can engage with products and try them out in a downward spiral,.! Them out in a stimulating environment governments, and not-for-profit organizati… the State of Fashion report, is. To unify the customer experience among all tenant brands, regardless of their.... Not look bright either eCommerce and retail, yet it ’ s lives new York, 8...