You can introduce your products to the people through online shopping give their details with specific information. Like the other industry sectors, the retail sector is also affected by the sustainability concerns. Generally, many people become more sedentary when they get into their 40s and 50s.
Walmart has had so many tussles with laws over labor related issues. They have grown more discerning and make decisions based on information which they can acquire easily from several resources. The level of competition in the industry has also affected individual brands and their sales and profits.
The fast fashion segment of the industry has also shown faster growth and it is mainly because of affordable luxury brands in the fast fashion segment.
Economical factors If the economic situation within the country is strong, then the flow of the household articles and retail business will be smooth. Economic factors too have a deep impact on the fashion retail industry. Recreational shopping often involves window shopping just looking, not buying and browsing and does not always result in a purchase.
A number of changes on the socio cultural level have affected how people shop and make their shopping decisions or which brands they prefer to shop from.
In the case of the fashion industry, buyer power is a relatively large force. Another area where technology has benefitted the fashion brands is in terms of overseas expansion. High class fashion is no more the privilege of upper end consumers because, it has been made affordable using technology and new techniques.
The clients visit their site and compare the quality and rates of the retail products then they can make their buying decisions. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done as a recreational activity.
Business owners have less control of these external factors, and their impact in changing them is minimal. In this way, the fashion industry affects and is affected by the economic factors.
They rely on feedback and not on advertising or marketing campaigns. With the recession gone, the situation of employment globally has grown better globally. The organization has also been participating in recycling activities to reduce the amount of wastage in landfill while making the recyclable materials useful by processing them efficiently.
The political factors can be the biggest source of uncertainty for the fashion industry. There are other laws related to international trade too that require compliance.
The introduction of new clothing styles by a competitor can shift demand away from older fashions. The situation of economy has direct impact on retail industry. Legal and Political Factors A number of legal and political macroenvironmental factors affect small businesses in the clothing industry.The fashion retail industry has a market value of several hundred billions of dollars, with the average price per product coming in at a healthy $19 .
This article will attempt to analyze the viability of the fashion retail industry as a whole, by means of a Five Forces analysis.
A PESTLE analysis provides and analysis of six of the key macro level factors which affect a business and the decision which it makes (Grant, ). This assignment will apply the relevant factors within the PESTLE framework to the international clothing retailer Next and its subsidiaries.
The retail store is the outlet from where the people can buy the products and goods and they can also get the services from that fixed location like departmental store, boutique or kiosk. The customers can also give order on telephone or online for the purchase of their products.
You can watch different types of the. A PESTEL/PESTLE analysis of fashion retail industry discussing the impact of the political, environmental, social, technological and other factors on it.Download