In a pivotal panel session at the India Fashion Forum held today in Bengaluru, industry titans confronted pressing challenges facing the retail fashion sector, urging a paradigm shift away from discounting and towards data-driven personalization to safeguard against eroding margins and stagnating innovation.
Suparna Mitra, CEO of Titan Watches & Wearables, illuminated the detrimental impact of unsold inventory resulting from heavy investments in large-scale production. Suparna emphasized, “The perpetual cycle of excess stock leading to discounted rates threatens the financial health of fashion businesses. However, a deeper understanding of consumer behavior presents a potential solution.”
Shailesh Chaturvedi, Chairman of IFF and Managing Director/CEO of Arvind Fashions, echoed Mitra’s sentiments, issuing a stern warning against discounting and commoditization. Chaturvedi asserted, “Today’s consumers are discerning and savvy. They recognize the facade of discounts and demand authenticity. Our industry must transcend pricing and differentiate through innovation to remain competitive.”
As fashion evolves from mere aesthetics to a reflection of personal identity, industry leaders underscored the imperative of prioritizing consumer insights. By harnessing disruptive technologies such as generative AI and algorithms, fashion brands can deliver highly personalized recommendations, anticipating consumer desires with precision.
Shivanee Dutt, Director of Brand Marketing & Merchandising at Snapdeal, emphasized the critical role of personalized experiences in engaging discerning consumers. Dutt stressed, “Tailored communication strategies, informed by data-driven insights, are essential for resonating deeply with today’s audience.”
With AI-driven tools streamlining content creation and curation processes, brands can deliver captivating narratives that resonate with style-conscious audiences, while saving valuable time and resources.
Murali Balan, Co-founder of Tenovia, emphasized the transformative power of data analytics in guiding strategic decision-making. Balan stated, “Data-driven insights unlock opportunities for personalization, enabling brands to offer bespoke experiences that transcend generic marketing approaches.”
In an industry grappling with disruptive forces, the clarion call from industry leaders at the India Fashion Forum underscores a pivotal moment of reckoning. By embracing data-driven personalization and eschewing the pitfalls of discounting, fashion brands can chart a course towards sustained growth, innovation, and consumer-centricity in a rapidly evolving market landscape.
