Apparel production and launches in the market are heavily time-dependent. Fashion businesses with a fast time-to-market enjoy more profits than those who are not as quick. Take a look at the average fashion consumer behavior. It has dramatically changed over the past few years. There are a lot more options, and customers are highly willing to try new styles.
The constantly changing fashion trends urge apparel producers to keep up with them. While apparel businesses are creating and deploying the latest trends in the market, inefficiencies in the time-to-market are posing economic problems.
In a survey conducted by McKinsey, fashion executives reported that their top priority to accelerate apparel sales is to increase speed to market. In this article, we explore this topic. We discuss the discrepancies of delays to the market, how a POS system helps boost operational efficiency, and its benefits. Let’s get started.
The four steps of apparel launch in the market
The go-to-market process of apparel comprises four significant steps. Let’s take a look at what they are.
The initial step. Designers sketch, select fabric materials, and create prototypes.
This step involves the presentation and review of products. Then, apparel producers place orders for raw materials.
Production and distribution
At this stage, apparel companies commence producing physical apparel products in bulk. When ready, producers distribute it to relevant wholesalers, retailers, and eCommerce companies.
The final stage of the go-to-market process. This is when the apparel collection is available for purchase in physical and eCommerce stores.
Consequences of delays in time-to-market
The apparel time-to-market can falter due to many reasons. Some common reasons are:
- Production teams working disparately
- Unavailability of raw materials
- Lack of prioritization
Such discrepancies result in consequences that negatively impact business prospects. They lead to:
- Customer dissatisfaction
- Lower sales
- Missing trend windows
- Rising costs
How a POS software system accelerates product launch speed
Minimize process time
In the four stages of getting apparel to the market, spending too much time on any of those steps hinders operational efficiency. There are many ways in which speed falters, one of the main reasons being employee inefficiencies.
A Point of Sale software application allows apparel companies to effectively manage their employees. The software automatically tracks the entry and exit times of employees and idle times. Furthermore, the application provides a system to manage leaves and work shift change requests. Knowing employee insights allows apparel companies to vet them for higher productivity, resulting in lesser processing time.
Make use of strategic data
Before deciding to commence production of an apparel collection, learning what the market wants is crucial. Not knowing that leads to the production of apparel that will not have a high turnover rate.
With a POS solution, apparel producers can lookup previous sales reports and gain insights into what customers are purchasing the most. In addition to that, the software can predict future fashion trends.
Focus on a targeted collection
Mass production of apparel is a risky move. There can be a large amount of wastage and unsold inventory. That eats into profits and has the potential to put apparel producers at a significant loss.
The analytics that POS solutions generate help narrow down production to specific styles, pieces, and options. Producing for a niche demand results in more sales.
Improve stock replenishment
Another factor that slows down the apparel time-to-market is a lack of inventory. Not having sufficient raw materials such as fabric and stitching equipment delays the production process. Apparel producers can eliminate this problem with an advanced POS solution.
The software automatically detects low stock items and sends out alerts via SMS, e-mail, and in-app. It can also be set up to automatically send out purchase forms when stocks run low.
Minimizing apparel time-to-market improves customer satisfaction and sales opportunities. Overseeing the processes from the design stage to the sell-out stage with manual tools is counterproductive. A cloud-based POS software application is the best solution for the job.
If you’re looking for a world-class POS that accelerates your time to market speed, get SmartPOS. It is loaded with industry-leading features, is easy to use, and has many automation modules. Reach out to us to know more.