Question

Explain at least 4 key takeaways.

Brief overview of the report- what is it purpose? Who is its audience

Report link: https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/measuring%20the%20fashion%20world/measuring-the-fashion-world-full-report.ashx

Answer 1

With the growing technology and the habit of people are dramatically changing as there is a huge transformation in the digital marketing field which also transform the ideas regarding the fashion also. The article published by the Business of Fashion and McKinsey actually conveyed that there is a huge need for transformation. In this article it is reported as the digitization and value chain improvement as top challenges. This report mostly focused on the go to market process as these processes are responsible for the collection which comes to life. Here is the overview of the report:

• Improving the market processes: This article talks about improving the market processes that focusses on both the challenges and the transformations appeared in the apparel industries over the year. There are priorities for bringing improvement in the apparel market and these priorities are classified into market capturing speed, utilization of data analytics and digitization.
• Defining the transformation: In order to set the effective transformation, the term is used to describe the operational process of the apparel industry. This is actually identified as a critical need because within the business unit, teams can use different terminology to describe the steps of process. So, businesses are using technologies to develop a shared understanding towards the productivity dialog of the process.
• Speeding up the market: It is very important for a business perspective to speed up the market in order to enhance the business growth. Using the digitization, designers are making and designing the apparels and then selling those apparel to the customers such that business can use more proper information regarding the trends and also uses of analytics to figure out the risks that are about to prevail or prevailing over the business functionality.
• Strengthening the brands: Ideas and setting up the proper ideas like price segments, size, structure. It uses the analytics to reach maximum customer at the same time the new design or new collection. This will help in strengthening the brand value by coming up with latest designing of the apparel and also helps to capture the market as well.

The audience are nothing but the customer base who are actually looking for the product or seeking to buy a product. Even other small companies can also be considered as the audience in this case as these businesses will help to brand to reach maximum customer and can sell their products.