The fashion buying cycle refers to the process that businesses go through in order to purchase merchandise for their stores. It involves a series of steps that start with the identification of consumer demand and end with the delivery of the purchased goods to the store. Understanding the fashion buying cycle is essential for fashion retailers and brands as it helps them to make informed decisions about what to buy and when to buy it, in order to meet the needs and preferences of their customers.
The first step in the fashion buying cycle is market research, which involves gathering information about consumer demand and industry trends. This can be done through a variety of methods, including market surveys, focus groups, and analysis of sales data. The goal of market research is to identify what styles and trends are popular among consumers, and to determine the best time to introduce new products to the market.
The next step is product development, which involves designing and creating prototypes of the clothing and accessories that the business plans to sell. This may involve working with designers, manufacturers, and other partners to bring the products to life.
Once the products have been developed, the business must decide on a pricing strategy and determine how much to order. This involves considering factors such as the cost of materials, labor, and shipping, as well as the expected demand for the products.
Once the products have been priced and the order has been placed, the next step is production. This involves the actual manufacturing of the products, which may be done in-house or through a third-party manufacturer.
Once the products have been produced, they must be shipped to the store or warehouse. This may involve working with a logistics company or using the business's own transportation systems.
Finally, the products are ready to be sold to customers. This involves setting up displays, advertising the products, and managing inventory to ensure that the store has the right mix of products to meet customer demand.
Overall, the fashion buying cycle is a complex process that requires careful planning and coordination. By understanding the various steps involved, fashion retailers and brands can make informed decisions about what to buy and when to buy it, in order to meet the needs and preferences of their customers.
Fashion Industry And Buying Cycle
Related: What Is a Sales Cycle? The world of fashion presents a one-of-a-kind blend of styles, opinions, cultures, and much more. While most businesses operate under this schedule, buyers are increasingly looking to purchase all year in smaller quantities to provide continual newness. However, fast fashion does not apply to the whole range in stores, and as much as 80 per cent of goods may be core and basic lines, with fast fashion accounting for up to 20 per cent Mintel, 2002. The central team typically reviews sales data from the previous year, which can yield valuable consumer insights and form the basis of sensible business constraints. Fashion Cycle Stages: Fashion moves through different stages during its cycles of existence. A good critical path works as a retro planning management tool.
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No matter what path in the fashion industry a student chooses to pursue, they are guaranteed a fast-paced, creative, dynamic, and unique career. Bruce and Daly, 2006 As Clark 2015 pointed out, since fashion buyers cannot possibly predict the exact number of items that will be purchased during a season, markdown pricing is one of the greatest risks that retailers must manage and minimise, as even though it can be used as a promotional tool, it actually represents a significant cost. Repurchasing is the decision making process undergone by a customer which leads to additional purchases. The creative teams also develop a master plan specifying the breadth and depth of their respective collections, along with price ranges. However, there is a risk of such forecasts being inaccurate as a result of out-of-date data and difficulties in predicting popular sellers, resulting in out-of-stock best sellers and excess stock poor sellers, requiring mark-downs and reduced margins Birtwistle, 2003.
What Is a Fashion Buying Cycle?
This team collaborates on the creative direction, the financial targets, and the master plan; they agree on parameters early in the fashion cycle. Intent In this stage, buyers consider their purchasing options from an emotional, financial and logical perspective. WGSN, 2015 On the other hand, as the Head of Selfridges Fashion Office noted, WGSN requires subscribers to spend a long time researching information, which cannot really be used when developing ranges, as there are many other organisations and individuals drawing on the same information. Dillon, 2011 Even though packages are certainly more detailed than magazines, they are usually more expensive and are published semi-annually. In other cases, fashion companies have placed specific tasks such as quality control on-site at the factories, eliminating the need to ship samples and products back and forth between factory floor and design studio or corporate office.
Fashion buying cycle
The buying cycle is a series of realizations, questions, decisions and judgments that customers go through before making a purchase. For example, perishable items such as food or paper goods offer a high likelihood of repurchase with minimal marketing efforts. Participants are the Design, Marketing, Merchandising and QC teams. Armed with data and insights, the company then produces the first prototypes of the new collection. Many more colors, cuts, and styles can be tested and prototyped. Talk through: Quantities booked and selling prices etc.
