Thank you! Offering partner rewards in your reward catalog is a cost-effective way to make the incentives more diverse and exciting. The outlook for 2021 does not look bright either. Share to Twitter. Instead of trying to survive alone, brands in shopping centers can band together under a coalition program, where value stems from the fact that members can earn points from any tenant, and later spend them at another. According to the State of Fashion 2021, 60% of customers were willing to move away from their favorite brands and experiment more in the early part of the year. 7 For the fourth year in a row, The Business of Fashion and McKinsey & Company have teamed up to bring our trademark rigour and evidence to debates within the global fashion industry and to provide an … Antavo has been listed as a Representative Vendor in, Gartner’s 2020 Market Guide for Loyalty Management. Share to LinkedIn. A boarded up Macy's store, New York, June 8, 2020. Reward programs themselves have also undergone a revolution of their own. Subscribe to the RETHINK Retail Newsletter. Another undisputed fact in the report is that online sales have taken over the market right now. By Imran Amed and Achim Berg November 21, 2019 05:20 The Business of Fashion and McKinsey & Company have now released The State of Fashion 2021, focusing on the themes, issues and opportunities impacting the sector. Some might invest into new geographies or integrate smaller, distressed brands, while others will turn towards new customer retention technologies, such as loyalty programs. According to the SoF 2021, 71% of fashion executives expect their online business to grow by 20% or more in 2021. Fashion Leaders Are Looking for New Investments. Fashion; #BoFLIVE: State of Fashion 2021 Business Of Fashion - BoF Team. The new State of Fashion 2021 report is based on two McKinsey fashion scenarios: a more optimistic “Earlier Recovery” scenario predicts that global fashion sales will decline by between 0 and 5 percent in 2021 compared to 2019, and a “Later Recovery” scenario would see sales growth decline by 10 to 15 percent next year compared with 2019. To discuss the state of fashion, I spoke with McKinsey partner Achim Berg, who’s based in Frankfurt, and Imran Amed, who is the London-based founder, CEO, and editor-in-chief of the media company Business of Fashion. By using this site, you consent to the use of cookies. By embracing Retail 2.0, physical spaces will be turned into dark stores to support the logistics for the online business. Instead, retail should revolve around people’s lives. Those are some of the findings from our latest report, The State of Fashion 2021, written in partnership with the Business of Fashion (BoF). Antavo has been listed as a Representative Vendor in Gartner’s 2020 Market Guide for Loyalty Management in the Pure-Play Loyalty Provider category. McKinsey & Company’s Achim Berg and Anita Balchandani and BoF’s Imran Amed will be sharing key insights, themes and issues from The Business of … Fashion; The State of Fashion 2021 Report: Finding Promise in Perilous Times Business Of Fashion - Imran Amed. It’s against this backdrop that McKinsey has teamed with the Business of Fashion to shine a light on the fragmented, complex ecosystem that underpins this giant global industry. The fifth annual State of Fashion report by The Business of Fashion and McKinsey & Company forecasts the continuation of tough trading conditions … 2017. Breathe new life into your store through kiosks fitted with NFC Readers. Physical retail has been in a downward spiral, but there’s still a chance for retailers to improve their ROI on the store level. In a rather unexpected takeaway, the SoF 2021 emphasizes that fashion companies should rebalance their supply chain and move away from transactional relationships in favor of deeper partnerships with greater flexibility. Following a rather challenging year, Business of Fashion and McKinsey & Company have together released the latest edition of their annual fashion report, the State of Fashion. According to the State of Fashion 2021, 60% of customers were willing to move away from their favorite brands and experiment more in the early part of the year. get the case study and join our email list. Business of Fashion has released its annual report on the state of the fashion industry, revealing a sharp decline in profit over 2020 as well as predicting the future of the sector. Combined with the McKinsey Global Fashion Index (MGFI) analysis, which found that 56 percent of global fashion companies were not earning : Home Improvement Brands Make Big Shifts for Online Shoppers, : Editor’s Picks: Top Retail News of the Week. This year put a strain on the whole world, not just the fashion industry. The McKinsey Podcast, our new flagship podcast series, takes you inside our global firm, and features conversations with experts on issues that matter most in business and management. for the latest trends in customer retention. , is meant to unify the customer experience among all tenant brands, regardless of their size or tech-readiness. LONDON, United Kingdom — Fashion leaders are not looking forward to 2020. Best of Theater in Berlin. Elevate your customer retention to the next level with Antavo’s loyalty capabilities. Download the Report: The State of Fashion 2021 Click below to download BoF and McKinsey & Company’s in-depth report on the global fashion industry in 2021, focusing on the themes, issues and opportunities impacting the sector. This creative mindset should be carried over to your loyalty program as well. Entitled “In search of promise in perilous times”, the State of Fashion 2021 analyzes how the pandemic has affected the fashion industry in an effort to help executives navigate the rocky path to recovery. For instance. State of Fashion is an international fashion platform that connects pioneers in fashion design, research and business, and shares their ideas and innovations with the world. United Kingdom — Fashion leaders are not looking forward to 2020 use website... A turnkey solution for omnichannel brands and retailers that connects in-store purchases to your loyalty RFP by empowering their program... 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