Importance of Fashion Forecasting Every Retailer Should Know About

Do you know why fashion forecasting is important for retailers? Do you always stock trendy fashion items? Well, if your answer is no, then don’t worry and read this post until the end to know the answers to such questions.

As a retailer, suppose you want to stock wholesale plus-size clothing for women, can you tell which styles, designs, patterns, and colours are trending for the plus-size category? So, whatever you want to stock at your retail fashion store, you need complete knowledge about it.

For doing so, you should gather information through fashion forecasting as a way to know past, current, and future trends. Forecasting helps to understand different aspects of the fashion world like customer behaviour, demand, needs, interests etc. Therefore, as a fashion retailer, you should know the importance of fashion forecasting to better manage your retail fashion business, as written below.

What is Fashion Forecasting?

Observing and learning about world events, past & present trends, future trend assumptions, factors that affect consumers, issues facing consumers, target market etc. refers to fashion forecasting. Attaining knowledge about such factors gives insight into the overall fashion environment.

From where to get fashion forecasting?

As a fashion retailer, you can get fashion forecasting facts and figures from fashion forecasters, as they are the main fashion advocates of trends. Also, you can get forecasting from fashion shows, influencers, the internet, market research, and consumer fashion preferences.

Importance of Fashion Forecasting for Retailers

Fashion forecasting is important for a retailer, as it is directly linked with retail sales. Also, fashion forecasting helps retailers manage, revitalize, and stock trendy apparel. It is also important to have a bird’s eye view of fashion history, current situation, and future expectations. Else, below are some other reasons explained about the importance of fashion forecasting.

To Gain Social & Cultural Insights

Fashion forecasting is important to gain valuable social and cultural information to make guesses regarding where consumer fashion interests and preferences will head. You can know about stocking wholesale clothing in a specific cultural and social environment, for instance. In addition, through fashion forecasting, you can know the demand for a particular category of fashion item like dresses or tops, according to social and cultural standards people follow.

To Do Research & Development

Fashion forecasting is also important to gather information through an in-depth research and development process. Fashion companies and individuals conduct market surveys & consumer research as part of the forecasting. In this way, it becomes clearer to know the intended market conditions along with changing consumer behaviour. As a result of R&D, it also becomes easier to identify consumer needs and strategies to enter a fashion market to a target audience.

To Track Online Platforms

Fashion forecasting is also important to track online platforms like fashion news, magazines, newsletters, social media and some others also. Today, online consumers spend a substantial time performing various activities.

In this regard, you can approach different online platforms to get your fashion forecasting every season. You can track the activities of fashion celebrities who are trendsetters, along with fashion influencers attached to trendy fashion websites and stores.

To Know Ethical Retailing

Fashion trends attract consumers, and they demand trendy attire immediately. To fulfil the fashion needs of such consumers, fashion manufacturers have formed an approach named “fast fashion,” which intends to provide imitations of trendy fashion items like offering a copy of a wholesale jewellery UK to fashion retailers. So, fashion forecasting helps you limit your fast fashion supply so that you can deliver sustainable fashion products to your loyal customers.

To Plan Inventory & Marketing Strategy

For fashion retailers, fashion forecasting is also important to plan inventory to keep away from stockouts. Inventory planning further helps to satisfy customers when it comes to stock cost. In addition, through an inventory plan, it becomes easier to stock trendy and related fashion products in the inventory list while highlighting the list.

Furthermore, fashion forecasting aids to decide the marketing strategy by which you can market your products and services in the relevant market while targeting intended customers. It also helps to decide on a business strategy to expand and manage your business in a new market.

To Compete

Last but not least, fashion forecasting is also important to stay ahead of the fashion competition as a whole. It offers fashion designers and retailers the latest style ideas continuously, so they can’t fall behind the market competition level. Therefore, to stay ahead of the competition, fashion retailers use fashion forecasting to go along with the overall fashion flow.

Final Remarks

Fashion forecasting is a source of the latest information regarding various aspects of the fashion industry. Without having the forecast, it becomes harder for fashion retailers to grow their businesses successfully. In short, through fashion forecasting, it becomes easier to decide which fashion items are in trend to stock every season to stay ahead.