Xcentric is tailoring technological solutions today to help brands dress for success
With the global apparel market amounting to some $2 trillion per year and per capita spending averaging $2,000 in the U.S. and Europe. Pakistan’s promising and upcoming youth and their limitless and unrestricted attitude. Towards growing incomes have turned the Pakistan into the world’s fastest growing retail market.
The size of the middle class is estimated to surpass that of the Italy and England through 2016-2021. Pakistan is striking the trend just like in the US. Where retail outlets are closing at a record pace as e-commerce challenges bricks-and-mortar stores. That is what is attracting foreign operators to Pakistan. Pakistan’s retail outlets are expected to rise by 50 % to 1 million outlets in the 5 years through 2021. Which is roughly 8.5% growth per annum.
With massive growth opportunities for apparel retailers, there are also massive and emergent challenges. As brick and mortar stores explore new ways to bring customers into off-line empirical spaces. The need to personalize and enhance the shopping experience of brick-and-mortar stores will become as imperative as that of online stores.
While stores both online and offline have expanded their data mining and personalization services to better attend shoppers. Those customers, in turn, are empowered to decide not only what to buy. But where and when. Increasingly, that includes mobile.
New technologies like the mobile phone have already put brand savvy customers in the driving seat. Leaving retailers struggling to maintain a consistent, satisfying, responsive and reliable customer brand experience. And since mobile is not going anywhere and its usage is only going to be increased. It going to be only Mobile that will bridge the gap between physical and digital channels. And we see it is mission-critical for brands to congregate all their channels. And touch-points into single, seamless, branded shopping experiences to survive and grow.
Combined with a competitive landscape, prolonged manufacturing lead times, bi-annual buying cycles, complex size, color. And the style forecasting, omnichannel consumer expectations, in-store stock availability. The customer service challenges, it goes without saying that apparel retailers must be flexible.