“No or less” fashion forecasting approach:
Make classic design in best quality & low price. Here forecasting focus on material demand, pricing and competition rather design.
Many companies are managing retail prices extremely low because they did not change its merchandise plans based on the latest (fast) fashion fad. As an alternative, these companies books manufacturing capacity in advance, and produces slow (classic) fashion garments at a steady pace year-round, rather than rushing to produce trendy items from specialty factories. By making high quality, well-designed, well-fabricated, classic slow fashion basic clothes and managing to sell them incredibly cheaply because its factory costs are reined in, fashion companies can maintain customer demand without doing any fashion forecasting and trend analysis.
“Customer feedback” based forecasting approach:
Store manager collect and pass customer feedback to designers. Personal relation, survey, feedback form or general talk with customer plays very important role in this case.
There is a revolution happening in the fashion industry and designers are becoming less concerned with creating designs and looking more into receiving customer’s feedback on how to make garments more multifunctional. Store managers collect hard data, such as orders and sales trends, and soft data, such as customer reactions and “buzz” around a new style. They transfer this information to headquarters, where designers, market specialists and procurement and production planners are sit together and constantly develop the product, as asked by customer.
“Fast supply chain” based forecasting approach:
Unfinished good (not stitched / semi stitched / only textile / only pattern cutting) which have provision of design change as per latest fashion forecasting.
Many companies have realized that waiting time increases exponentially when manufacturing capacity is tight and demand is highly variable & for short period. Manufacturing factories constantly create unfinished goods. Adopting a “just-in-time” approach, these companies send “unfinished goods” to its network of finishing shops and turn them into products. These unfinished goods have designs from slow (classic) fashion and fast fashion.
“Production management” based forecasting approach:
Batch production in real time i.e. rather leading, simply follow trend. Manufacture for each segment as per different trends and fashion forecasting but in few numbers periodically to stop manufacturing if demand decreases.
Those companies who focus on fast fashion, trend analysis and fashion forecasting, by manufacturing and distributing products in small batches, these companies sell products just few days after they are made, operating with negative working capital. Up to 50 present of their clothes are designed and manufactured smack in the middle of the fashion trend. If violet velvet gown suddenly become the rage, these companies reacts quickly, designs new styles, and gets them into stores while the trend is still peaking.
MIFT ( Mysore Institute of Fashion Technology) students, trainee and scholars study and research about fashion, makeup, forecasting, e commerce, disruptive technologies in fashion & cosmetics industry. The primary research objective is to create open industry modular ecosystem platform for fashion designers and makeup artists to work and earn in hyper personal and local market using IR 4 and 5 ( industrial revolution) technologies to disrupt connected digitalization of mass production.
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