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The advent of mobile phones and social media has significantly disrupted traditional business models in the apparel industry. Firstly, it has shifted the consumption experience. Teens, a major consumer group, now care less for brands and more for fresh attire in every social post. This has led to a need for constant newness in clothing. Secondly, by the time a product hits the stores, teens have seen it online for months and feel it is dated. This has challenged the traditional model of seasonal collections and sales. Lastly, the metrics used by retailers, such as sales per square foot and store sales compared across periods, have failed to capture this shift, indicating a need for new metrics that consider online visibility and engagement.
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Can mobile phones change the apparel industry? In 2007, the spending power of American teens was estimated at $80 billion, with an additional $110 billion spent by parents. Retailers built business models based on the "back to school season". This was embedded in metrics like sales per square foot and store sales compared across periods. These metrics failed to capture the shift in consumption experience caused by mobile phones and social media. By 2014, mobiles had strongly shifted teen attitudes to clothing. Teens cared little for brands. There was also a need to be seen in fresh attire in every social post. By the time a product hit the stores, teens had seen it online for months and felt it was dated.
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How can you foresee new growth opportunities and take advantage of the next inflection point? Distilled from decades of consulting expertise on innova...
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