As the fashion retail industry flourishes, it’s not just the latest styles that are making waves. The way fashion is consumed and purchased is also transforming. Driven by a combination of innovation, sustainability, and technology, fashion is becoming more accessible, ethical, and digital. And these changes come with new demands on how transactions are handled.
Sustainability and Conscious Consumerism
One of the most significant shifts in the fashion industry is the rise of sustainable practices. Consumers are becoming more eco-conscious, leading to the popularity of secondhand and thrifting options. This trend reflects a shift towards buying fewer but better-quality items, with an emphasis on reducing fashion waste.
Fashion retailers that embrace sustainability in both their products and business models – such as offering recycling programs or eco-friendly packaging – will appeal to this growing demographic of conscious consumers.
Rise of Social Commerce
With the surge of platforms like TikTok Shop and Instagram Shopping, shoppable content is revolutionising how fashion is sold. Now, consumers can shop directly from social media posts, videos, and live streams. This makes fashion more accessible and interactive, allowing consumers to purchase items they see in real-time, often driven by influencer recommendations or viral content. As such, integrating quick, mobile-friendly payment solutions can create a seamless buying experience, reducing the friction between discovery and purchase.
Affordability through BNPL and Subscriptions
Affordability is another key trend shaping the retail industry, including the fashion industry’s payment landscape. Buy Now, Pay Later (BNPL) services, like Atome and GrabPay Later, allow consumers to split payments into instalments, making luxury and high-ticket items more accessible. This is for fashion shoppers who want to stay on-trend without immediate financial strain.
Additionally, subscription services are getting increasingly popular. They can offer curated fashion boxes or rental services, providing consumers with a recurring supply of the latest designs. This model not only builds long-term customer relationships but also ensures a steady revenue stream for retailers.
Mobile-First Experience
In Malaysia, it’s apparent now that mobile-first experiences and digital wallets are on the rise. Ever since the Covid-19 pandemic and lockdown, mobile shopping and e-wallets alike have increased significantly. Of course, this is due to many other factors such as ubiquitous connectivity, ease of use, versatility, and convenience. Adoption of mobile shopping is the way to go. As a result, embracing not only a mobile-friendly but also an aesthetic experience can improve customer satisfaction and reduce cart abandonment.
Embracing the Future of Payments in The Fashion Industry
This transformative shift is happening not just in Malaysia but worldwide. Fashion retailers need to stay ahead of these trends. It is not just about enhancing customer convenience but it’s about staying competitive in an increasingly digital world.
Curlec offers the tools and expertise to help fashion businesses navigate these changes. With the Curlec Payment Gateway, retailers can accept payments through e-wallets, manage recurring payments, and optimise the checkout process with a mobile-first approach. Seeing to it that you’re equipped to meet the demands of today’s tech-savvy shoppers – driving growth and maintaining customer loyalty in the fast-paced world of fashion.
Like Miranda Priestly from The Devil Wears Prada, you would want to keep up and not move at glacial pace!