Fast Fashion and the World of Jewelry
What we actually know about the fast fashion when it comes to jewelry producers? This phenomenon characterizes the tendency of launching new collections that copy the latest trends within the industry. And the main point is that this happens fast, really FAST… Just to stay clear, the “life” of a new jewelry product (i.e. from a concept to the shelf) may last one month, causing the continuous stream of updated products around 12 times per year.
The reasons for this change is twofold. From the one hand, it is a response to customer expectations of something new as they get bored with things quickly. But on the other hand, this reflects the outstanding technological advances. The latter include not only the improvements of e-commerce, delivery services, and the supply chain sophistication, but also such technologies as 3D printing, laser welding, cutting and engraving, and computer aided design that accelerates the manufacturing process. So now when millions follow the trends seen on the catwalk and on celebrities walking on the Red Carpet they can get what they like really in short. Besides, style bloggers and celebrities promoting social media culture also contribute to a quick spread of virus ideas around the world, which forms the customer expectations.
Even though fine jewelry has for a while been immune to the effects of fast fashion, the situation is different on the fashion jewelry market. Focusing on the customers of the younger age with an irresistible desire to stay on-tend, the fast fashion brands (e.g. Zara, H&M, Topshop etc.) are creating the new styles that may become trendy in a matter of weeks. At the same time, the capacity of younger generations to buy jewelry is not as high as one could wish. Therefore, fast-fashion products are usually cheap and made out of lower-quality materials. Despite the critics of being highly disposable, the success of retailers that can master their supply chains to reach the jewelry market indicates that fast fashion is actually what the majority of customers expect to have.
Another disadvantage of the fast fashion in the jewelry market is that brands are becoming alike, thus vanish the uniqueness of products. Several cases are known of judging for apparent imitation of the competitors’ design. The solution was found in collaboration with guest designers, as well as presentation and advertisement of these collections in fashion magazines.
So what is the recipe for the jewelry producer to survive in the growing fast fashion trend? Those companies, which apply flexible and adaptive business systems strike 10 out of 10. By mimicking the fast-fashion apparel companies, innovative jewelry players should show the rapid reaction to the trends on the market, and thus will reach the rational shortage of the product-development cycle terms. Such companies are often growing fast as they offer the product that everyone wants and use the benefits of social media to share new ideas. The success formula is, thus, will be: collaborate flexibly, quickly and closely with the value chain partners: suppliers, designers and logistics providers.