The press release for London fashion week makes no bones about it: “UK media coverage each season exceeds £160m,” while the value of foreign media publicity is put at £120m. Getting on for £300m of free promotion for a four-day trade show: not bad.
Fashion is among the most hyper-capitalist businesses of the lot — one that produces goods for short-term use (to be updated or thrown out every six months), sourced from all over the world and generating substantial profits for those at the top, even while those workers at the bottom face the risk of starvation (it is estimated that one in three textile workers in Cambodia are medically underweight) or death, as in the perennial textile factory deaths of the Indian subcontinent.
Never before have consumers had access to so many fashion trends at such exceedingly low prices. Having all of these options has almost become second nature, with vast malls being filled constantly with various new fast fashion stores. Well, this trend is not mere coincidence: it is part of globalization’s influence on the fashion
Fast and Furious Competition
With a globalized fashion industry comes increased competition from overseas brands looking to profit from local fashion shoppers. In order to compete with locally-produced goods and other brands, fashion businesses and clothing manufacturers must minimize costs in order to sell garments at competitive prices.
Brands can’t price competitively if the cost of labor is expensive, so they seek cheap labor from developing countries. Why do you think many of our clothes are labeled ‘Made in China’, ‘Made in India’, ‘Made in Bangladesh’? It’s a form of advertisement where the origin matters to the buyer.
Law of Supply and Demand
Fast fashion retailers urge to respond quickly and they need a flexible and responsive supply chain and contrariwise, others do need a fast response but more efficiency focus with the economy of scale. The demand side and supply side alignment will contribute insights on DSC (demand-supply chains) organization in the textile-apparel supply chain. Also, textile and apparel manufacturers may have a clearer picture of the structure of retailers’ DSCs.
There’s something else that gives people power — the power of DEMAND. The law of supply and demand is a theory that explains the interaction between the supply of a resource and the demand for that resource. Generally, low supply and high demand increase price. In contrast, the greater the supply and the lower the demand, the price tends to fall.
The availability of goods and services in the marketplace at any given point in time is defined as “supply”. As we see in shopping for rare items, if the demand is greater than the supply, there is a shortage (more items are demanded at a higher price, fewer items are offered at this same price, therefore, there is a shortage). If the supply increases, the price decreases, and if the supply decreases, the price increases. This is called an indirect relationship, where if one variable goes up, the other variable goes down.
Be An Entrepreneur
What if you can affect the demand and supply with just a few clicks on your mobile? Through WeBuy, you can actually become an “entrepreneur” without the hassles of maintaining an office or inventory of products. Hard to believe? he WeBuy Advertising platform exactly proposes that:
When a buyer wants to make a purchase, they create a SellMe profile, which describes the product or service that they want to buy. The SellMe profile is then sent to WeBuy sellers in the buyer’s geographical area who are selling the products or services that the buyer is looking for.
Having paid to advertise, sellers can see buyers and answer their SellMe profiles, communicating in real-time, while promoting products and services to their potential new customers or clients.
Sellers are invited to join WeBuy by individual buyers who know them and have conﬁdence in them. By accepting the invitation, sellers join the buyer’s Buyer Referral Network (BRN). This means that whenever the seller pays for advertising on WeBuy, the buyer that onboarded that seller receives a portion of their advertising spend.
With this new dynamic, buyers’ needs are a priority. When it comes to being contacted, buyers set the rules and conditions. Sellers are then able to offer their best products and services directly to interested buyers.
WeBuy aims to be a cross-border system, working in a similar way everywhere.
There is a lot of work to be done in order to convert the fashion industry from being concerned with fast fashion to focus more on slow fashion and directly benefit local sewers, designers, and distributors. It is a matter of willpower because it is all attainable. We will start by doing our part and contribute wherever we can. WeBuy is the platform on which buyers, sewers, designers, and distributors can play a part.