One of the foremost and most significant aspects of the business lexicon is marketing. Without it, all businesses would be rendered practically useless and unable to function.
Creating a company’s product name, it’s a different set of product ranges, tailoring them to the needs of the market, launching those products internationally – all are encompassed by the workings of marketing. The dynamics of marketing refer to the various factors that have an impact on the supply and demand of products in a certain market. The traditional market dynamics – product, price, place, and promotion, are also constantly changing due to the huge impact of digital media on the fashion and retail industry.
In the fashion industry, the way of showcasing products to consumers has changed a lot over the years. Brands can now connect with the public easily via social media. Designer Alexander Wang has stated that social media has also transformed the way designs are created. Well known events like New York Fashion Week were extremely exclusive, but today anyone can be a part of such events thanks to technology. Essentially, digital media has changed the way businesses market their products and this has further altered the dynamics of the markets they are dealing in.
Digital media has become the bridge between the fashion industry and its consumers. All major designers communicate with their customers via social media by sharing their latest collections, upcoming projects, collaborations, etc. Traditional marketing like billboards and ads are still relevant, but digital marketing and media has more power to create easy and instant content, showing the customers what a designer is trying to convey. Kanye West’s Yeezy Boost 350 sneakers selling out in just 12 minutes is a perfect example of the power of digital media. This happened because of pre-launch previews, creation of exclusivity about the product and building a hype – all on digital media. Social media has changed the customer’s relation with information along with their purchasing journey. It constantly delivers a rapid and wide reach – which makes it essentially important in the fashion industry.
In January 2018, H&M, the high street fashion megabrand published an image on its website which was insensitive. The consumers were offended at the absence of cultural sensitiveness in the advertisement and used social media sites to call out the European fashion giant. The fact that digital media is instantly accessible, is the key point to note as it can either augment a marketing campaign or can totally hamper a brand’s image if used inappropriately.
It is now easier to target the desired audience as the digital space has allowed designers to be in a level playing field and has transformed the reach of new designers. Social media has displayed the intricate workings of the fashion industry to its customers and audience in a way that traditional magazines never could. It is certainly safe to assume that the digital media revolution will continue to impact modern societies.