How 2020 Has Democratized Fashion Week
Brands relying on department store or other multi-brand retailer distribution are in particular pain this year, as stores are closing and inventory checkbooks are being scrutinized more closely than ever. Larger or more established brands may have some financial cushion or, often, already have built direct-to-consumer distribution platforms to get them through this period. They’re also likely to have relationships and a track record with retail buyers that they can leverage to secure purchase orders, even if the breadth and depth of inventory buys are reduced.
Regardless of what a retailer’s open-to-buy dollars look like or even whether it’s in business, the all-important fall fashion professional buying season isn’t what it’s been in the past. Merchants who typically fly around the world to fashion shows (on runways surrounded by dense seating) and market appointments (in brands’ sometimes-cramped showrooms or trade show booths in packed convention centers) to review merchandise and place orders largely aren’t doing so. This levels the playing field between retailers with big inventory and travel checkbooks and those without, as well as between brands who can afford sophisticated runway presentations and attention-grabbing trade show booths and those who can’t.
The lack of travel to interact with brands in person is disappointing to at least one major department store buyer, who recalls, “Traveling to ‘market’ is when you bond with your colleagues between appointments and establish or deepen relationship with vendor partners. Being immersed in a brand’s physical space tells the story behind the fashion and actually touching and feeling the physical product is irreplaceable.”
But not everything about the retailer-brand interaction needs to be face-to-face and technology companies targeting large and small players have introduced more ways to do business this year. NuORDER, the leading wholesale e-commerce platform, announced in March that it would provide a complimentary version of its digital solution. Currently, it’s offering registration for virtual versions of some of the biggest names in fashion trade shows, including COTERIE and MAGIC. NuORDER’s SaaS offering can work with brands of all sizes and its flagship retail clients include Nordstrom and Saks.
For its upcoming series of trade shows, which begin today, NuOrder is selling an eight-week subscription for exhibiting brands, rather than the usual annual subscription. Additionally, NuORDER is partnering with the Council of Fashion Designers of America (CFDA) and others to power a portal called RUNWAY360 that lets brands showcase their wares via augmented reality and virtual reality, among other tools.
While this option opens up the door to discovery for more companies, many brands that are smaller have been working with Faire, whose customer base is independent, primarily brick-and-mortar retailers. Last week, Faire held a virtual trade show - Faire Summer Market - that featured brand livestreams and expert webinars and gave retailers an opportunity to place orders.
While it’s hard to replicate the energy and camaraderie of smaller trade shows let alone fashion’s biggest events, companies like NuORDER and Faire are providing important tools with a strong return on investment. "Trade shows are really about people being able to experience your brand,” Missy Livingston, Founder and CEO of Twisted Wares, who participated in Faire Summer Market said. She continued, “With livestreaming, we’re going to be able to reach many more people at a much lower cost.” Another Faire customer, Courtenay Schick, Wholesale and Customer Service Lead at TeaDrops, noted not only that the virtual forum was a “smaller investment because we’re able to do it from home,” but that it allowed the brand to “create more of a one-to-one experience.”
As part of the event, brands offered a discount to retailers and Faire provided a full or partial match. While perhaps not palatable to all brands, it was possible for some because Faire takes a commission on transactions rather than an upfront subscription like NuORDER.
Knowing holiday orders will be placed later in the season than ever before, Faire has implemented a number of tools to help retailers and brands stay connected in the months ahead and make informed buying decisions, such as the ability for retailers to follow brands and their boards, see categorical and geographical sales data across the Faire platform and integrate their sales own data from any Square point of sale.
For NuORDER’s part, Erik Ulin, VP of Partnerships, said, "We’re happy to work with the industry to figure out a way to incorporate the digital into their physical events. The current situation obviously created a sense of urgency around this, but it doesn't mean it's just a fix for now. Incorporating the commercial aspect into trade shows and fashion weeks is going to be a very important factor going forward, as well. I think we are going to see a [digital-physical] hybrid model as the future of the event space."
While much of the innovation and the accelerated adoption of virtual tools that were previously available is focused on the business-to-business relationship between retailers and brands, fashion-loving consumers who wouldn’t have scored runway seats also stand to gain footing relative to the professionals. During Faire Summer Market, anyone could view brands’ products (but only registered retailers could place orders). And the forthcoming RUNWAY360 platform will allow not just merchants, but the general public to view collections. While a growing minority of fashion designers have chosen to livestream their shows in the past, fashion is finally becoming a broader spectator sport.
This article was originally published by Forbes on 9/1/20.