My latest article, in MarTech Advisor, discusses the new set of standards customers are holding retailers to as they demand innovation, traceability and transparency throughout the purchasing journey.
In fact, nearly two-thirds of fashion executives cited ‘consumer needs for trust in product authenticity and creative originality’ in their top five trends for 2019. While this may seem strange at first blush, the trend is far from foreign when we consider how it plays out.
Today, fashion and cosmetics retailers face a new challenge. While issues such as contamination pose a lesser threat, new market demands are leading retailers to reexamine their supply chains and seek out the same levels of traceability and compliance found in grocery.
Fortunately, unlike grocers manually parsing data and making calls to identify the source of a spoiled ingredient, fashion and cosmetics merchants need not start from scratch. Seeking to meet consumers’ rising standards, brands and retailers in other verticals, such as fashion and cosmetics, are using brand compliance tools to drive their businesses forward in new and evolving ways.
Further market change is ahead, and brands must accept change as a constant. Consumers are and will remain in the drivers’ seat, and their demands—not legislation or new market entrants—are what is driving supply chain transparency and the need for brand compliance forward.
In time new technologies like blockchain and IoT will enable deeper insight into the supply chain, but brands cannot rest on their laurels. Consumer expectations will only rise with time, and those who don’t keep up will only see their market share fall.
Today over 1 million products have been developed and protected through Oracle Retail Brand Compliance.