Epq

 What will my project be about?

Is social media essential in the fashion industry? Has it benefited the industry or caused it downfall?

Benefits:

-platforms such as Instagram and TikTok can start a new trend overnight

-Social media has brought connectedness innovation and diversity into the industry 

-74% of consumers rely on social networks to help them make purchase decisions 

-Without social media it would be hard for a brand to remain relevant in today's society

-Social media has changed the way that we consume information

Disadvantages:

-Time commitment e.g writing posts, answering comments or queries

-Not living up to expectations e.g marketers overestimate how much budget they will dedicate to sites

-Unhappy customers are likely to complain about a brand on social media

Social media increases brand awareness, helps you connect with your audience by keeping up-to-date with the latest trends and superior customer service to communicate on.

Primary research:

-Fashion designers, Marc Jacobs

Secondary research:

-News

-Websites

-Blogs

Why do people prefer to shop online?

-Huge selection and variety of products

-Convenience of not going in stores

-Better prices, discounts

-Easy checkout process

More people will have used social media since Covid to buy things online and to go onto apps such as TikTok to cure boredom throughout lockdowns. Social media plays a great role, as it allows brands to build its recognition through several platforms. This is why today social media is one of the most powerful methods of digital marketing for increasing brand awareness. Social media is a compilation of online platforms and communication channels that are used by people to share information, profiles, assumptions, observations etc. The fashion industry is using social media to study trends and anticipate fashion behaviours. The designer and brands who realize the true worth of social media are the ones who have massive fan following. Not only this but now the fashion bloggers have a key role to play in the industry. They are considered to be thought leaders and have a voice in the industry. 

More benefits-

-targeted ads

-immediate communication

-connection with customers

-cultivated brand image and increased awareness

How fashion businesses are successful:

-post frequently

-post varied content

-engage with customers

Statistics:

-In the US alone, the ecommerce fashion industry accounted for 29.5 percent of fashion retails sales in 2020

-UK retailer Boohoo claimed a 45 percent increase during the Covid pandemic

-In Europe alone, it's expected that each consumer will spend 921 dollars on fashion-related items over the course of a year

-Online shopping is skyrocketing, with six out of 10 shoppers saying the possibility to shop via mobile is an important factor in deciding what brands to purchase from.

-Social media engagement rates for global fashion brands is Instagram- 0.68 percent. Facebook- 0.03 percent and Twitter- 0.03 percent.

- CEO Richard Saghian’s claim that Fashion Nova is “the fastest-growing women’s apparel company” is no exaggeration.

-The 3 largest ecommerce markets of 2020 were China: 672bn dollars, US: 340bn dollars and UK: 99bn dollars. 

The increase in social media over the years has reduced the amount of people that go out to shops to shop instore. More people prefer to shop online as it's easier, quicker and if they've seen something they like then they will just buy it straight away. This has helped the fashion industry as new online brands such as Asos will become more well known with the more ad's shown on people's screens and the more promotion of all these online brands. Social media apps such as Facebook put ad's on people's screens with similar things as to what they have recently searched up or looked at.