Accenture Strategy (2014) Circular Advantage: Innovative Business Models and Technologies to Create Value in a World without Limits to Growth.
In this article, the author specifically addresses how the adoption of modern technology in business models aid in augmenting the values of the enterprises thus enhancing their expansion in the market. The authors utilize data gathered from various enterprises that use e-commerce platforms to carry out their business dealings in the UK market. Their research mainly focuses on the aspects of effectively utilizing technology to improve the performance of organizations in the UK economy. This article is integral in my studies because it sheds more light on how the fashion future will be highly dependent on technology to enable the industry to expand its operations in the economy. The major shortcoming of the article is that it does not emphasize how underutilization of innovative business structures as well as appropriate technologies will hinder the growth of the firms that operate in the fashion industry. Consequently, more studies need to be undertaken to emphasize the importance of taking into account the utilization of technology in the fashion industry. This article will illuminate my topic in that the manufacturing of customized jeans is highly dependent on innovations and technology to seamlessly attain its business goals in the UK economy.
Ellen MacArthur Foundation, A new textiles economy: Redesigning fashion’s future, (2017)
In this article, the author primarily pinpoints how a new textiles economy has been developed courtesy of the emergence of complex mechanisms that are being adopted by the major stakeholders in the fashion industry. The author mainly takes into consideration the relevant statistics that have been obtained from the various firms that develop a wide range of fashionable clothes that trend on regular basis in the UK market. The study largely zeros in on how the future of the fashion industry will be highly dependent on the aspect of redesigning. This article is vital in my studies because it vividly illustrates that redesigning is the most common trend that the major stakeholders in the fashion industry have adopted in their efforts to appeal to not only the current generation but also the future ones thus making their business activities to be carried out in more effective ways. The main limitation of this article is that it does not specify the various forms of redesigning that need to be adopted which will make the fashion industry boom in the future. It is for this purpose why further studies need to be conducted to amicably ascertain the major forms of redesigning that will be critical in enhancing the fashion future in the UK market. I will use the guidelines that have been provided in this article to help me gauge the anticipated mode of redesigning that will tremendously impact the fashion industry in the country.
Hobcraft, P. (2014) Hype: Exploring Diffusion and Adoption of New Innovation – Parts 1, 2 & 3.
This article primarily articulates how the processes of both diffusion and adoption of innovations will help in augmenting performance or hype in the fashion industry. The empirical data that the article utilizes to draw these conclusions are gathered from the corporations within the fashion industry in the United Kingdom who have experienced a boom in business over the last decade. The article focuses on innovations that need to be embraced to improve performance in the sector. This article will help my study by providing comprehensive information on the best measures to embrace going forward, specifically with regards to innovations that will hype the operations of the firms in the fashion industry going forward. The major drawback of this article is that it failed to highlight how the innovations will be effectively adopted by the firms in the market. Thus, further studies need to be conducted to depict how the innovations will be amicably adopted by the firms in the fashion industry to maximize their net revenues in the course of undertaking their business dealings. I will use this article as a supplementary source to enrich the studies that I am conducting.
Mountney, H. and Murphy, D. (2017) “See Now Buy Now. How Ready Are You?” Kurt Salmon: Accenture Strategy.
The article majorly outlines how impulse buying has been enhanced courtesy of manufacturing high-quality products that appeal to the needs and desires of the potential buyers in the UK market. The data used by the authors in this article has mainly been obtained from the fashion industry in the United Kingdom. The authors focus on ways in which the development of trendy fashions will greatly influence the success realized in the industry in the future. The issues entailed in the article will help my research because it contains a wide range of factors that will majorly determine the performance of businesses in the fashion industry. The main shortcoming of the editorial is that it does not take into consideration how impulse buying of such quality products will be beneficial to the consumers. As a result, more detailed research needs to be conducted to highlight the fact that buyers will always get value for their money even though they were involved in impulse buying. I will not use this article as the primary source of my study but rather it will act as a supplementary source of information in my research because it entails information that will be integral in my studies.
Rigby, D. (2011) ‘The Future of Shopping’, Harvard Business Review, 89(12), pp. 64–75.
This article mainly focuses on the future of shopping in the fashion industry and how it will shape the business dealings in the market. The data utilized in this article has been obtained from the various organizations that operate in the global market, specifically with regards to the fashion sector based on the current trends. The author of this article mainly focuses on the anticipated trends that will shape how shopping is done in the industry. This article will significantly aid me in deeply understanding my topic of discussion which focuses on the future of the fashion industry in the United Kingdom by providing detailed information on the future of shopping in the sector. The main shortcoming of this article is that it does not comprehensively address the expected challenges that future shopping in the fashion industry is likely to face in the course of undertaking their operations in the marketplaces. Consequently, further research needs to be undertaken to provide relevant solutions to the anticipated challenges to effectively address the issue of the future of shopping in the industry. I will highly depend on this article by carrying out my studies with regards to the future of fashions in the global market.
References
Abnett, K. (2016) Business of Fashion: The Store of the Future. Available at https://www.businessoffashion.com/articles/intelligence/the-store-of-the-future
Accenture Strategy (2014) Circular Advantage: Innovative Business Models and Technologies to Create Value in a World without Limits to Growth. Available at: https://www.accenture.com/t20150523T053139__w__/us-en/_acnmedia/Accenture/Conversion-Assets/DotCom/Documents/Global/PDF/Strategy_6/Accenture-Circular-Advantage-Innovative-Business-Models-Technologies-Value-Growth.pdf
Christensen, C.M., Raynor, M.E. and McDonald, R. (2015) What is disruptive innovation. Harvard Business Review, 93(12) pp. 44-53. Available at https://hbr.org/2015/12/what-is-disruptive-innovation?autocomplete=true
Ellen MacArthur Foundation, A new textiles economy: Redesigning fashion’s future, (2017) Available at http://www.ellenmacarthurfoundation.org/publications
Hoang, L (2016) Business of Fashion: How Burberry is Operationalising ‘See Now, Buy Now’ Available at https://www.businessoffashion.com/articles/intelligence/how-burberry-is-operationalising-see-now-buy-now
Hoang, L (2016) Business of Fashion: The 10 Commandments of New Consumerism. Available at: https://www.businessoffashion.com/articles/intelligence/the-10-commandments-of-new-consumerism
Hobcraft, P. (2014) Hype: Exploring Diffusion and Adoption of New Innovation – Parts 1, 2 & 3. Available at: https://blog.hypeinnovation.com/diffusion-and-adoption-what-we-can-learn-from-everett-m-rogers
Mountney, H. and Murphy, D. (2017) “See Now Buy Now. How Ready Are You?” Kurt Salmon: Accenture Strategy https://www.accenture.com/us-en/insight-see-now-buy-now
Philips, J. (2009) ‘Definour Innovation Model: 10 Facets of Innovation’, International Journal of Innovation Science, Vol. 1 Issue: 1, pp.1-12, https://www.emeraldinsight.com/doi/abs/10.1260/175722209787951279
Rigby, D. (2011) ‘The Future of Shopping’, Harvard Business Review, 89(12), pp. 64–75. Available at: https://hbr.org/2011/12/the-future-of-shopping
Appendices
PESTLE ANALYSIS
| POLITICAL FACTORS | ECONOMIC FACTORS | SOCIAL FACTORS | TECHNOLOGICAL FACTORS | LEGAL FACTORS | ENVIRONMENTAL FACTORS |
| The taxes imposed on such products will drastically reduce | The products will mainly appeal to the high and middle-income earners | The artists and musicians will be used in promoting the new products | The online platforms will provide avenues for more buyers to seamlessly check out the products and make inquiries | The business must adhere to the labor laws when manufacturing the brand | The products aim to conserve the environment and significantly reduce the negative effects on the environment |
SWOT ANALYSIS
| STRENGTHS
§ It will yield high-quality products § It has a diversified presence across the country § It enjoys stable financial performance |
WEAKNESSES
§ It will be too dependent on the high and middle-income customers § Lack of third-party suppliers |
| OPPORTUNITIES
§ It will enhance the lifestyle among the potential buyers in the market § It will experience more buyers given the expanding e-commerce platforms in the UK |
THREATS
§ It will face stiff competition from other firms in the fashion industry in the UK § It will equally face the challenge of drastic changes that are often witnessed in the fashion industry |