Following news that fast fashion giant Asos has pledged a ‘cultural reset’ to tackle profit losses, enterprise tech Storyblok has asserted the critical role that flexible marketing must play as other retailers rethink company strategy amid a tough consumer climate.
Dominik Angerer, CEO and co-founder of Storyblok comments: “Clearly, the fast fashion market is experiencing a difficult period as consumers appear to have become much more aware of the impact that their purchases make and shift away from frequent, inexpensive buys. Add to the equation a looming recession, and it is easy to see why many brands are adapting their company strategy in line with an evolving playing field.
“Of course, for many this will involve pivoting to a new business model or, as in Asos’ case even, a complete cultural reset. But alongside this too, it is critical that retailers ensure that they have their content operations in order and the technical capabilities to respond to evolving requirements with ease.
“Even to this day, it is amazing just how many retailers, big names too, still aren’t using the right technology stack. Brands often choose a big tech stack from a well-known company under the assumption that it will be the best and easiest way to enable a successful marketing output. Not only is this usually an expensive approach, but it may also mean being locked into using products that don’t fit changing needs. On the other side of this, there are retailers that simply don’t invest in any significant marketing infrastructure.
“This is especially concerning given the rise of the digital-first consumer, as potential-buyers, now of all ages and demographics, demand more from a brand’s online presence than ever before. Moreover, the reality is that there are now a huge range of new solutions available that, via APIs, can usually be easily integrated together. This means retailers have the freedom to build a suite of tools that work for their business. In addition, this approach also enables the flexibility to swap out different solutions as marketing strategy develops.”
Asos’ latest announcement comes as reports continue to point to not only fast fashion’s ongoing decline but a marked shift towards bricks and mortar retail spend. According to new research, 85% of consumers will do more in-store shopping in 2022 than last year.
Dominik adds: “While it’s certainly a time of huge change for the online retail world, that’s not to say all is lost. Shoppers may be buying differently, but they are still buying. How retailers, especially online traders, will fare will depend on how they adapt to the developing dynamic.
“By investing in a more flexible CMS solution retailers will be able to get new content out to multiple markets, platforms and channels, in line with evolving overall strategy, easily, at pace and at scale. The result is a truly flexible marketing approach and the ability to create meaningful, memorable experiences which genuinely compete with bricks and mortar.”