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What are some innovative ways to use fashion competitive intelligence for sustainable and circular fashion?

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Sustainable and circular fashion are two concepts that aim to reduce the environmental and social impact of the fashion industry. They involve designing, producing, and consuming clothes in ways that minimize waste, pollution, and exploitation, and maximize reuse, recycling, and regeneration. But how can fashion designers and brands stay ahead of the curve and create innovative and attractive collections that align with these principles? One possible answer is fashion competitive intelligence, or the process of gathering, analyzing, and applying information about the market, competitors, trends, and consumers. In this article, you will learn some innovative ways to use fashion competitive intelligence for sustainable and circular fashion, and how it can help you achieve your creative and business goals.

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Ifeoluwa Oduwole

Creative Director | Designing Bespoke Fashion Collections

1 Define your niche

Before you start collecting and using fashion competitive intelligence, you need to have a clear idea of your niche, or the specific segment of the market that you want to target and serve. Your niche should reflect your brand identity, values, and vision, as well as the needs, preferences, and expectations of your potential customers. By defining your niche, you can narrow down your focus and scope of research, and avoid wasting time and resources on irrelevant or outdated information. You can also identify your unique selling proposition, or what makes your sustainable and circular fashion products different and better than your competitors.

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Ifeoluwa Oduwole

Creative Director | Designing Bespoke Fashion Collections
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Leveraging competitive intelligence in sustainable and circular fashion also means finding underserved areas within your niche where you can introduce innovation and sustainability as key differentiators. For instance, if your niche is in eco-friendly activewear, competitive intelligence can help you uncover gaps in the market, such as the lack of sustainable materials in high-performance gear or the opportunity for a take-back program for used sportswear. By focusing on these areas, you can make your brand known as both a provider of eco-friendly options and a leader in your niche when it comes to using the circular economy.

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Tamer Tamtürk

Chairman Of The Board @IntemTriko | Founder @ThatLook | Co-Founder @Knitology | Supply Chain | Management | Marketing Strategist
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Defining your niche in the fashion market is crucial for targeted research and effective branding. It aligns your identity with customer expectations while highlighting your unique selling points in sustainable and circular fashion. By understanding your niche, you refine your competitive intelligence efforts, saving time and resources. Additionally, consider incorporating market trends, consumer behavior insights, and sustainability practices within your niche analysis to stay relevant and innovative. This holistic approach ensures strategic positioning and differentiation in the competitive landscape.

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2 Monitor your competitors

One of the main benefits of fashion competitive intelligence is that it allows you to monitor your competitors' activities, strategies, and performance. By keeping an eye on what they are doing, you can learn from their strengths and weaknesses, and find opportunities to improve your own products and services. You can also anticipate their moves and react accordingly, or even get ahead of them and set new standards. Some of the aspects that you can monitor include their product range, pricing, quality, design, innovation, marketing, customer service, sustainability, and circularity.

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Ifeoluwa Oduwole

Creative Director | Designing Bespoke Fashion Collections
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Using competitive intelligence to monitor sustainability efforts of competitors can inspire innovative approaches to your own sustainable and circular fashion initiatives. For example, you might discover that a competitor has launched a successful recycling program, prompting you to explore partnerships with recycling companies to develop a unique takeback scheme that further closes the loop on your products. Additionally, tracking competitors’ sustainability certifications and awards can motivate you to pursue similar recognitions, thereby elevating your brand’s credibility and appeal in the eco-conscious market. This proactive approach not only keeps you abreast of the competition but also encourages continuous innovation practices.

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Tamer Tamtürk

Chairman Of The Board @IntemTriko | Founder @ThatLook | Co-Founder @Knitology | Supply Chain | Management | Marketing Strategist
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Fashion competitive intelligence enables businesses to stay informed about competitors' activities, strategies, and performance, fostering opportunities for improvement and innovation. Monitoring aspects like product range, pricing, quality, design, innovation, marketing, customer service, sustainability, and circularity provides valuable insights. Anticipating competitors' moves allows for proactive responses, potentially setting new industry standards. Additionally, analyzing consumer reactions to competitors' offerings aids in refining one's own approach. This comprehensive understanding empowers businesses to adapt effectively, ensuring relevance and competitiveness in the dynamic fashion market.

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3 Track the trends

Another advantage of fashion competitive intelligence is that it helps you track the trends that are shaping the fashion industry and influencing consumer behavior. Trends can be related to aesthetics, functionality, technology, culture, society, environment, or ethics. By staying updated on the latest and emerging trends, you can adapt your products and services to meet the changing demands and expectations of your customers. You can also spot gaps in the market and create new products and services that fill them. Moreover, you can use trends as a source of inspiration and creativity, and develop your own signature style and vision.

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Ifeoluwa Oduwole

Creative Director | Designing Bespoke Fashion Collections
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Competitive intelligence in sustainable and circular fashion can help you predict future sustainability trends and customer expectations, not just look at what's popular now. Because you can see the future, you can be one of the first to use new environmentally friendly materials, tools, and business models, long before they become popular. For instance, if you notice a new trend in biodegradable fabrics, you can start using them in your designs right away. This will make your brand stand out as an eco-friendly leader. In the same way, noticing a trend in digital fashion could lead you to look into virtual changing rooms or augmented reality experiences that cut down on waste and returns.

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4 Understand your customers

A third benefit of fashion competitive intelligence is that it enables you to understand your customers better. By gathering and analyzing data and feedback from your existing and potential customers, you can gain insights into their needs, wants, preferences, motivations, challenges, and satisfaction levels. You can also segment your customers into different groups based on their characteristics, behaviors, and attitudes, and tailor your products and services to each group. Furthermore, you can build relationships with your customers and engage them in your brand story and values, especially those related to sustainability and circularity.

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Ifeoluwa Oduwole

Creative Director | Designing Bespoke Fashion Collections
(已编辑)
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Using competitive intelligence to learn about your customers means not only figuring out what they want and need right now, but also guessing what they will do and like in the future when it comes to sustainability and circularity. One way to do this is to look at how your competitors connect customers with their sustainable practices and see what works best for them. For instance, if a competitor's openness about their supply chain has made people much more loyal to their brand, you might want to be more open too, maybe by using blockchain technology to keep track of and confirm your clothes' green credentials.

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5 Evaluate your performance

A fourth benefit of fashion competitive intelligence is that it allows you to evaluate your performance and measure your results. By comparing your products and services with those of your competitors and the market standards, you can assess your strengths and weaknesses, and identify areas for improvement. You can also set and track your goals and objectives, and use key performance indicators (KPIs) to monitor your progress and outcomes. Additionally, you can use feedback and reviews from your customers and stakeholders to evaluate your customer satisfaction and loyalty, and your social and environmental impact.

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6 Implement your actions

A fifth benefit of fashion competitive intelligence is that it helps you implement your actions and make better decisions. By applying the information and insights that you have gathered and analyzed, you can improve your products and services, and make them more sustainable and circular. You can also optimize your processes and operations, and make them more efficient and cost-effective. Moreover, you can enhance your marketing and communication strategies, and make them more relevant and appealing to your customers and niche. Finally, you can innovate and create new products and services that add value and differentiate your brand.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are some innovative ways to use fashion competitive intelligence for sustainable and circular fashion?

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1 Define your niche

2 Monitor your competitors

3 Track the trends

4 Understand your customers

5 Evaluate your performance

6 Implement your actions

7 Here’s what else to consider

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