Aptean, a global provider of mission-critical enterprise software solutions, announced last week the publication of its Fashion and Apparel 2024 Trends and Outlook Report for North America.
In the report, Aptean presents valuable insights into the fashion and apparel industry, highlighting six key trends that will shape the industry in 2024.
Seventy-one percent of respondents surveyed cited higher operating costs as the most significant barrier to growth. To combat this challenge, brands are increasingly embracing automation. On average, automation of critical business tasks increased by over 20% from 2022 to 2023. The adoption of cutting-edge technologies such as shipping software, enterprise resource planning (ERP) and product lifecycle management (PLM) is proving instrumental in driving this progress. Additionally, digital transformation is taking center stage, as one in three brands have already completed their digital transformation projects, while 63% are well on their way.
The integration of Artificial Intelligence (AI) is a key investment area, with 38% of organizations already reaping higher profits and revenue growth from its implementation. Automation to bring efficiencies to critical business functions continues to be paramount, with 65% of brands utilizing shipping software solutions, 62% relying on ERP systems and 55% deploying a PLM to improve speed to market. Addressing staffing challenges, 74% of organizations are focusing on outsourcing and efficiency measures, while simultaneously tackling supply chain disruptions through improved visibility, forecasting and production scheduling capabilities.
Notably, sustainability is emerging as a top priority, with 90% of organizations actively pursuing environmental initiatives. These efforts not only enhance brand image but also drive improvements in efficiency and mitigate risk. By embracing technology, adopting customer-centric strategies and prioritizing sustainability, businesses can position themselves for growth and resilience in the dynamic fashion and apparel landscape of 2024.
“It’s no surprise that rising costs and supply chain disruptions are top of mind for most apparel brands and manufacturers.” said Roberto Mangual, SVP and GM of the Americas Discrete Business Unit at Aptean. “As organizations navigate these challenges, digital transformation through automation has emerged as a critical pathway to safeguard growth and it’s clear that a commitment to embracing automation has paid off, with an average rate of growth in 2022 that was 30% higher than that of those still relying on manual processes.”
The research was conducted by Aptean and B2B International in July of 2023. Responses came from more than 100 fashion and apparel businesses across the United States and Canada.
These findings, along with the complete research report, are now accessible in Aptean’s latest publication, Fashion and Apparel 2024 Trends and Outlook for North America, available now for download.
