How far the fashion industry has adopted women entrepreneurs?
Entrepreneurship in the fashion industry signifies a great challenge since the fashion business environment consists of many players who are working for the same target market. It is largely conquered by top players of the fashion fraternities who set the trends and drive consumer behaviour on a global scale.
Fashion facilitates economic growth, but it can also be concluded that the fashion industry is very challenging and demanding, and it takes a lot of knowledge and organization in order to achieve a successful business. This is particularly challenging for small businesses, and even more so for those who are led by women. It astounds us as to how a female-centric industry stills primarily a male-dominated trade. Women are doing extremely well at the entry-level, however very few get to climb the ladder to the pinnacle of this industry.
In an industry were advancement and innovation place an imperative role, brands are looking for women who can redefine the fashion industry. Consumers are moving towards responsible fashion which is the need of the hour, they are looking for garments that state social values such as ethical manufacturing, sustainable clothing and zero-waste technology etc.
Furthermore, balancing family life is another hindrance towards a women entrepreneur, while they try to juggle between the weight of childcare and fulfilling their dreams.
Although, we can undeniably state that the scope of women entrepreneurs in the fashion industry is evolving leaps and bounds. Today, most of them are tapping entrepreneurs are breaking bounds to stay at the top of the game. Budding women entrepreneurs are revolutionizing fashion e-commerce by adapting AI to help understand the consumer and to increase the consumer comfort index. They are developing applications which provide high-level consumer experiences, creating a closer bond between the consumer and the brand.
An industrialist in this view emphasizes the need for networking of women at every step. Additionally, an exchange of expertise and information aids in expanding and achieving holistic growth. Private enterprise in the fashion industry can be held only by upgrading itself in terms of technology that facilitates higher level of productivity and innovation. It is integral to understand the target segment and work towards the design that best suits them in order to sustain loyal customers.
We are witnessing a radical change in the development of women entrepreneurs. In India, particularly they have successfully established themselves in the fashion industry, if not largely but majorly. We can see many online retailers are created by women, the concept of renting and selling online are some of the foremost business ideas implemented by women targeting India’s new middle class.
Times have changed, women entrepreneurs are now looked with high regards and admiration. However, we cannot overlook the fact that the changing dynamics of entrepreneurship and the fast pace of technology requires a great deal of commitment to make the millennial women entrepreneurs leave a mark in the fashion industry.
This article is written by Rupal Dalal, Executive Director, JD Institute of Fashion Technology