How Fast Fashion Can Slow Down
Although it is a bit of a stretch to assume that the fast fashion trend is going to slow down any time soon, properly managing inventory may be able to slightly curb the need for corporations to excessively produce clothes. Fast fashion is the swift production of clothes without testing out the fabric or the stitching to see if they are sustainable and can be used over a longer period of time. They are not at all customized and every article is produced in abundance.
Each clothing item is sold at a very low price compared to a customized piece, which is why most people from multiple income groups go for fast fashion. Fast fashion companies keep a close eye on trends and replicate whatever is in style to appeal to their audiences. In fact, they launch a different line multiple times per season and are frequently turning over their inventory.
When clothing items are produced with no intention to make them durable, they can degrade pretty quickly. This can cause consumers to dispose of their clothing without recycling. Since there is no way of storing them, most of these items end up in landfills and do not decay like other forms of waste. This adds to the concerns of environmentalists as clothes are meant to be used and reused but are not supposed to be discarded.
There are also many ethical implications when it comes to fast fashion. Workers are not compensated fairly and are expected to work overtime. Most of these famous brands own sweatshops and employ labor from developing countries in order to evade laws regarding minimum wage in their country of origin.
Inventory management is beneficial for so many industries but for the fashion industry specifically, it can prevent so much waste and save so many costs. Clothing companies can ensure efficient production by keeping track of all inventory with inventory tracking software.
There are multiple ways in which inventory management can help fast fashion slow down while simultaneously optimizing production and multiplying sales.
Optimizing Production
Instead of producing unnecessary items which will eventually be wasted, inventory management can push companies to pay attention to customer demands and produce what they know will be bought and used. Often times, many items from clothing lines are unsold even after they are on sale with a discount. When nobody buys these products, they are wasted towards the end. For this reason, it is important for clothing businesses to manage their inventory better and not buy any supplies without analyzing how much stock is needed.
Better Forecasting
There are multiple fabrics used in the production of clothes. Each type of fabric sells differently and is perceived differently by consumers. With inventory management, companies can see which items were best sellers and which ones didn’t sell that well. They can also see which sizes are in more demand. This helps companies streamline their inventory and decide what sort of items need to be focused on more instead of rigorously putting out items on rack only for them to end up in landfills.
Supply Chain Management
Inventory management helps optimize the supply chain. When companies are able to forecast customer demand and see what sort of items they will keenly buy, they can order supplies from their vendors accordingly. This prevents them from overspending on material which will end up getting wasted. They will only acquire items which they know can be used to appease customers.
Reduced Handling Costs
Holding and handling inventory comes with a steep cost. Storage of inventory can cost a company thousands of dollars. It is in fact even more expensive to transport this inventory. Unnecessary inventory will add to a company’s costs since more of it will have to be transported or stored. Even though fast fashion costs less to produce, manufacturing ridiculous amounts of clothing only adds up the storage and holding costs. Better inventory management can take away this aspect and can prevent companies from producing unnecessary amounts of clothing which will take up a lot of space.
Decreased Overstocking
Overstocking can only be decreased when the amount of stock is optimal. Brands end up overstocking to prevent delays, but this can upset their inventory as materials and supplies need to be switched up quickly to make different clothing items. Overstocking is also the reason behind heavy markdowns which then repeats the cycle of cheap production, overproduction to increase profit margins and lack quality control which is why most dresses end up wasted.
More Quality Control
With inventory management, brands can also keep an eye on the quality of the inventory they hold. They can invest in better fabric to produce clothes that will last a longer time. This does not only apply to the fabric; this can apply to all the materials that are used in the production of clothes e.g., threads, zips, buttons, and many more. Quality control starts at the acquisition of supplies and the quality of the material used translates into the quality of the clothes that are produced.
Conclusion:
There are many ethical and environmental implications when it comes to fast fashion brands. Since they do not look at the quality or durability of the products they make, they target profit maximization by reducing expenses and increasing the volume of clothes they produce. Many of these clothes end up in landfills which is why it is extremely important for them to manage their inventory if they want to be more sustainable. Although fast fashion has made stylish and trendy clothes more affordable for multiple demographically diverse groups, this provision comes at a heavy price. Labor laws are overlooked, the safety of workers is compromised, and the wages paid to them are below the minimum rate. If brands are more mindful of the quality of products they are producing and religiously practice asset management, a lot of their harmful practices can be slowed down.
