Demographic Impact on Technology in the Fashion Business

1. Demographic Impact on Technology in the Fashion Business Mariela Garcia Cindy Garcia Sunghea Won Aleli May Vuelta

2. Topic/Thesis Statement As years, decades and centuries go by the marketing function remains concerned with serving consumers effectively due to demographic shifts and evolving technology. According to the Multichannel Merchant, “The retail landscape of 2014 is more digital than ever before, and integrating store and online operations is a key focus for retailers as ecommerce capable solutions increasingly replaces traditional point-of-sales.” Demographic shifts and technologies in production, distribution and personal use have and continue to affect consumer behavior and therefore the marketing function. Retail trends show that everything from consumer shopping patterns to payment methods are being defined by technology. However, “a major influence on the technology push is Gen Y, or the Millennial Generation, which the latest US Census puts at just over 50 million Americans.” (Tompkins Int.) “Millennials are defined as those between the ages of 18 and 34, and are the first generation to have been raised on technology and the internet. They are estimated to account for $65 billion in consumer product goods sales over the next decade.” This group desires different products from previous generations and has different ways of shopping and different attitudes towards brands. These consumers are no longer satisfied with a website and/or brick and mortar storefront. They want options that are leading to changes in consumption patterns and for this reason retailers are expanding their cross-channel offerings in order to communicate and keep up with this “connected” generation and keep as many loyal customers as possible.

3. Provides affordable apparel, footwear, and accessories. • Keeping up with the latest technology Virtual dressing room Virtual reality window display

4. More willing on making online purchases. • 34% of shoppers do online purchases with their smart phones • 52% of men 58%of women make online purchases in less than 1 hour

5. Look up to how celebrities style Emma Roberts • Look for excitement Beyoncé Demi Lovato

6. Nasty Gal – evidence that our generation thrives on online marketing & social media (Nasty Gal in Summer 2012)

7. Nasty Gal Today Gained about 111% more likes on Facebook from 473K to 1m likes Gained about 276% more followers on Instagram from 319K to 1.2m followers Gained about 195% more followers on Twitter from 57K to 168K followers

8. Nasty Ga’sl means of advertisement is solely social media. Since Nasty Gal’s founding in 2006, it has relied on social media to gain followers and customers. Amoruso used to based on eBay, and would add “friends” on Myspace, before transitioning to its present platforms: Twitter, Instagram, Facebook, Tumblr, and Pinterest. They’ve curated all of their social media outlets to appeal to target consumers: posting BTS shots, creating eye-catching & on trend editorials, host contests, and even speak to customers to gain loyal a loyal following. Just recently, they even hired an intern from a contest on Snap Chat. Nasty Gal makes sure to always keep its loyal customers updated with the latest News about the company

9. CUSPis, a new contemporary concept by • Neiman Marcus. • CUSPhand delivers the latest must-haves from leading designers, plus the best up-and-coming names, in hip store and online environments. • It expertly curated selection for work, • play, and every hot spot.

10. The internet shop carries more merchandise than the malls • It was the first to purchase iPhones for their employees. • Neiman Marcus purchased 5,000 iPhones to give to sales associates

11. What does the future hold? • Breakthroughs in technology will impact competitive marketing in a number of ways through technologies such as 3-D physical modeling. • Consumers will be making online purchases to acquire goods and services that require less time and effort. • Future of retail includes digitalized stores. • Technology will continue to play a pivotal role in shaping the way consumers shop and how retailers can communicate and market to them. • Technological change has been extremely rapid during the past two decades and indications are that this rate of change will continue. • Future consumers will be more demanding, more time-driven, more information hungry and highly individualistic.

12. Work Cited Multichannel Merchant. Web. 4 May 2014. http://multichannelmerchant.com/executive/executive-technology/future-retail-includes-digitalized-stores-26012014/ Tompkins International. Web. 3 May 2014. http://www.tompkinsinc.com/industry-updates/retail-reflections/2013/retail-strategy-and-the-impact-of-technology/ TopShop. Web. 6 May 2014. http://us.topshop.com/en/tsus/category/about-us 70257/home?cat2=277488&intcmpid=W_FOOTER_WK1_HP_US_ABOUT M. Leanne Lachman and Deborah L. Brett. Generation Y: Shopping and Entertainment in the digital age. Web. 6 May 2014. http://www.uli.org/wp-content/uploads/ULI-Documents/Generation-Y-Shopping-and-Entertainment-in-the-Digital-Age.pdf "New Neiman Marcus Promo Codes That Work!" Examiner.com. N.p., n.d. Web. 05 May 2014. <http://www.examiner.com/article/new-neiman-marcus-promo-codes-that-work>. "BLOG: RETAIL PlUGGED IN." What Neiman Marcus Can Teach Us About Success in Retail. N.p., n.d. Web. 05 May 2014. <http://risnews.edgl.com/retail-plugged-in/What-Neiman-Marcus-Can-Teach-Us-About-Success-in-Retail87733>. "Neiman Marcus CEO Talks Future of Industry, Adapting to Technology at Mays Business School." The Eagle. N.p., n.d. Web. 05 May 2014. <http://www.theeagle.com/news/local/article_887c00bb-aeae-5351-b1be-55237f3f70e3.html>.

13. Questions • What is a potential downfall retailers can come across if they decide to follow the technology trend to the ultimate max? • Do you think as Generation Y gets older they will change their shopping habits? • If social media didn't exist, would online retailers such as Nasty Gal still be as successful as it does today?