Brands and fashion entrepreneurs have faced huge pressures throughout 2022 and are likely to experience similar challenges in the new year. Since launching BTI, we have been fortunate to work with great clients from the Midlands to Mexico City. It’s been fascinating to work with such passionate retail entrepreneurs and there is a lot that can be learned from how they drive their businesses.
Here are my top 3 observations and tips for brands for scaling in 2023:
1) Supply chain resilience. Building your business upon the foundations of a well-established and trusted supply chain will give your team the confidence to scale globally. Trusting your production partner to consistently deliver great quality product on time is key to driving your business forward allowing you to create a loyal
At BTI we are proud to partner with a supplier that puts ethical production at the heart of their manufacturing and have gone above and beyond to maintain delivery times and costs during turbulent inflationary markets and global supply shortages. As your brand scales knowing your supply chain has the production capacity to handle your growth is key. Are your production partners investing in the people and technology to make the process as efficient as possible? Are they using blockchain technology to create transparency and resilience in their supply chain? Are they developing new products to match trends?
Moving into 2023, you should be considering these points when evaluating your suppliers – such forethought will help your brand capitalise on new opportunities that may take your company to the next level
2) Digital Strategy Shift. Throughout 2022 we have observed substantial investment into transformative technologies within the fashion industry. Brands are exploring innovative methods of connecting with consumers. The most radical approaches are being taken by bigger brands, pursuing new forms of user experience shopping in the Web3 space.
All brands should create or re-address their digital strategy ahead of 2023. Across our own client base, those who have shown the most consideration for their digital strategy have improved their brand awareness, translating into consumer loyalty and sales. Online showrooms harnessing virtual and augmented reality are revolutionising consumer experience. As these forms of digital transformation become available to brands of all sizes, it will be interesting to see whether these revolutionary styles of shopping experience take hold.
At BTI we have digital strategists ready to help brands define their plan for 2023 and beyond. Whether it’s understanding SEO or developing new technology to improve their sales process, we remain committed to supporting our clients throughout their digital transformation.
3) Mentor and be mentored. Being a busy owner can be a lonely place, no matter how big your company is. Investing time in developing a personal connection with a mentor or mentee will provide your brand with fresh perspective which will ideally challenge and shape your personal development.
Studies show that 2 out of 3 people think mentors are important, however only 1 out of 3 have one themselves.
Companies that promote mentoring are statistically less likely to lose great talent, MentorcliQ reported that employees involved in a mentoring program have a 50% higher retention rate than those not involved. Regardless of what stage your brand is at, whether you’re a one person team or developing a mentoring programme for your employees, it is becoming increasingly important to prioritise mentoring, particularly with remote working as the new normal.
At BTI, we are developing a network of business mentors that our clients will have the opportunity to benefit from in 2023. This is a really exciting initiative, and one we will be publishing more about this soon.
About the author: Robin Vindevogel
CEO & Co-Founder of BTI
BTI is a one-stop shop for retail entrepreneurs looking to launch their own fashion brand and for existing brands looking to take their company to the next level.
Robin oversees the Production, Creative and Advisory arms of the business. If you are interested in reaching out to talk about any of these points, you can do so by emailing firstname.lastname@example.org