In the present decade, the way people discover new fashion trends has changed owing to the wider penetration of social media. Consumers who had for long have relied on glossy publications to keep up with the latest fashion trends and view the hottest celebrities, have now turned to Instagram, Facebook and YouTube to do the same. Fashion trends and fashion idols, on the other hand, now come in a variety of shapes, sizes, and forms thanks to social media and the internet. One key aspect of the fashion industry is the rise of fashion influencers. Fashion influencers can help establish and promote established and new fashion and accessory brands. To get a clothing line noticed and trending, brands no longer need to be on the cover of the trendiest fashion magazine. Instead, they can just collaborate with digital fashion influencers and use social media platforms to promote their products.
In 2020, the global fashion influencer marketing industry was worth USD 4.4 billion. By 2028, the industry is predicted to grow by 36 per cent, according to a recent report by Reports and Data. Fashion firms are using influencer marketing methods to expand their reach and access a broader audience. Companies have been able to invest more efficiently in marketing campaigns and achieve a higher return on investment, thanks to technological disruption in advertising methods and marketing tactics. Fashion firms now use influencer marketing to expand their reach and promote their products in more creative ways that align with their beliefs. The increasing use of social media platforms around the world is augmenting the value of the fashion influencer marketing industry.
In the influencer marketing industry, fashion influencers are among the most sought-after creators. Their audience trusts and follows their advice, making them valuable partners for fashion firms. Their compelling Instagram content moves 55 per cent of fashion shoppers from social scrollers to customers, practically quickly.
80 per cent of fashion brands are aware of this and are eager to collaborate with them. However, with fashion making up 25 percent of all sponsored posts on Instagram, it can be difficult for marketers to cut through the noise, reach their target audience, and drive conversions. There’s a lot of pressure to find highly relevant partners who can create high-quality content and connect with the brand’s customers.
For instance, Gap collaborated with fashion influencer marketing brand Vamp to promote their New Ease collection in the UK and France. The tactic worked out in Gap’s favour as the company’s Return On Advertising Spend, (ROAS) was 44 times the invested amount. Notably, this is 17 times higher than the industry average. Vamp’s strategy was to choose 29 fashion influencers from the UK and France to create high-quality, impactful social content to showcase the collection which resulted in 294,000 organic impressions, 44 times ROAS and 3.1 per cent boosting engagement rate, 5.2 times higher than the industry average.
Upcoming Trends In Fashion Influencer Marketing
The fashion influencer industry can be said to have been started by fashion bloggers who posted their advice and outfits on the app to redirect the audience to their blogs. But fashion influencers were becoming increasingly disliked when their massive earnings were eventually disclosed. The pandemic drove yet another nail into the coffin of fashion influencers when people who were struggling to make ends meet were not the least impressed by influencers flying off to exotic vacations.
Good influencer marketing has now become more than just a paid cooperation between a business and an influencer; it is also a genuine relationship between the two. Fashion brands are moving away from using the most recognizable faces in the influencer industry and engaging with influencers who represent their brand values better. It’s crucial to create a true relationship with an influencer who shares a brand’s vision and goals, rather than focusing solely on the number of followers and likes. Influencer marketing is effective because it is now relying on the influencer’s authenticity and trust the influencer has already garnered from their audience.
Increased Focus On Micro-Influencers
Fashion brands are now increasingly turning from top-tier celebrity endorsements, brand ambassadors or A-list social influencers to micro-influencers. Micro-influencer campaigns are becoming increasingly popular among marketers who want to avoid the shock and awe of top-tier influencers. Micro-influencers have a smaller audience base, but they have a lot of power over their audiences or “spheres of influence.” Micro-influencers develop communities that morph into spheres of influence, providing enhanced engagement and loyalty that top-tier influencers with millions of followers cannot. Rather than merely posting and moving on to the next, this type of influencer develops buzz around a post by reacting to and commenting on social media conversations. Micro-influencers are highly appealing and economical for companies because of their smaller audiences which maximise ROI by targeting a devoted but smaller audience at a lower price point.
The Rise of CGI Influencers
The introduction of CGI influencers to the fashion influencer marketing industry has altered how brands imagine collaborations. CGI influencers are influencers who are created using computer-generated imagery. Programmers and designers spend hours creating each scene from a CGI influencer’s life in the virtual world. CGI influencers might be spotted posing in exotic destinations on their social media feeds.
Stricter Guidelines For Advertising
Fashion influencer marketing gained a terrible reputation for being unethical and immoral in the past. The Federal Trade Commission issued official warning letters in response to the industry’s unfair tactics. The Federal Trade Commission (FTC) also established rules to protect customers’ best interests. Influencers must disclose their relationships with brands under these criteria. When an influencer receives a free product or is compensated to write a review, they must declare it. As a result, influencers frequently utilise the hashtags #paid and #sponsored in their posts. The process of developing policies to increase transparency in fashion influencer marketing has already begun. In the future, influencer marketing will place a greater emphasis on maintaining consumer trust. As a result, more stringent standards for influencer marketing is expected.
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