Fashion Week brings more money to New York every year than the Super Bowl, according to a congressional report released today. New York Fashion Week generates close to $900 million in revenue for the New York, which make the $500 million brought in by the 2014 Super Bowl look paltry in comparison.
So how do brands make sure they get a share of that revenue? Increasing visibility presence on digital outlets – social media, blogs, YouTube – during Fashion Week can generate on-the-spot sales. L2’s 2015 Digital IQ Index: Fashion shows that € 97 billion of the world’s € 220 billion of luxury sales have been influenced by an online experience. And the majority (€66 billion) of those digitally influenced sales took place in-store.
But building an online presence and relying on consumers to bridge the connection to stores is not enough. The most digitally savvy brands direct consumers from digital content (live streams of runway shows, blog posts, press articles, YouTube videos) to a point of purchase online or in-store. So far, few brands in L2’s Fashion study have adopted an omnichannel model that integrates online content with offline sales. Just 12% allow visitors to check local inventory vs. 33% of specialty retailers.