There is a lot of interest in the fashion industry. Anyone who is operating on the platform needs to have specific strategies in place to reap maximum profits. However, there are many threats to the industry, including oversaturation, especially in the Western markets. There is also a dip concerning the growth of the sector. There are, however, numerous opportunities, especially with regards to the use of innovation to reach a broader consumer base. Some of the possibilities include expanding markets outside of the West, internet penetration, smartphone use, and emerging middle-class, among others.
It, therefore, requires that anyone who is operating within the sector should apply specific strategies in running their business. These include:-
· Product Personalization
Product personalization is an excellent tool to use if you want to increase the number of people who will purchase your products. Industry figures estimate that up to 75% of customers would like brands to personalize their products and experiences. Companies are also aware that product personalization is an essential component for moving their products. Up to 94% of companies agree that the success of the business will depend on their ability to personalize customer products.
Companies are also noting the importance of promotions and recommendations. They are the main reasons why someone will purchase a product or service. Up to 43% of purchases are directly attributable to the kind of promotions a company will have around a particular product, as well as what other people say about it.
Those operating within the fashion industry must, therefore, track the behavior of the consumer. You will notice that certain platforms will use language like’ those who bought this also liked.’ The merchants must also present their products in a visually inviting manner so that the shopper gets the urge to buy what you are promoting. The personalization will focus on giving the visitor and experience based on their history. It will require the Merchant to collect relevant information about each customer and provide them with an experience that is unique to them.
With the right data, you can also get to know which of your customers is likely to return goods. You then use the information to target them with the right promotions and discounts. With the use of technology, you can also incorporate factors such as the virtual styling assistant as a value-add. It leads to customer retention, and you are very likely to get referrals due to the experience they get when they are on your platform.
· Multichannel Ecommerce
The ecommerce merchant does not only depend on his online store to move products. With the growth of social media platforms, there is so much opportunity available. That is why there seems to be an explosion of Retail Outlets on social media platforms. The platforms have been instrumental in the growth of the industry, and quite honestly, it is the perfect marketplace. As a merchant, you must, however, be careful about how you package your messaging. You must incorporate influencer and micro-influencer marketing and messaging that focuses on the product.
Many of the e-commerce platforms also allow you to integrate your store to social media platforms. So even as the online audiences browse through your catalogs, they can complete the purchase process right from wherever they are. It has led to the coining of the term ‘anywhere Commerce.’ you get to reach your audiences everywhere and anywhere.
· Utilize Different Kinds of Promotions
Merchants have, for a long time, utilized various types of promotions to move their products. Flash sales were a fantastic way to sell out of season items. If you build the right level of anticipation. It can lead to massive sales or whatever product you have on your platform. Think Black Friday; one of the most anticipated days that has seen merchants double or even triple their revenue.
Another fantastic idea is to make promotions exclusive. You can target specific loyal customers, for instance, those who are part of your loyalty programs and give them early access to some of your exclusive collections. Other merchants will also use product dropping, where they sell limited-edition items, thus generating interest and anticipation. You must, however, invest in the right kind of marketing so that your audiences look forward to what you say and take up the offers immediately you launch.
· Think Global
The e-commerce platform has made it possible for merchants to get access to markets outside of their regions. The global market is actually one of the significant opportunities for anyone who is in the fashion industry. Your e-commerce platform must, therefore, allow for efficiency so that you take advantage of the market available.
· Embrace Technology
Technology is a critical component of any business on the e-commerce platform. Even those within the fashion industry are starting to embrace technological Innovations in running their platforms. They are now incorporating the use of virtual reality, wearable technology, augmented reality, smart fitting technology, among others, to sell.
With virtual reality, the customer can get a 3D experience using their smartphones. For instance, cosmetic companies are embracing augmented and virtual reality to sell their products. By uploading an image of your face, you can get to test different makeup tones, colors, among others. Artificial intelligence has also made it easy for online shoppers to browse through products. By learning the customer’s behavior, artificial intelligence can predict future searches and give recommendations that saving time for the customer. Artificial intelligence is made even better by machine learning, which leads to higher accuracy and better performance. The same goes for AI voice-powered search, for better user experience for the online visitors.
There is a lot of improvement with regards to wearable technology. Specific sensors can give relevant information to the wearer, which could influence their purchasing decisions. Shoe sensors, for example, will tell the wearer when they need to get a new pair of shoes.
If you are operating in the fashion industry and on the online platform, there are many strategies you can use to generate more sales. We have shared some of the emerging trends above, and you can take advantage of some of them and see your business grow.
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There can never be a dull moment in fashion. There is always something new to embrace, and that is why the fashion industry will continue
There is a lot of interest in the fashion industry. Anyone who is operating on the platform needs to have specific strategies in place to