Modern businesses are driven by changing mindsets and behaviors of people. Hence, flexibility and willingness to change are key factors when it comes to building a successful business entity. Reading the mind and understanding the behavioral patterns of the customers as well as the employees within the organization is vital in determining the strategy of the business you function.
Fashion retail industry, by definition, is subjected to so many changes. It’s an industry that needs to keep on moving in order to survive. Different collections and fashion ideas come and go with the seasons creating fresh waves of trends, but the success of it depends on how the customers embrace the ideas of the Fashion retailer.
Let’s dig down and explore how you can be an influential and successful Fashion Retailer.
Know the shoppers who drive the Fashion Retail industry?
As a whole, we can identify two types of shoppers that drive the Fashion Retail industry.
- Seasonal shoppers
- Frequent shoppers
For some shoppers buying apparel is only a necessity to perform when clothes wear out. They just focus on finding something to be dressed up and most commonly does not focus on the ongoing fashion trends. They are Seasonal shoppers.
On the other hand, for others, shopping for clothing is like a daily routine activity. It is very enjoyable and is considered as a regular part of their existence. These shoppers always look for current fashion trends and their behavior in the fashion market create new trends too. They are Frequent shoppers.
Know your “why”
What does this exactly mean? Simply Knowing your “why” means you understand your mission and you have a vision for why your retail business does what it does. The “why” factor of your business gives you the clarity of purpose and focus. This also helps you to develop a defined culture and a vibe for your business. Even when you sell your products focused on communicating your “why” to the customers.
Care about customers
It’s true that you are here for business, increase sales numbers and generate revenue. But, all these will simply depend on your customers. Customers can boost up or down-tick your revenues. Successful retailers care about their customers and they don’t just say so, instead, they find tangible ways to express that they care and appreciate the people who buy their products, through great service, special events and offers, and initiatives that show they understand what’s important to their customers.
Have loyal customers
In my perspective for a Fashion retailer, building a loyal customer base is an added competitive advantage. Loyal customers not only stick with you for a long time but also spread the word and recommend your products based on their experience. You can increase the customers lifetime value easily by;
- offering a great shopping experience in terms of ease and speed
- post pictures, videos and meaningful content in social media pages such as Instagram, Facebook, Pinterest, LinkedIn etc..
Do not forget your employees
It’ll be challenging to achieve record-breaking success if you don’t have your employees backing you up. So build a good relationship with your employees, treat your employees well, appreciate, recognize and compensate the employees for what they do towards your business. Your workplace is your second family who helps to bring the bread & butter to your home so it’s essential that you treat them with respect and as a family. people may say that you don’t have to be emotional in business, but the trick is knowing the right “when” to be emotional and not. Empathy is a great human emotion that can work towards building human connections whether it’s business or not
Training and developing the skills and knowledge of your employees with regard to the area that they are working is also a critical and important factor. Since Fashion Retail is a dynamic business, the employees also need to be trained and updated. The effort and the monetary value you spend on training and development can be considered as an investment for the future of your business.
Pay attention to your competitors
Competition is a common state and for a business to be influential and successful, a competitor analysis is a must. A Competitive analysis could be your greatest asset and you will get a clear idea on when to pay attention to your competitors and when to ignore them. Let’s see the benefits you can get from a well organized competitive analysis.
Learn from competitor wins and losses: It is crucial that you don’t repeat the same mistakes others have made before you and that you gain from the lessons they have learned about what works.
Identify competitor strengths and weaknesses: You can alter your strategies and attract new customers by looking at the competitor strengths and weaknesses.
Identify the Unique Selling Point: Simply USP is “what you have that competitors don’t.”A strong USP clearly articulates a specific benefit — one that other competitors don’t offer — that makes you stand out.
At the same time, it is much important to keep in mind that everything your competitor does is not correct and you always do not need to be in focus and think too much of the competitor activities.
In a nutshell, to become an influential and a successful Fashion Retailer in a vast dynamic business environment you always have to focus on key business functions and stay one step ahead of your competitors.