The retail experience is constantly changing, and independent retailers must be strategic to be successful. IBISWorld recently released a report finding that companies in the fashion industry must jump on board with key trends within the sector. The research boils down to several key points that can help all independent retailers bolster business.
Utilize style quizzes and user input modules to engage customers. When a shopper feels as though he or she has been tended to as an individual, it is more likely that they will make a purchase. The fact that these modules tailor search results and provide customers with only the products they are likely to buy is a bonus.
IBISWorld says that from 2007 to 2012, mobile web use increased about 57 percent per year, and a traditional website is no longer enough to satisfy customers. Consider establishing a mobile specific website and a downloadable smartphone application. The easier it is for shoppers to check for a new product, the more likely it is that new product will sell.
While the impact of Facebook and Twitter has been the topic of conversation for years, don’t underestimate the power of conversation. Use viral advertising to showcase products and services. Starting the conversation on social media helps small businesses become social destinations.
Flash sales, which make deep discounts available for limited periods of time, are one of the top trends in online retail and marketing. A time constraint can nudge customers who are on the fence about purchasing an item.
Get friendly with Generation Y.
Aspirational shoppers, defined as Generation Y consumers that make purchases priced at or below $300, are spending their cash on designer labels, says IBISWorld. To capture this growing demographic, companies like Coach Inc. have launched products especially designed for younger shoppers.
Green, organic products, locally sourced goods and all things made in the USA are highly desirable in fashion. Organic clothing is growing in popularity, as are domestic brands. American premium denim is one of the fastest growing segments of fashion retail, and is expected to remain as such through 2017. Small businesses can benefit by carrying products that cater to cause-conscious markets.
By incorporating some or all of these best practices, independent retailers can better service customers, as well as stay ahead of the competition.