The Fashion industry, as a business, is much broader and includes clothing, footwear and accessories etc. Fashion industry is huge and growing.
In the fashion industry new products come with a high degree of risk, yet finding new winning products is essential for every brand. Multiple industry sources have stated that the success rate of new products is less than 50%. So it’s very important to know how to improve product success rate in Fashion Industry.
According to Econsultancy: “Only about 22% of business is satisfied with their conversion rates.” If you’re among the 78% that aren’t, that’s why we’ve put together 5 ways to improve success rate in fashion industry:
1. Grow your ecommerce with a fantastic website:
A strong, responsive and user-friendly website is paramount when it comes to fashion industry. Focus on creating a website that spoke to the customers.
People use the web to search and shop their choice of products or services. Your most of the potential customers make online search and then take a purchasing decision. A website for your fashion level is therefore crucial for its success.
A fashion website design is also an ecommerce site, which has special features to make online shopping easier for the customers. Showcase your products better with 360° product images. 360° Photography showcases more visual information of the product to the consumer. This can have a tremendously positive and measurable impact on conversion rates. 360° view of virtual fitting rooms provides live experience to the customers.
Display personalized product recommendations based on shared preferences, past purchases, browsing history and product availability. Send personalized triggered emails with offers and relevant product content. This can be anything from products the customer has left behind in their cart, to products based on personal affinity and browsing history.
Display the products worn by influencers to encourage customers to browse further. Offer numerous communication channels. Communication plays a pivotal role in improving communication between customers and fashion e-commerce retailers.
2. Start a marketing campaign that care about your values
Find a message that speaks to you and your customers, and champion it on social media and in your marketing and advertising. Focus on authenticity, and a really fantastic social media campaign to add value to the brand.
Distribute brochures and flyers. People are drawn easily to a business if it’s brochure design is clean, modern and impressive.
3. Authentically engage via social media
Social media is a powerful medium. A majority of your target audience of fashion business are on different social channels like LinkedIn, Twitter, Facebook and Instagram. Without putting your brand on a wide range of social platforms, you cannot think of doing a successful business.
Social media marketing is important to reach out to more and more consumers. Strong social media presence is not only recommended but it’s crucial.
Three key factors for your success on social media are authenticity, storytelling, and accessibility. Interesting, informative blogs will go a long way in enhancing customer engagement and provides up to date info, nothing beats its usefulness.
4. Know who your customers are
Capture all the details like expectations, preferences and comments of a product. Voice of customers captures the customer’s current needs and latent needs. Loyal customers insist that their friends do business with you. So voice of customers plays a major role in improving the success rate.
Without knowing your target customers, you cannot move forward. Fashion industry and the market are vast, comprising of a wide section of the population from all ages and interests.
Who precisely are your customers amongst them? Do some research to know what trends of colors, styles, designs, etc do people like these days? What is the purchasing capacity of your customers? Answer such questions to get a dependable customer profile.
“Getting right product to the right place at the right time for consumers is key factor to improve success rate.” This provides a better customer experience
5. Have a vision for brand identity
Having a clear vision of the company’s position in the market will help in building a brand identity that is different and unique from your competitors.
Note that inspirational fashion logo designs play a role in building brand identity of fashion levels. The logo has the elements of colors, typeface, symbols, and images that convey your message of business.
By considering above strategies we can improve the success rates of products in fashion industry.
Providing value in the lives of your customers is extremely important when thinking about creating lasting business success. If you are not changing or adding extreme value to your customers’ lives, your business will hit stall mode very quickly. The stall mode is when you truly believe you are doing everything right and working extremely hard, but the results and success aren’t present to show for it.
Know more about the fashion products you want to create and sell. Know your target customers. Create your brand identity, be present on social media and use every effective promotional medium to build your brand. Social networks have become a sort of reality in which people communicate, interact, and obviously trust.