Sep 13, 2019 | By Athena Chen
Jul 13, 2018
The fashion retail landscape has altered dramatically in recent years. Consumers wants and needs have shifted thanks to macro-movements such as the rise of social media, blurring states of mind when it comes to borders, genders and seasons and the increasing desire to invest in experiences over materials.
As a response to this, expectations have shifted as brands look to new places to engage with consumers and convenience becomes a commodity rather than a luxury. Here are four, must-know insights if you want to succeed in fashion retail today.
The importance of being exciting
Data shows there is a direct correlation between those brands deemed as exciting and those who hold a high rate of consumer purchase frequency in the world of fast-fashion retail. Those dominating this area are the online pure plays such as ASOS, boohoo and PrettyLittleThing.
Newness is an illusion
To propel brand perception of excitement, portraying newness is an imperative. However, thinking of newness beyond product is the key strategy for success for retailers who need to compete against the agile pure plays who can deliver new product within days. Retailers need to push the perception of newness through how it is being sold as opposed to what is being sold.
Perception is imperative
In order to drive home newness beyond product, retailers should look to generating a perception of newness through regular editorial updates, content and social engagement. In doing so, retailers can portray newness whilst tapping into the instant gratification movement that has left consumers with a sense of urgency, targeting them at exact point of desire. Utilising existing product lines for restyling and purposing to portray newness will help to reduce markdowns and balance assortments.
With online pure plays leading the way and essentially defining the new measures of success, it is evident that data offers the advantage to develop an agile and responsive business. Offering real time insights into retail analytics, social media activity and consumer perception allows retailers to capitalise on short-term demand, plug in to emerging trends and respond to external factors as and when they happen. All of which lend themselves to deliver the right product at the right time.
Download the Fashion Retail: New Measures of Success white paper now to find out more information behind these important measures for success in the dynamic fashion retail industry.
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