What Are The Five Hot Issues In Retailing Today? – Encore

Fashion Exposed was held in Melbourne over three days this week. Many from the Fashion Industry came to see trends, buy stock for their stores, source new suppliers of product and listen to experts and get advise through the Business Seminar series.

A large crowd of small business owners attended the event. Most with the same questions on their mind. How do we deal in the digital age? How de we sell online? Most importantly, how do we survive in difficult times? All they know is that times have changed and they need to move with the time or get left behind.

A panel discussion focused upon “The Hot Five Issues in Fashion Retailing Today” made up of top Sydney fashion agent Phoebes Garland of Garland and Garland, media strategist Tim Krotiris of Social Media Servants, licensing agent and marketer Justin Watson of BAM Brands and veteran manufacturer and retailer Margaret Porritt of, Feathers Boutiques.

Each panelist had gave their personal insights,and yes there may be more than five hot issues, though the key take home points were:

1. All retailers must be online. There is no online/offline presence there is a presence, it must be an integrated approach. The Internet is here to stay, so embrace it!

2. It is not just about your existing customers and what they do. It is about growing your market and that is why you must have a consistent brand strategy online and offline.

3. Most retailers do not know where to begin when it comes to online strategy. It is the retailer’s responsibility to change the sales channel and be both online/offline. “I don’t know a place where there are more customers than online, ” quoted by Tim Kotriris. Begin with a plan and model other successful people that have already done it. Hire an expert. The money invested will see results in the end.

4. Create VIP experiences, customers want to be connected to you online, be invited to VIP events, be the first to know about new products special happenings etc. They want a reason to stay connected to your brand, 24 hours a day. The transaction may take place in the future its our job is to make that happen as soon as possible. Give me a reason to come into your store.

5. Every customer is valuable; retailers must start think about ways to go over and above and create a shopping experience.

6. Create an identity. Your business must be front of mind for when that customer is ready to purchase.  It’s like a billboard; you wont buy immediately, though when you are ready to buy the product is front of mind. Seeing the brand, thinking of the brand when the transaction is going to take place you want to be front of mind.

7. What is the story behind the brand? What are your values? Branding must be consistent, create a theme or story to communicate. The story must be consistent and the customer must be able to relate to the story.

8. Differentiate yourself from the others. Source brands that can’t be readily sourced by others. Look for profit margins of 150% to 200% because 100% does not cut it any more.  Focus on the product, customer service, and store experience. Do the simple things show the customer some love and surprise them.

Check out https://www.facebook.com/ShoeSales

Check out https://www.facebook.com/missvelvetshoes

9. Be clear on who your customer is. Know the customer inside and out. How well do you know the niche you are trying to fill, ask the question, “How well do I know my customer?”

10. Any form of advertising that is being done must be analyzed. Integrate the paper advertising with an online marketing strategy. Do not do any form of advertising unless the results are tangible and measurable.

11. Work on key stockists, do not buy too many brands scale back do less brands and do them properly. Manufacturers are there to help with advertising especially when you are backing their product; this provides greater negotiating leverage to you.

12. Provide the customer with good quality garments and educate the customer about what they are paying for.  Provide quality and value.

If you are sitting in a store and waiting for the traffic to come by you are just going to die. There is a place for Boutique retails to go outside the square and go that extra mile.

Examples of two retailers using social media successfully, https://www.facebook.com/ShoeSales & https://www.facebook.com/missvelvetshoes.

Look forward to seeing your Facebook page just add your Facebook  URL below.

Written by Penny Votzourakis