Blog

Indifi Technologies Business Loan Blogs

Things You Should Know as a Clothing or Fashion Shop Owner
27 Dec

5 Things You Should Know as a Clothing or Fashion Shop Owner

Things You Should Know as a Clothing or Fashion Shop Owner
Things You Should Know as a Clothing or Fashion Shop Owner

Fashion is one of the most competitive industries. There are a number of players in the space, however, the fashion sense of people is changing at a rapid pace that opens up a window of opportunity for new contenders. The clothing industry, besides being a necessity, has been growing over the years. In 2019, it grew by 5.89% compared to the previous year and is expected to show a hike of 6.16% in the upcoming year.  

With the passage of time and due to a hectic lifestyle, the younger generation has switched to e-commerce sites for shopping. Still, when it comes to special occasions, most of us prefer to visit our nearby clothing store. On top of that, the fashion and apparel industry has a vast number of segments which opens the space and is not confined to a handful of players. 

Also Read: 5 Smart Ways To Increase Revenue And Grow Your Clothing & Fashion Business

Here are some tips for apparel shops owners that will help them is grabbing the customer’s attention: 

The Customer Experience: 

Nowadays, with e-commerce site providing so many customizations and filters to choose from, it becomes tough for retailers to match up with it. However, there is an added advantage to the apparel shop as its executives are directly engaging with the consumers and can understand their needs in a better way than any Artificial Intelligence (AI). 

In a socially connected, rapidly changing and competitive retail environment, focus on Customer Experience (CX) can give an edge to any business. As an apparel shop owner if you look out for CX, your customers will not just purchase a product, they will have experience and that will be a huge motivation in bringing them back to your store. 

Also Read: Best Practices For Accessories’ Shops

Customer-centric Marketing:

Earlier, there was a limited set of options for customers to pick but new technology has broadened the fashion sense of people. Clothes are not just a thing that one wears, it is more of a statement. Now choices are not influenced by occasions as much. So, the owners should push relevant, personalized and contextual promotional offers. 

With the use of technology, one can easily find out customer insights and metrics that can help in segregating trending products from irrelevant ones. On top of that, historical purchase data such as POS, loyalty programs, contact centers, and supply chain can also help in understanding the nerves of customers. 

Another important factor is customer division based on demographics, age group, and behavioral patterns. The key point is to narrow down the segments as much as possible for the higher conversion rate. 

Also Read: Best Practice For Kirana Shops

Clienteling:

The advantage of having a retail shop is you can build your own network. Building a relationship and giving personal attention can bridge the gap between a passionate browser and a potential customer. The engagement of customers in-store through small but crucial things like guided selling, notification of special events or promotions, inventory availability, mobile checkout, portable payment options, size altering and home delivering, goes a long way in making Clienteling. 

Also Read: It’s Time To Grow Your eCommerce Business With Smart Syncing Technology!

Consumer Feedback:

In a basic communication channel, feedback is the most pivotal part as it completes the information exchange cycle. Similarly, getting the right feedback will help you in understanding the expectations of customers. Nevertheless, most retailers fall short in this area. Customer Experience is the sum of their perception and emotion they have with the product and the time they spent in the shop. And, feedback helps you in getting that insight. 

There are a number of ways of getting feedback like conducting surveys, talking to customers over call and consumer research. Be it any of these or some other method, retailers must have a knowledge of the demands of their shoppers. 

Consumer Loyalty:

Loyalty programs and sales on special occasions plays a salient role in generating repeat sales. However, retailers generally don’t have a strategic plan for such things. Notably, appreciation and recognition always result in revisiting the shop. Discount coupons have normally produced low conversion rates while a customized offer based on shopper’s profile will improve the sell. 

Apply Loan For Ecommerce Business

Not to forget that, there are a number of other factors like customer intelligence, inventory allocation, replenishment, workforce management others, however, these are some basic and noteworthy factors that every business should strive for. 

Indifi is a technology platform that believes in helping small businesses grow by offering unsecured business loans to those have little or no access to financing from traditional institutions. Apart from their own NBFC, Indifi also is a marketplace for other lenders so your loan application, once approved, reaches multiple lenders, increasing the chances to secure a loan and set on a hassle-free path to growth.

Add Comment