Five steps to success in the fashion industry
The fashion industry is seeing its success bolstered by digitalisation. The high street may be falling on tough times, but thanks to the digital world, the industry is worth £32.3 billion in the UK alone. While brick and mortar struggles and stores continue to close, the sector is still increasing, with global online revenue being nearly three times more in 2018 than it was in 2015.
So, what exactly are the steps to digital success? Mediaworks’s fashion white paper has identified five areas that retailers must focus on to be a part of the growth:
Journey personalisation
The customer experience is soon to be the main reason why a consumer chooses your brand. By 2020, it’s anticipated that this factor will rank above cost and product in importance.
Words carry enormous power. Be sure that you translate your intended brand voice to your product and you’ll capture the attention of your audience and become a prominent voice in the industry.
Mobile first
We are a nation of phone lovers; there’s no getting away from it. Companies state that they’d noticed a 20x increase in consumers using mobile payment transactions in 2018 compared to 2015.
Ofcom says that Brits now check their mobile every 12 minutes of the waking day. This means that, while most fashion retailers should already have a mobile-friendly site, it’s also crucial to prioritise a smooth payment solution to capture this area of custom. Failure to do so can see your competitors gain from your failures, as shoppers aren’t prepared to go through difficult payment processes.
E-commerce shipping speed
Looking back to 2012, shoppers would be prepared to wait up to 5.5 days for a product if it meant that the shipping cost was squashed. However, nowadays we expect it sooner and will only wait 4.5 days maximum for a product because of free shipping. In fact, many companies are reducing this further in a bid to become number one in the industry.
Customer profiling
Make sense of the data you’ve collated and build up a consumer behaviour profile. This will enable you to understand who your typical audience is, which will then allow you to be a lot more efficient in your approach and also cost-effective.
Multi-channels
Social media has become extremely important in getting your product noticed. For Baby Boomers, almost a quarter admit to shopping on Facebook, while Millennials utilise Instagram and Snapchat. This means that you must have your business set up on all platforms if you are to fully crack the market.
For more information about each of the above, visit digital marketing agency Mediaworks’ website and learn how they have helped fashion brands reach their potential.
