Consumers do not have the money to spend on fashion and accessories in this hard hitting time. Therefore if fashion trade wants to survive, it needs to get its priorities right. The motto need to be that the customer comes first. It needs to give the customer what he wants and how he wants it. Innovation yet simplicity should be the golden rule.
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Businesses will have to concentrate on optimizing prices and managing inventory systems efficiently. This is because consumer spending has reduced which has put great pressure on retailers profit margins.
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Also effort needs to be put in providing innovative consumer friendly services to customers. Consumers have to be provided with credible brands and services which make purchasing an easy experience for them. This can be done through stores, online schemes, social commerce sites, blogs, mobiles, etc. Offers like buy online through credit cards and yet return to the stores can work wonders.
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Advertising effectively needs to be promoted. Media channels can be used to market products.
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Today’s customers are very particular about their preferences. Thus templates should be marketed online to attract people with their ability to choose customized garments. Reaction time needs to be reduced and speeded up. The customer’s needs are changing very fast today. It is mandatory that we keep up with them. We also need to be constantly aware of the competitors pricing so we can manipulate our accordingly.
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The key therefore to survival today, is the customer. If we are sensitive to their changing mindsets, we can again bring fashion trade to its previous standing.
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