Last Updated on Mar 26, 2020 by James W
While scaremongers in the IMF (International Monetary Fund) and Central Bank have predicted the onset of a global recession during the latter period of 2016, the UK economy seems to be delivering continually excellent data sets. One of the most prosperous sectors at present is the online retail market, which is expected to deliver total sales of £52.25 billion in 2015 and record a 16.2% increase on last years’ figures.
Fashion retailers are playing a pivotal role in this drive and marketplace, which in turn is creating multiple opportunities for entrepreneurs who are keen to enter the e-commerce space. The potential onset of a global recession is likely to increase the number of online fashion and retail brands being launched, simply because the low-cost nature of e-commerce ventures makes them ideally suited to more austere times.
Whether you want to launch an online fashion brand or one that will ultimately adorn British high-streets nationwide, you will need to take heed of the following factors. This will help you steer a successful course and create a motivated, loyal consumer base: –
Your Product is everything
While this may sound obvious, it is amazing how many individuals lose sight of their product and individual ranges when initially launching their venture. Regardless of the strength of your brand’s identity or the quality at which customer service is delivered, it is impossible to drive long-term profitability without the presence of products that consumers want to buy on a recurring basis. It is the ability of your fashion label to deliver in-demand and on-trend garments all year-round that will ultimately determine your success, so innovation and proactive attitude to design is crucial for business longevity.
Retail and Fashion Businesses are as good as their Partnerships
On a similar note, it is crucial that small and independent retailers develop strong and mutually beneficial business relationships. The rising number of freelancers and independent commercial ventures has created a shift in the dynamics of the service market, with companies now geared towards providing small business solutions for a growing market. Take TNT, for example, which continues to evolve for the benefit of small business owners and recently established a premier fashion store delivery service that can manage bulk stock transfers and shipments. This is in addition to the delivery of sold garments to customers, and it is this type of partnership that creates true success and satisfaction.
Your brand must be allowed to grow organically
Finally, it is crucial that you allow your business infrastructure and brand identity to grow organically. This is particularly important with regards to the latter, as it ensures that you have a motivated and engaged consumer base that continues to reinvest in your business. It can also be achieved relatively easily over time, as you integrate social media channels in your e-commerce fashion website and drive natural engagement through platforms such as Twitter, Facebook and Pinterest. The visual power of Pinterest is particularly impactful, and this strategy will create an entire community that envelopes and helps to drive your fashion business.