How brands such as ‘Voonik’ are winning customers?
Product assortment is one of the important factors in gaining and retaining the existing customer base for retailer. Keep in mind, wide product assortment is not always the way to win the market.BY Shipra Srivastava | Jul 06, 2017 | comments ( 0 ) |
How the product is displayed to customers either in online channel or offline makes a lot of difference. Merchandise assortment planning should be done in the way that every SKU is placed in the effective locations in order to maximize sales and margins, while avoiding potential stockouts or over stock situations. Moreover, online fashion has become extremely competitive with so many niche and market places such as Flipkart, Amazon not only foraying but ruling this category. In such scenario display of merchandise should be intelligent else the brand will lose the focus. Fashion e-retailers like Voonik are going extra mile when it comes to pleasing the customer. Speaking on same, Raghu Lakkapragada, Chief Operating Officer, Voonik, said, “ If you look at the online fashion, 70% of it is dominated by unbranded segment, unlike to electronics customers can never be 100% sure about their choice when it comes to fashion .”
The challenge there is, a wide variety of assortment is available there, so it becomes extremely important to make sure right kind of products are placed in front of customer as per their expectation.
“We are trying to solve such issue especially in tier 2 and 3 markets which have become more brand conscious and fashion forward. However, those set of customers more or less look for discounts in the online space. But, we are particularly looking to target the group who are looking design and style. I think nobody in fashion space focusing on these areas, he said.
‘Personalized Focus’ is the key to success
Going further Lakkapragada informed that Voonik is focuing on personalized feeds for conversion. “For example, if a customer is browsing for ‘Lehnga’, in such case, traditional market places will go with trending trends or what some other brands are giving and all.”
“On other hand, we at Voonik, first we give them a set of questions, which give us sense about look, shape, size of the product that customer desires. Once we understand that, we personalize our feed to their requirements. That is why we are able to show what they are actually trying to see rather than push the products that are trending. This is how we are differentiating from others,” he shared
No doubt, right assortment helps the retailer in increasing sales, margin and inventory productivity. Intelligent merchandise mix not only helps the brand in exploring new opportunities but also doubling down on costly mistakes by analyzing and projecting product assortment needs in advance.
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