The fashion industry is one of the most important parts of the global economy. But then, for certain spectators, fashion is still viewed as pointless and liberal. In fact, huge numbers of data about the fashion business are divided into incomplete or even questionable data. But nowadays with more priority given to research and analysis, this gap seems to be closing more and more. With the help of some research and analysis of our own, we have come across some of the trends we can look forward to in the coming year.
1-More discounts and offers
The emphasis on promotions and discounts is, getting progressively prevalent in business sectors. The consumer landscape for fashion has observed significant shifts. Hence, the expanded financial and geopolitical vulnerability prompted a decrease in consumer spending. In addition to the fact that consumers are requesting more personalised and customized fashion, yet they are additionally progressively anticipating it at lower costs. Up until this point, around 75 per cent of apparel buyers over all channels, and some customary retailers presently have more outlet stores and discount stores as opposed to the full-price stores. Such tactics are working wonderfully to drive footfall in a relatively short period span.
2- More experience
The experiences we gain wherever we go, they are ingrained in our identity. And sharing experiences with others is something we humans do. Even if these experiences are happening over any physical material. These experiences when shared becomes part of a story, allowing people to bond with each other. So setting up retail spaces that will give such experiences to the customer by providing decor, makeovers, trial rooms, styling and a lot more can help pull the customers into a delightful experience and in return make an emotional impact on them.
It is clear that the internet has made the whole process a lot smoother and convenient for both the buyers and the sellers. Things are now easy, cheap and convenient. So in order to sustain in retail industry one needs to incorporate the same facilities and give such ease to the consumers. Make the whole process less tiresome and time-effective. Easy returns, exchange, a different mode of payments are some of the most common facilities a store can provide to keep customers happy and at ease.
4- Technology Innovation
In the past few years, the Internet has revolutionized the retail space in tremendous ways. In order to stay afloat in this era of e-commerce, it is important to give your customers a one-of-a-kind experience. Retailers have now been seen using innovative technology across various sectors of the retail space, be it pricing or inventory. Technology has also made customisation possible for the customers which ultimately leads to higher customer retention.
5- Customer service
Retailers are increasingly understanding the competition they are facing from online shopping portals and the convenience that comes with it. And to encourage shoppers to continue shopping from showrooms, the retailers all over are trying to provide the best kind of services to them. Free wi-fi, home delivery services, extended warranties and tech support are some of the ways through which retailers are enhance customer’s shopping experience.
The article has been penned down by Vikash Pacheriwal, Co-Founder of Raisin