Fashion retailers are among the most affected businesses during the coronavirus outbreak. Because the pandemic restricts outside movement significantly and is a cause for concern when it comes to social contact, most people stay inside their homes, hitting the economy on a broader scale.
Fashion retailers are largely dependent on in-store sales, and while online retailing has become more popular today, brick and mortar stores are still undeniably a key driver of sales. Unfortunately, that is seemingly lost for now.
In these challenging times, businesses need to adapt to maintain steady cash flow, which is what most retailers are doing. Although not all retailers are prepared to transition to online selling, most retailers have adapted and are riding the waves of the new normal to offset losses. How are they doing it?
Fashion retailers drop prices more than ever through online listing
It’s probably a way to attract customers to buy more, but it’s undoubtedly an effective way to breakeven on lost sales at the very least. Additionally, entering the online retailing market is not an easy task. By using ridiculously low price-cuts—up to 50 per cent—online fashion stores are seeing a growth in their daily visitor count, which will most likely continue as the pandemic lingers.
While this tactic may seem like a desperate attempt to clear inventory and generate sales, there is an underlying agenda for it which can amplify a store’s earning potential. That is gaining more visibility by enticing customers through large discounts.
As eCommerce is more powerful now than ever, fashion retailers are trying everything to penetrate the market and enter the competition. Suffice to say, if this continues, online retailing may probably become the norm more quickly than before the outbreak.
Fashion retailers use additional marketing methods
Although high price cuts are probably the most effective way to attract loyal and new customers, some retailers have found additional ways to gain visibility. Most rookie online retailers have seen the benefit of live streaming and creating more content on their social media pages, alongside their websites. The goal is simple: to spread more information about their offers and take advantage of the high exposure amidst this crisis.
As more and more users are spending time online, the flow of information is largely amplified. By posting content that informs these users about new offers, fashion retailers significantly increase the attractiveness of their products and brand overall. They can take advantage of live streaming and give a more interactive experience to users. With the right exposure, they can convert the viewers into paying customers.
Fashion retailers promote the idea of convenience rather than choice
With brick and mortar stores, the main selling point is the fact that customers can freely choose what they want and try out different options that will help them decide. That, however, is now impossible given the home quarantine order. To compensate, retailers emphasize the convenience of shopping online and having door-to-door delivery. With that, customers believe that they can still get the items that they want while staying at home.
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