The fashion retail industry has been transforming largely due to aspects like fast fashion and online retail. The transformation is mainly noticed when you see the gap between the red carpet and retail stores diminishing. The kind of outfit your favorite celebrity wore last week to a gala event will be available in online stores the following week. However, this feat was not achieved overnight but required a cohesive and rapid inventory management from retailers. The inventory analytics of a fashion retail store can rightly suggest the frequent changes in the fashion and style, but the industry-based trends are also very important to thrive in the market. To understand this massive wave of change, let’s look at the five major trends that are driving the fashion retail industry by the storm: Omnichannel Retailing The physical and virtual both storefronts of a fashion retailer carry equal value in today’s world. The customers are shopping both from the stores in their neighborhoods and online e-commerce applications in their phones. Fashion retailers have to make sure that their presence is strong at all possible sales channels to increase market penetration and brand reach. Here is where Omnichannel retailing comes into the picture. The use of an inventory management software can help establish with multiple channels easily from a single dashboard. Cross-Channel Trade The competition in fashion retail is rising all over the world and the brands that provide the best offers and features only thrive in the market. A cross-channel sale is done over both online and offline channels. In this, if a customer has purchased online and wants to exchange the product he/she should be able to exchange it on the nearby store. The inventory management software can help here as well in the integration of online and offline channels for cross-selling. Mobile Devices for Improved In-Store Experience Retailers are increasingly using mobile and other integrated platforms to improve the in-store customer experience. The IoT-enabled infrastructure and chat-based tools are used to provide shoppers with access to information, service support, and navigation assistance. According to a 2017 RetailDive study, 77% of shoppers use mobile devices to search for product information while shopping in brick&mortar stores, and only 35% are willing to consult an in-store salesperson. Brands will want to prioritize creating mobile tools for shoppers and associates that offer in-the-moment information to smoothen purchase decision. Mobile-scannable codes on the product can be used by customers to get product-related information. Store owners are utilizing Beacon & Bluetooth technology and digital signages that use data by approaching shoppers’ smartphones to create specific content messaging resulting in a more personalized experience, thus leading to more sales. Signals of the shift from e-commerce to m-commerce are bright. Big Data and Analytics Every piece of data related to customers is useful, which includes details like the number of visits in a month, amount of purchases, most and least purchased product, etc. Big Data – data obtained from millions of users in bulk – can be analyzed and used for improving the provision of the right products and services to the customers. Retailers are increasingly leveraging the power of Big Data for making accurate strategic decisions while enhancing customers’ shopping experience. Big Data analytics enables retailers to comprehend what their customers are looking for throughout their buying journey, while also predicting the customer demands so as to accordingly adapt to the market changes. Moreover, data analytics also enable retailers to determine product prices more accurately as well as predicting the right time to change the product pricing. Product Bundling The combo packs are available for everything in the market from chips and coke to shampoo and hair conditioner. The bundling of two products that are used or purchased together can help the retailers sell more, fashion retailers are also using this technique. The pairing up of matching trousers or skirts with a top-wear and offering it as a combo is a very effective technique to generate more sales. It is required that the combo offers are well advertised to reach the maximum customers and ensure maximum sales. Product Bundling has set its place as one such trending practice in the market right now. Through this strategy, profits can rise due to the collective purchase of more than one item. With the sale of more items overall, consumers enjoy decreased prices and businesses see a faster movement of inventory off their shelves. In Conclusion… The brands in the fashion retail industry have to follow current trends for staying ahead in the market and to boost their revenue. The trends like omnichannel retailing are already big in the market and can be implemented easily with the use of an inventory management software. Other trends like the use of smartphones for scanning product labels still have a long way to go, for making it to the mainstream market. Following these trends can not only help the fashion retailers in getting ahead in terms of sales but also in enhancing their brand image and customer loyalty on a large scale.
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