8 Trends in Fashion Retailing
Fashion is not going out of fashion, but old fashioned retailing is under pressure from a combination of online and instore technology updates. New ways to buy, to search and research mean that customers are more up to date with information than ever before. They also expect more options – payment systems, the combination of on and offline branding, social media integration are some things that are continuing to move quickly.
1) Social Media becoming part of the buying process. Have you heard of Soldsie? Topshelf uses it to sell in Instagram. They post an item for sale, the customer comments ‘sold’ with their e-mail address and then receive an invoice. Once paid the item is despatched. Facebook shopping is growing. Social sharing from in the store can be rewarded with a coupon. Fingernails2Go is a social driver instore as people share their nail art there and then.
2) Stock curation. People know more about what they want to buy before they go shopping. The days of having more products are being replaced by having the right products. Knowing what your customers are looking for and providing them options within that range will drive more purchases.
3) A recent study by Mastercard revealed that 8 out of 10 customers use a smartphone or tablet while out shopping. Shoppers like technology. They will browse instore tablets, and use kiosks as well as checking out brands and prices on their phones.
4) Data based marketing will affect the way that people buy as they are offered coupons and discounts while they shop. Capturing names and numbers of your shoppers will be vital. Being able to sell to them while they are in a buying mode will increase sales.
5) Ominchannel is the big movement. Bringing the online and offline brands together will meet the customer needs. The customer is more powerful than ever, and if you are not delivering for them, they will simply go to wherever is making the effort.
6) Online is research for offline. Brands have been built online, and are now looking for premises. Boden, which was purely mail order and online is looking for premises in the UK and USA, because they now have brand recognition and loyalty.
7) Content is becoming more important. People want to know more about what they are buying, where it is made, who else buys it, how does it fit with fashion. This means that content needs to be available. Blogs online, point of sale material offline. Helping customers make informed decisions.
8) Apps. Walgreens in the US have developed an app that allows you to choose before you visit, access coupons and offers, and browse the store.
The trends in fashion retailing are almost all tied in with tech. Why? Because the consumer is now a digital native, living in a digital world, expecting to find all the information and interaction that they want to be there when they want it. A Fingernails2Go kiosk will help capture data, engage socially, encourage sharing and make a difference. It is technology at your fingertips, literally.