3 Tips for Fashion E-Commerce Success
With recent advances in information and communication technology, mobile and e-commerce platforms have transformed the way fashion industries operate. Companies no longer require physical stores to conduct sales, omitting heavy cost burden such as rent; the common culprit in causing downfalls of companies. The online revolution has fuelled consumer-driven (B2C) and business transactions (B2B), sparking the interests of major brands, conglomerates and even startups.
For consumers, the shopping experience has been redefined entirely. Shoppers can easily access and purchase a variety of products under one virtual roof, without leaving their homes. Accompanied with personalized delivery services, the draw to shop online is amplified.
To thrive in such a dynamic industry, here are three key tips on how you can successfully leverage e-commerce.
- Have a mobile app — and a good one.
When designing a mobile app, focus on app functionalities to keep your users interested, engaged and wanting more. Features such as a simple user interface, a reliable feedback system, linkages to social media platforms and customization options are important in drawing and maintaining users. With millennials switching between media platforms an average of 27 times hourly, it is essential that your mobile app provides seamless service to stay competitive and relevant amidst other competitors.
Consumers now spend 89% of their time on media through mobile apps. In fact, mobile phone penetration is prevalent in many developed countries and is an emerging trend in South East Asia and Africa.
2. Engage (a few) reliable delivery service providers.
In order to maintain positive customer experience and relations, it is crucial to ensure successful deliveries are made. By successful, I mean deliveries that are performed on time with products being damage-free. Retailers are strongly advised to offer an array of delivery options to its customers, based on their budget and time constraints by working with both startups and couriers.
Additionally, retailers can engage delivery service providers that utilise transportation management software. These software are able to provide consumer alerts for each step of the delivery process and dashboards to identify poor performing drivers.
3. Reconsider your inventory strategy — is it working for you?
Many retailers operate a traditional model, purchasing quantities in bulk and passing cost-savings onto the consumers. Although this business model has been considerably successful for high-volume products, it requires high working capital investments and significant inventory risk. Taking your products, consumers and logistics into consideration, evaluate which type of inventory system may be the best option for your business.
A UK fashion e-commerce platform, Lyst, adopted a new way for its brands and retailers to display items for its shoppers to consume without incurring any inventory costs. Through technology platforms, they were able to synchronize inventory with retailers in real-time.
By: Wendi Lai