Welcome to The Fashionpreneur Podcast, where we offer bite-sized, actionable episodes on trends and strategies you need to know for a lasting fashion business.
What if you could gain loyal customers that would come back again and again?
As soon as they thought to purchase a new pair of jeans or a new pair of shoes your store or brand is the one that came to mind?
Today I’m going to show you how you can get loyal customers who come back to your business again and again.
I’m Kat Rosati, Fashion & Retail Business Strategist at Apparel Booster.
Today on The Fashionpreneur Podcast I’m going to cover how price and value are driving retail sales and how you can use it to gain new loyal customers in your fashion business.
Economic Growth For 2017
- Holiday sales up 5.9% in 2017 – best in more than 5 years
- Ecommerce spending rose 13.6%
- In- store sales rose 4.2%
- Best we’ve seen in years
- Expected 4.7% increase in sales overall, ecomm is expected to rise 16%
- Consumer Confidence + Income + Spending
- How do you get a piece of that post- Holiday pie?
- Price and Value
- 2017 Study from International Council of Shopping Centers shows majority of adults are loyal to brands and retailers because of price and value.
- 92% of customers said that price keeps them loyal to stores and brands
- 79% of customers said that product quality keep them loyal to stores
- Seeing a shift away from overpriced brands where the only thing the consumer is getting is a brand name
- Spending their money elsewhere- demanding quality for the price.
- How do you justify that price?
- Offering a solution to a problem? Superior quality?
- What is your customer service like?
- Customer service is as important as ever with 62% of consumers saying they are willing to pay more if their shopping experience is customized to their personal interests –
- Convenience shopping costing more, the reverse of what we’ve seen in the past
- Pick up in store, buy online higher price than if you went into the store to buy it
- 65% of consumers said they are more loyal to national apparel and footwear brands over local brands
- The reason? Convenience.
- Amazon Prime
- Target Subscription
- Amazon Same Day Delivery
- Being able to shop from their cell phone
- Millennials? They greater the variety of brands offered by a store, the more likely they are to shop there. – Again, its the convenience factor.
- Mundane tasks like Grocery Shopping
What does all of this mean for your brand and how do you get a piece of all of this spending power? I’ll tell you when we get back.
What this means if you are a retailer:
- Pricing is on point
- Offering quality
- Offer the whole outfit, not just the shoes or just the tops- great way to make more sales too
- Think of ways you can offer convenience for your customer
- PIck up in store
- Messaging Services through FB Msngr
- Auto returns online through a service like LincCare
What this means if you are a designer:
- Product needs to offer quality and price combo
Actionable Steps to Take (listen to episode)
- Consumer spending is on the rise
- combination of price and value
- Convenience Factor
- Pricing is on point
- Product needs to offer quality
- Offer a superior service
We’re on Anchor.fm specifically so that you can call in with your questions. Let me know what problems you would like to have solved for your fashion business by calling in to our station on Anchor.fm – you can find us online at anchor.fm/fashionpreneurpodcast or by searching for us in the Anchor.fm app.
Thanks for listening to The Fashionpreneur Podcast, from your friends at Apparel Booster. For more tools & insights to help your fashion & retail business visit apparelbooster.com