Last updated on July 30th, 2020
Fashion and clothes have always been a defining part of the personality of a person, a country, and a time period. Pick any decade in history, and you will see it is defined by a unique fashion sense of the crowd. Whether it be wide-legged pants, denim or leather jackets, every era and every cluster of groups had a specific type of accessories and apparels. If you own a fashion business, then in this article, you’ll learn what are the key steps that can make your fashion business successful.
It’s said that fashion is in the sky, in the street; fashion has to be with ideas, the way we live and what is happening. This is why it comes as no surprise that the fashion business is among the most profitable sectors of the world.
According to Statista, the US apparel market will reach a whopping 390 billion USD by 2023.
The e-commerce fashion industry is also poised for greatness. By 2022, as per the Fashion and Apparel Industry report, it is expected to reach a revenue of 713 billion USD worldwide .
Just because the sector is expected to grow and experience steady demand doesn’t mean that every fashion business that enters the market will be successful. Since the competition is high, you must play your card is right to make it big in the fashion industry.
How to make a name in such a glamorous industry?
Here Are The Key Steps To Follow To Ensure That Your Business Succeeds
01. Differentiate From Your Competition
There are a plethora of apparel stores in the world. More or else, they might sell the same thing. Merely adding your business to the mix won’t allow you to attract enough customers.
In today’s world, it is imperative to think differently than others. Rather than merely delivering a product, offer a solution to your customers.
See what their needs and concerns are regarding the fashion industry and then create a product that best suits their need. For instance, Leather Skin Shop offers plus size leather jackets to its customers. By doing so, it targets an audience who find it difficult to find their sizes in ready-to-wear collections.
At the same time, the offering reflects the role of the brand in promoting a positive body image. This way, the business has been able to find a bigger purpose to attach its brand name to.
Just like this, your fashion business must find a cause that people are deeply concerned about. Then, create an offering that solves the concern and form a positioning that ensures that people associate the message deeply with your brand.
02. Create A Sound Brand Identity
Have you ever wondered what the difference between fashion businesses like Gucci and clothes found in places like Walmart is? One is considered a brand while the other is thought of as a clothing section of a retail store.
This is a huge difference when measuring the success of the business. Every business wants its offering to be memorable and sought-after. And to do so, people must view it as a brand.
This is where brand identity comes in. To transform your business into a brand, you must provide it with an identity of its own. This requires a logo, tagline, positioning, story, and consistent communication.
Here Is A Breakdown of Levi’s Brand Identity
Another popular example is Versace. The brand features a logo that is the head of Medusa. Everything about the business reflects luxury. This is the brand identity of the brand – it is a statement of luxury and wealth.
03. Think About Sales and Distribution
Regardless of how great your clothes and accessories are if your customers can’t access them, your fashion business is setting itself up for failure.
A critical step for success is to have a robust sales and distribution system for your brand.
Now, depending on the expansiveness of your operation, and the brand identity you have created, you might choose to place your products on all distribution channels or limit it to some.
Distribution channels include exclusive brick-and-mortar stores, third-party retail outlets, E-commerce platforms, and online retailers like Amazon.
If you have just started your business and are strapped on cash, launching an e-commerce store will be a good idea. This eliminates fixed costs like rent, employee salaries, and utilities. Additionally, being exclusive to some distribution channels can also help in promoting the rarity of a brand.
Louis Vuitton seems to be following this principle. The brand only allows the sales of its products via specialized stores and selected department stores like Saks Fifth Avenue, Neiman Marcus, and Bloomingdales, etc. This helps the business is maintaining its exclusivity.
04. Perfect The Product Development Process
At the end of the day, all marketing and sales efforts are supplementary to a business. They can only help in ensuring the success of a brand if the value proposition is perfect.
Just like in any other sector, if your product fails to impress your target audience, no amount of marketing and after-sales service can save your brand. Therefore, it is imperative to perfect the product development process.
Make sure that each clothing item that leaves your factor goes through a strenuous quality-check. Use the right material to avoid controversy and criticism.
The famous fashion brand, Zara, learned it the hard way. In 2011, their separate quality-control tests were conducted on the clothing items of Zara, each of which failed. In 2012, Greenpeace accused of selling clothes that were contaminated with cancerous chemicals.
The campaign started by Greenpeace led to many angry customers flooding Zara’s social media to be more responsible. Soon after, Zara promised to eliminate harmful chemicals from its supply chain by 2020.
You can choose to avoid such a situation by perfecting the process from the beginning. Regardless, you should always be ready to deal with such criticism.
It’s Time to Succeed
Offer a unique proposition to your customers so that you can have a novel place in their minds. Establish a brand identity that connects your brand to a greater purpose than just the clothes you sell.
Decide how vast or narrow you want your distribution channels to be. And while you are at it, perfect all your offerings and respond to criticism wisely.
By following the four critical steps, your fashion business can succeed despite the cut-throat competition in the fashion industry.
Now, it is time to enter the sector and win over your customers!