Fashion e-commerce is one of the largest and fastest-growing markets in the world, with businesses now shipping internationally the womens fashion & clothing markets are just getting more competitive each year. If you are considering starting or even having your fashion clothing start-up, things might seem hard when comparing yourself to competitors getting more sales. If you are looking to grow your business and profits, there are many different ways you can streamline your company and gain more customers.
Having a business plan is essential before stepping into this competitive market, and including the following tips within your planning and strategy are things to be considered:
1.Do your business plan
Getting the business plan right from the beginning will set you up for success. Business plans include the road map and steps you are going to take to get closer to your goal or set a target you may have given the business. You need to write down every intricate detail of the business plan such as what products you will be selling, ideas for new products, where you forecast your sales to be across 6-12 months, and much more. Your business plan should always be updated as soon as any changes are made, and everyone in the business should have a good understanding of where you hope the business will go as long as everyone sticks to the plan.
2. Create a Brand Identity
Creating the perfect brand can be tricky, and knowing exactly how you want your customers to remember your company is important to get right. You should sit down with your team and discuss how you would like people to view your brand. Whether it’s fun and energetic, or luxury and timeless, you need to confirm your brand identity to then express it through your marketing.
3. Confirm Your Product Range
A lot of new fashion brands make the mistake of producing hundreds of garments that ultimately when they go onto the market, do not end up selling out. Start small with a very carefully selected product range, and ensure you are completely happy with the supplier’s work before bulk buying from them. You might want to start up with different clothing collection drops every few months to see what sells out and what doesn’t. Seasonal trends are a big factor to consider when it comes to fashion businesses, for example around Christmas time you might want to order more party bodysuits to get ready for the season, or in summer you might want to have a swim collection at the ready.
4. Plan Your Finances
80% of new businesses fail in their first two years due to lack of financing, therefore it would be a good idea to have a smart financial plan ready. As mentioned you should not invest all your money into gathering loads of stock to sell. Instead, you should start small and only house some selected, good-quality pieces, and over time start to increase your stock as the profits increase.
5. Give Great Customer Service
Giving good customer service is often neglected when businesses start to get busier, but it is one of the most important factors that should be maintained in terms of its standards. If you have customers that are not happy with their products, for example, you should always make sure the customer leaves the transaction happy. You might offer people discounts for repeat purchases, and you should ensure customers are getting their products as fast as possible through delivery.