The retail industry has never seen a year like 2019. Ecommerce retail sales in the U.S. are expected to grow by 15 percent a year and – while we may have rebounded from the recession – customers’ appetite for affordable fashion hasn’t changed. These days online shoppers scour retailers’ websites, social media pages, and brand apps 24 hours a day in hopes of finding the looks they want for less. Additionally, these same customers respond to value, which means that online sellers should aim to deliver around-the-clock access to the inexpensive fashions that today’s customers love.
Keeping this in mind, there are a few things you should know if you already own or are thinking of investing in an online affordable fashion business. Whether planning to sell dresses, sportswear, swimsuits or more, consider the below to help.
Use Coupon Codes to Gather Customer Data
It’s no secret that coupon codes are an important part of many retailers’ online marketing strategy. Codes build excitement by making customers feel like they’re getting an exclusive deal. In fact, it’s so common for retailers to have coupon codes circulating online that the American Marketing Association reports that many digital customers now check sites like RetailMeNot.com and SlickDeals.com before making a purchase. However, one of the lesser-known benefits of online coupon codes is the potential to use them to gather customer data.
To help benefit from coupon codes, consider having your website prompt new customers to enter their email address to receive a coupon code for a discount on their first purchase. You can use the email addresses you gather to re-target customers, as well, and to reduce cart abandonment through sending cart reminders and follow-up promotions. Collectively these actions can help you achieve stronger selling success with affordable fashion – and cost-prioritizing customers – online.
Build a Following with Private Label
Adding a private label brand to your online inventory can give you the opportunity to sell an affordable product that no-one else has access to. When you sell private label, nobody else can sell this inventory without your consent…which also means there is no chance of another retailer under-cutting your prices via online marketplaces such as Amazon and eBay. As Brandon Andrews, editor-in-chief of The Private Label Insider, tells ASD Insider, “Building your own private label brands allow you to go directly to the factory who is producing your product, at the lowest cost possible, with unlimited inventory to sell and full control of the supply chain. No middleman. No extra fees.”
To help sell private label inventory, retailers benefit from building a following on social media. This helps to bring recognition to these products and private label brands, as well as helps to promote inventory as it arrives in stock. Begin connecting with potential customers by creating a social media strategy that includes regular updates, email marketing, and user-generated content. Combined with the collected email addresses you should be generating, this will help to keep your affordable fashions top-of-mind among your customers.
“Building your own private label brands allow you to go directly to the factory who is producing your product, at the lowest cost possible, with unlimited inventory to sell and full control of the supply chain.” –Brandon Andrews, Private Label Expert