28 Jan How Fashion Startups Can Compete With Established Retailers
Saturdays used to be all about one thing – shopping! Every weekend, me and a few friends would jump on the train, head into London and make a bee-line for Harvey Nichols, Harrods and Selfridges. In the days before online shopping was the norm – this was what we did!
So, what about now?
Nowadays, technology allows us to shop whenever we want, wherever we are and share our purchases with friends across the globe. Websites and social media are the new shop windows and literally everything can be done online. With just a few clicks of a button, we can browse, add to basket and pay – all while sitting on the sofa, drinking a coffee and flicking through Vogue! Not only that, deliveries are getting quicker too, which gives us even less reason to visit the stores. Technology really has changed the way we shop forever.
Yet, with the rise of online, the high street now finds itself in limbo. There’s been a lot of talk in the media lately about the decline of brick-and-mortar stores. Recently, The Guardian published an article reporting Harvey Nichols having suffered a 30% slump in profits for the year. In response, Harvey Nichols announced plans to revamp the flagship stores while simultaneously ploughing a significant amount of cash into their website.
As with any industry, trends change and evolve. For fashion brands especially, it’s becoming increasingly important to keep things relevant. But, as an aspiring entrepreneur, this is music to your ears!
With people spending more of their time online than ever before, ecommerce and mobile technology has opened up so many new opportunities for startups. The rules are shifting and the fashion industry is no longer about exclusivity. By focussing your efforts online and feeding the demand for ‘fashion at your fingertips’, you really can compete with other established fashion brands and retailers out there because – guess what? No one knows what’s going on behind the scenes! If you present your business correctly, everyone looks exactly the same online and, if you keep your overheads to a minimum, you really can achieve something many people would’ve never thought possible just a few years back!
It’s all about standing out in your market, tapping into what your customers really want, understanding how they shop, how they want to shop, delivering your product into their hands at the speed of light and making use of all the free resources out there, like social media for example, where you can promote your brand for a fraction of what it used to cost – all while driving customers to your site who actually want to be there!