New technology the key to growth in down economy
Posted by Ari on May 21, 2009 | 2 Comments
I just came across this piece in WWD, which talks to various fashion executives about how they’re dealing with the recession.
There are two things that technology can have an impact on: revenue and costs.
Boosting revenue through technology
There are two types of customer that fashion labels need to reach: buyers and consumers. If you reach consumers, the buyers will follow. That’s why it’s important to get press exposure. If buyers expect it will sell, they’ll stock it in their shops.
- Social marketing – reaching out to customers online has never been easier. Engage them through interaction on your site, use social networks, twitter, blogs, etc. There are endless possibilities. Use them creatively.
- Selling online - the figures speak for themselves. Despite a small slump in recent months, online retailers continue to outperform the high street. It’s been predicted (by IMRG in this article) that 20 per cent of all UK retail will be online this year. If your market is young, the percentage is probably much higher.
- Online sample sales - samples sales have long been a way for hard up designers to generate some quick cash. Often, however, they can be more trouble than they’re worth. That’s where selling samples online becomes attractive: simply load up your inventory and wait for the orders to come rolling in. To get noticed you may need to do a bit of promotion – or leave it to one of the sample sale websites out there (eg. Catwalk Genius)
- Online showrooms - rather than going to the same old trade shows and standing around for a few days waiting for buyers to come to you, you can interact with your buyers in online showrooms. More on these later.
Cutting costs through technology
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Tags: cutting costs > e-commerce > Fashion > high street > recession > retail
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2 Responses to “New technology the key to growth in down economy”
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May 21st, 2009 @ 11:00 am
I found your site on technorati and read a few of your other posts. Keep up the good work. I just added your RSS feed to my Google News Reader. Looking forward to reading more from you down the road!
May 27th, 2009 @ 6:46 am
Thanks for the kind words!