your password has been reset successfully, Please login again.

Fashion Business: Steer Towards Growth

Fashion Industry has both boon and bane depends on the entrepreneurs, how well they deliver their services. Here are few tips that entrepreneurs should know to take their business to success.
BY Manish Tripathi
Fashion Entrepreneur,
Aug 01,2017

Fashion is a subjective and a relatively new business, especially in India. Having an over populated country is both a boon and a bane to the fashion industry. There are more customers to serve but the choices and taste vary so drastically that it is not always easy to satisfy your customers with the option you have to offer. Increasing number of millionaires and HNIs in the country is definitely a positive prelude to a bright future for luxury fashion labels. Few essentials that you should consider in any fashion business, from my experience of over a decade in the industry are listed below.

Supply Chain Management

Supply chain management is the biggest challenge fashion business faces. Fashion has a very short shelf life and is ever evolving. You always have to be on a tight-rope to keep churning out options to your customers. From creating a new collection to shooting and launching it in stores, it is an elaborate process, which makes it difficult to keep updating the collection rapidly. Giants such as Zara work on the principle that from conceptualization to having the collection in store only takes fifteen days in total. This approach gives you an added advantage in staying ahead of the competition and also keeps your collection fresh.

Exclusive Experience for Customers

Being on the same platform as your customers are essential, be it online or retail stores. With the expanding reach of fashion, it is not easy to keep a track on customers and be available for them is not always easy. Which is where e-commerce has an edge over the retail store, but the hands on experience and enigma of shopping at retail stores cannot be neglected either, making it important for fashion brands to be available online and in stores where their customers can experience the exclusivity of a fashion store.

Essential Elements to Delivery

Keeping up with the committed standards is important for any business, and even more so in the fashion industry. My aim is to deliver the three Fs of fashion each time, Fabric, Fit, and Finish. These are the three essentials for any fashion label and if your customers are satisfied with these, they will always be loyal to the brand.

Trends in Fashion

You always have to stay up to date with the latest trends and fashion. Each collection should be in sync with the current trends of the season and should also reflect the personal taste and interpretation of the designer through the stylistic identity. This sets your collection apart from the other labels and will always have that signature style your audience follows you for.

Build a Trust Factor

Seamless service is another very important factor in the fashion industry. Many times people want to get something designed for them for some occasion or event, the last thing they want is to face any last minute hassles with their deliveries. You have to be honest with your customers and respect deadlines to sustain in the fashion industry. Customers need to trust you with designs, fits, and services to be your loyal patrons.

Customer Relation Management

Customers are the key to any business, but for fashion where word of mouth is so valuable, it becomes even more important to maintain a healthy dialogue and relation with the customers. This makes a good CRM (Customer Relation Management) very helpful. As they say, it is easier to retain a customer than make a new one. Hence any fashion labels should find innovative ways to increase CLV (Customer Lifetime Value) by offering them regular discounts, vouchers, and special festive collections to keep them engaged.

Please add your Comment
SIMILAR Articles
March 08, 2018
Small and micro enterprises plays an important role in boosting industries growth but their immense ...More
By Subhasish Das
March 07, 2018
You will find myriad strategies to boost your business growth but there are five business strategies ...More
By Akshay Arora
March 06, 2018
Finding low cost investment opportunity to start your business in then below are some ideas for you ...More
By Akshay Arora
March 05, 2018
It is essential that entrepreneurs understand their mistakes and improve them so that their business ...More
By Akshay Arora
March 01, 2018
Having difficulty in finding the right business opportunity then here are a few tips to help you fig ...More
By Akshay Arora
February 28, 2018
If you are planning to make an investment then here are few suggestions that can help you out. ...More
By Akshay Arora
February 27, 2018
In India, digitization has surely impacted SMEs but still a minor percentage of the businesses are u ...More
By Joyjeet Bose
February 27, 2018
If you are planning to start a business then why not in food industry. Let's see why you should star ...More
By Akshay Arora
February 27, 2018
Business incubators are the best way to boost your business growth. If you want to know how then rea ...More
By Akshay Arora
February 26, 2018
Here are few business ideas that are worth investing in this competitive economy. ...More
By Akshay Arora
February 26, 2018
If want to know whether you should sell your business or not then here are some reasons which will h ...More
By Akshay Arora
February 23, 2018
If you are planning to invest in the education industry then these are the segments that you can loo ...More
By Akshay Arora