Growth of Fashion Brands: The Power of Ominichannel Strategy
Seasons change, taste transforms, fads come and go, but the fashion industry is constantly evolving, transforming and growing. After nearly two years of turmoil, the global fashion business is regaining its lost ground in the international market.
Companies are rapidly adapting to changing consumer preferences, and digital is acting as a catalyst for growth. Nonetheless, the industry faces severe challenges due to supply chain disruption, uneven demand, and continuing pressure on the bottom line.
With most businesses struggling to make a profit, growth will be a primary objective in the year 2023. Today's fashion brands are looking for ways to fast track their growth and tap into new markets. One strategy that is gaining popularity is the use of an omnichannel approach.
It involves creating a seamless customer experience across all channels, from brick-and-mortar stores to online and mobile platforms. By doing this, brands can connect with customers wherever they are, driving more sales and loyalty.
How can an Omnichannel approach help Fashion Brands Enhance Customer Shopping Experience?
A visitor comes to your fashion store, looks out for the different fashion brands, stops at a well-designed linen shirt he wants to buy but leaves the fashion store after finding out that there is no stock of his preferred shirt.
In another case, an online visitor goes to the website of the fashion store, selects the same shirt and performs Add to cart action on the online web store, then abandons the cart.
In both scenarios, an omnichannel strategy can help fulfill customer demands and ensure that the selected product is in the customer's hands after leaving the store or website. Here is how it is possible with an omnichannel strategy:
Customer shopping on an online fashion store
What happens when the customer abandons the shopping cart on the fashion brand website? The customer receives an in-app notification or abandoned cart email with the details of the products, a Shop Now button, along customized offers.
If he chooses to neglect it, he receives an email newsletter about the particular stuff with other shopping suggestions that he wants to purchase with some exceptional offer or discount.
When the customer goes on social media channels like Facebook or Instagram, the omnichannel fashion brand can run Ads based on what the customer has left in the cart.
The customer sees the Ad, remembers the Add to cart product and Clicks the Shop Now button. The omnichannel strategy gets activated and takes him to the website they once left out to complete the shopping.
Customer shopping in a brick-and-mortar fashion store
A customer goes to a fashion store and is delighted to see premium fashion apparel like a Jacket in her favourite colour and style. She asks the store representative to help her with the size, and they tell her - the size is out-of-stock, following which the customer exits the store. It is a familiar scene at every fashion store, even in 2022.
But now, things are going to change for the better. In an omnichannel retailing strategy, if the store representative sees that the concerned product is out-of-stock, he can still sell by using the endless aisle solution. It is a virtual shelf app installed in a tablet or iPad and assures that customer demands can be fulfilled even if the fashion store has run out of physical inventory.
The differentiating point in an omnichannel strategy is that brands can follow the customers wherever they go and even if customers hop from one channel to the other, their orders can be fulfilled from anywhere consistently, anytime even if the brick-and-mortar fashion store is closed at non-business hours (Midnight to morning)
How can an Omnichannel Approach Significantly benefit a Fashion Brand?
Omnichannel offers significant benefits to fashion brands in terms of new technologies and strategies that work in tandem to improve customer shopping experience (CX), convenience, and overall sales.
1) Endless Aisle kiosks
Endless Aisle is about looking beyond the stock that is available in tangible form in the store at a given point of time, thereby forging an unceasing strong link between customer demand and inventory.
The technology is a great way to show endless inventory to customers without the need to expand in-store inventory and fulfill the customer's orders even if there is no physical inventory. Indya has launched Endless Aisle kiosks at its first exclusive store in Gurugram.
Customers will virtually browse and purchase Indya styles that aren't currently available in the store and have them delivered to their homes. More fashion brands in India are using Endless Aisle technology which are Max Fashion, Adidas, Reebok and more.
2) Augmented Reality (AR)
According to a report, 61% consumers say they prefer retailers with AR experiences. 71% of consumers say they would shop more often if they used AR.
More retailers are influenced to add AR in their stores. It is driven by efficiency savings to compete with rival retailers and the eCommerce sector. Augmented Reality in the fashion industry offers a brand new way to experience products and keep customers engaged with the brand throughout their shopping journey.
Gucci created an iOS app powered by AR technology in 2019, that has proved to be the most effective way to drive sales. It was the first luxury fashion brand to collaborate with social media to boost sales with an AR tool.
It teamed up with Snapchat to provide a virtual try-on experience. This strategy significantly grew customer engagement, opening an exciting new channel for driving sales.
3) Use virtual fittings and try-ons
Virtual fitting and try-ons are the future of the fashion industry. Virtual fitting technology allows buyers to try-on garments for fit, style, and size without wearing them. With AR, a virtual representation of the product is superimposed over a real-world image of the client, allowing the customer to see how it would look on their body.
Van Huesen uses a 'Fit Scanner' enclosure next to the display where customers can be scanned with an infrared device and create measures like their collar circumference and shoulder breadth.
This information is then utilized to find the perfect shirt, trouser, or dress size. It also has a 'My Fit Station,' where men have five 'fit' options for multiple body types against the two fit options available today, and women have three 'fit' options.
Raymond stores also come with a unique fitting room experience that allows a customer to click 'Trial' on the iPad and have his selection appear in the desired size inside the trial room.
4) Creates a luxury experience on digital
Millennials are increasingly choosing experiences over other things in shopping. So, creating a digital experience on digital has become more relevant than ever before. Burberry combats this challenge by giving a personal touch to its customer service.
Live streaming their fashion shows using the ‘See Now Buy Now’ model offering bespoke orders & product customizations makes the luxury experience highly accessible to anyone, anywhere and on every channel.
Additionally, they provide online customers round the clock access to phone assistance and live chat for online shoppers. They also use social media channels like Facebook & Twitter for responsive and personalized customer service.
Giving customers more ways to shop
More channels means more exciting ways to connect and engage the customer. An omnichannel retailing strategy gives a golden opportunity to shop using numerous channels of fashion brands like
- In-store
- Mobile Apps
- Social media Handles
- Online stores
- Over-the-phone
- Live Chat
- Marketplaces
Conclusion
To remain competitive in the fashion industry, brands must have a well-defined omnichannel strategy. It involves creating a cohesive customer experience across all channels, including brick-and-mortar stores, ecommerce, and social media.
By providing a consistent experience across all channels, fashion brands can fast track their growth and better understand and serve their customers. Fynd is India's largest omnichannel platform helping retail businesses accelerate growth.
We can help fashion brands stay ahead of the competition by creating delightful, connected experiences for their customers everywhere. Book a demo or Contact us today to learn more about how fashion brands like Ruosh, Spykar, Superdry on Fynd use omnichannel strategy to grow their fashion business.
