With the deepening pangs of recession, apparel retailers and brands are facing a slippery slope. The consumer base is also getting increasingly diverse, demanding the business to be technologically savvy. Applying the strategies of individuality and innovation, retailers still have significant opportunities in 2009.
Retailers will have to invest in understanding their consumers, and provide them with consistent service, if they wish to remain successful. Social media applications can be utilized to employ creative tactics and enhance customer understanding.
With the western European, and US markets saturated, retailers can seek opportunities in Asia, South America, and Eastern Europe. Application of new technologies like RFID, smart carts, and contactless payment solutions etc will attract the consumers and give them control over the shopping process.
Retailers can add more products into their 'private label basket'. This empowers the retailers to have flexibility and ability to have shorter response times to changes in fashion trends. They also require an imaginative approach to develop an intuitive relationship with the customers.
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Fibre2fashion News Desk - India
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