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Fashion retailers face product differentiation challenge
26
Aug '16
Product differentiation, which helps in standing out from the crowd, is the biggest challenge that fashion retailers constantly face. Apparel inventory management is another issue troubling retailers. To create a strong sourcing plan, it is necessary that fashion retailers have a strong fashion sense and the ability to predict fashion trends.

Visibility in the market has become important, especially due to competition becoming more intense with multiple channels available for reaching out to customers.

Fashion awareness has greatly increased because of social media, blogs and forum discussions. Customers' fashion interests can change very quickly, making it difficult for fashion retailers to produce according to the demand. So, it may be worth conducting comprehensive surveys, fashion market research, or engaging in online discussions to understand customers' needs and expectations, says an article posted on Tradegood.com.

Omni channel retailing enables both the retailer and customer to do research, says the article titled 'Major challenges facing fashion retail industry today'. It can be argued that omni channel approach brings down inventory costs while increasing sales and thus resulting in maximised profit margins. However, using this kind of method is easier said than done.

Rent is another problem faced by many small and large fashion retailers with physical stores. In comparison, online retailers do not have to pay the rent and can offer products at lower prices. Some retailers have opted to rely on online marketing, mostly on social media, to build their brands. In fact, a good reputation on social media can actually translate into better sales. (RKS)

Click here to read the complete article.

Fibre2Fashion News Desk – China

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