There is no doubt that the fashion industry is growing, with an expected $873 billion in revenue by 2023. Apparel retailers are always looking for new ways to capitalize on this great opportunity and increase their sell-through rate. There are two main points that fashion retailers are likely to overlook when looking for new sell-through strategies to multiply their ecommerce revenue. First of all, when it comes to ecommerce apparel, traditional marketing strategies will not work. Secondly, you cannot apply generic digital marketing strategies across all fashion brands.
When it comes to ecommerce apparel, the sell-through strategies must be tailored to your goals and needs. We spoke to Patricia Lacognata, CEO of ShopCoutureCo, to gather the best strategies used by top fashion retailers to improve wholesale sell-through and explain why they work so well. Lacognata has overseen huge growth in online sales while distributing shoes, clothing, and accessories of brands from Brazil to the USA for the last two decades. Are you ready to follow in her footsteps? Here are some of her best strategies that are sure to push sell-through:
Take Strategic Steps
You must take strategic steps, overseeing your business operations regularly to determine how and when you should grow.
“We started at the grass-root level and very organically. We had plenty of products that we wanted to sell in the American market and took this venture to the next level. We worked with a PR company that helped us to reach more people via editorial coverage. Our company has been featured in a number of top national news channels and magazines across the country. All these strategic steps boost our brand awareness that comes up with a high stream of conversions.”
Patricia Lacognata, CEO, ShopCoutureCo
Brand Optimization For Special Merchandise
When the ultimate goal is to increase sell-through, do not hesitate to talk to your manufacturers about the feasibility of producing special merchandise, i.e., capsule and exclusive collections. The customer comes to your store for a specific need that you want to be able to expand upon. After discussing the possibilities, make a pitch for collaboration with your retailer clients on special merchandise. Discuss some new style options with vendors to fill a void in the market, and surely your customers will love the new curated capsule collection. But make sure to introduce something that you have not seen on the market. Once it gets successful, you can expand upon it.
Inspire Impulse Purchases
According to a survey conducted by Finder, around 85% of people in the US have succumbed to the enticements of impulse shopping. It is said that a person spends more than $80 on impulse buys on average per shopping trip. Around 80% of these sales take place in brick and mortar stores. Placing small items that are cheap at retail checkout counters can significantly boost your sales. All you need is to make sure that these products are not expensive and complement the other products and fashions sold. For instance, try placing hair accessories, makeup, and costume jewelry near the checkout counter.
Create Personalized Line Sheets And Share Them With Retailers
In this digital world, staying ahead is not as easy as it seems. You need to know how to entice customers in an interesting way to boost your sell-through ratio. When it comes to online apparel platforms, create personalized line sheets that cater to the specific needs of the retailers.
Ensure All Stakeholders Have The Same Vision For Success
With the aim to achieve an optimal sell-through ratio, it is crucial to choose the right partners. Your major stakeholder should have the same vision for success when scaling your business.
“I have been careful about choosing the partners that are committed to the bottom-line focus of my company. My company’s goal is not only to increase profit but also make a positive impact on society through fashion. The more profitable our company is, the more we can make a positive impact on society. That’s why it is necessary to pick the right partners and get them on the same page.”
Patricia Lacognata, CEO, ShopCoutureCo
Track Key Data Of Top-Performing Categories And Share With Retailer Clients
There are some categories that buyers most engage with on apparel ecommerce platforms. Tracking this real-time data will help to analyze some unseen factors to find the gaps in your purchases and understand when and where it is possible to grow. This helps to measure sell-through as well. Share this visually focused data with current and potential retailer clients. Once you have forecasted trends, you can understand the demands for new products or features and make sure to deliver on that demand.
Analyze Data And Improve Constantly
It is true that physical retail stores are being challenged every day by new ecommerce apps and platforms. This can be a main reason for reduction in sell-through ratio. In this case, it is essential to continuously improve selling skills. When analyzing real-time data, understand that customers are the center of any apparel retailer. For this reason, you need to ensure that you engage with your customers and build a relationship first. This will allow them to trust your recommendations. Be more interested in why they came into your store rather than what they came in to purchase. This will improve your sell-through ratio in the long run.
There is no magic formula to increase sell-through in your brick and mortar or online retail store. You will have to find and experiment with strategies adopted by fashion retailers that work for your business to help multiply revenue. Do not hesitate to test these strategies that are sure to help in raising your retail sales. After formulating the in-store sales strategy, expand upon it and sell on multiple channels like Instagram, Facebook, and email marketing promotion.