How To Scale Your Fashion E-Commerce Business
According to the research reports, India has emerged as one of the world’s fastest-growing fashion markets over the past few years. It is projected to grow at 15 per cent CAGR till 2022 and become a $102 billion market for apparel, as per a recent report. This is because there are a lot of prospects for Fashion Startups in the country today.
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A Decade ago, the scenario was different. Currently, higher disposable income have accentuated the growth of the Fashion Business. If you have to figure out an exclusive idea that is scalable, then the idea can float well. Here are a couple of factors that have accentuated the growth of the Fashion e-commerce Business -
1. Increased Mobile Usage - With the increased internet and mobile usage, currently people shop remotely and have regained the trust to shop. Earlier, customers used to refrain from online shopping but now they engage well. Statistics suggest that there will be 780 million connected smartphones in 2021, compared with 359 million in 2016, according to a study by Cisco Systems. The biggest challenge the industry was facing earlier is ratio of COD vs Online payments because in India mostly more than 90% audience used to COD, which was a major challenge any Fashion E-Commerce startup used to face, as that hampers your cash flow. Currently, there is a rise in the usage of the plastic money, thus a system has developed, that can reduce returns and increase online payments to get established in this industry
2. Influencer Marketing - Well this is not solely about making the celebrities only wear your designs but there are famous bloggers and social media influencers, who influence a certain set of audience in their network and wear the designs. In-fact not only via influencers, make a social media channel for your brand also and start uploading the correct content.
3. Easy and scalable E-Commerce setup - Presently it is easy to setup a website and with increase in the knowledge, there is an upsurge in the understanding. Your website is a description of your services and the SKU’s are the salespeople asking the visitor to check out the product, maintain an easy to use, a fast website which can be scrolled easily. Make sure to add all the available description, the fewer questions a customer has to ask the more accustomed the customer becomes the product. After your e-commerce model has been setup then make usage of all the marketing platforms like SEO, PPC, email, social, display ads, retargeting, mobile, shopping engines and affiliates.
4. Demand vs Supply - Demand vs Supply rate should always be proportional. Always create something that has high-scope in terms of selling. For Example - The wedding scene in India is evolving. A modern-day wedding is grander in scope than it ever has been. The market size is expected to be as much as Rs 45,000 crore by 2020, which is an incredible figure in its own right, but the idea behind Indian weddings are quickly changing. People still aren’t shy of spending - some spend as much as one-third of their life savings on one wedding - but they are willing to spend it on what truly matters.
Thus summarizing this, if you have an idea then do not refrain from creating value for it. Work on creating and adding buzz for its growth.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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