Throughout the retail space, so many trends come and go that sometimes it’s difficult to know what methods are effective and which ones are simply dead ends. In fact, one of the most heavily debated ways in which a business can deliver its products to consumers remains to be dropshipping. Continue reading “Dropshipping: How Effective is this Model Today?”
Marketing your product online isn’t what it used to be. In fact, it has gotten a whole lot more difficult to get consumers to notice your business among all the competition. Without a sound marketing strategy to guide you, you’re certain to face an uphill battle simply to establish long-term customer relationships. Yet, hope is not all lost when it comes to reaching your target audience. There are still a few tips and tricks that could help you connect with consumers. Here are a few ways you can effectively market your product. Continue reading “8 Best Ways to Market a Product Online”
When launching a business, pricing isn’t necessarily the sole deciding factor in how well your product or service will perform. However, it is certainly a major contributor to your company’s potential for long-term success and not a decision to be taken lightly. More specifically, your price point — that is, the suggested retail price you put in place to win customers — often helps to define your business, what it stands for and the consumers your product attracts. Continue reading “How to Define a Price Point that Will Push Out Competitors”
You had a brilliant idea, but someone else had it too and they got their product out there a little bit quicker than you did. This can be discouraging, especially if this other company is doing very well. Still, this does not mean you no longer have a chance of appealing to your market. There simply are some details you need to address and refine. Continue reading “How to Lap a Competitor That Beat You to Market”
People can be extremely picky about prices. Most American consumers are looking for the highest quality item for the lowest price. This can make things challenging for those hoping to make a profit in return for providing the product. The treasured secret to a successful business is having the right system to price things properly. With the right price, you can make all of the money you put into the business back and then nurture the company as it grows. Continue reading “How to Price a Product at a Rate That Flies Off the Shelf”
Sure, the customer experience has always been a key aspect of any sales-driven business. Yet, the proliferation of eCommerce and the fact that seemingly limitless retail options now exist has made putting customers first not only a priority but, in fact, the most important aspect of your business.
Delighting eCommerce customers — that is, providing such comprehensive and mindfully strategic service that they are enticed to return time and again to your business — is such an indispensable benchmark that it may be worthwhile to re-evaluate your existing processes to tailor them specifically to this objective. Here are some of the best ways to do just that. Continue reading “9 Tricks to Delighting eCommerce Customers”
With the rise of online retail, the sales game has evolved by leaps and bounds. Strategies that once proved to be surefire ways to secure business have become obsolete, leaving companies scrambling to develop new tactics to beat out their competitors and rein in customers.
Still, while much has changed in how sales-driven businesses approach the future, at least pricing remains a constant factor in persuading consumers to consider one company over another for the same product or service. One such strategy that seems to be heating up is variable pricing. Let’s look at this one a bit more closely. Continue reading “How to Take Advantage of Variable Pricing and Win More Customers”
So we’ve been an entire month into the New Year, and while we were still in the post-party season detox mode, retailers across the US were already out with up to 80% discounts on the merchandise that was “fresh” and “new in” just before Christmas. The holiday season of 2016 saw an overall surge in discounts after the Black Friday/Cyber Monday sales; a shift in the dynamics of retail sales calendar in the States accounted to be driven by millennials who apparently shopped way early before Thanksgiving, and more later.
As Black Friday virtually stretched over for two months in 2016, e-tailers have been more cautious than ever in rolling out new stock. How has that affected the party-wear business? Intelligence Node investigates with its proprietary SaaS-based tool, Incompetitor™ analyzing data points derived by mapping 1 billion unique products across 130,000+ brands for more than 1100+ categories every day.
Traditionally party wear dresses are broadly categorized as ‘evening dresses’. Google search queries for ‘evening dresses’ decreased by 4% for the US and 3% for the UK in 2016. But it doesn’t necessarily confirm a declining interest in party dresses. ‘Cocktail dresses’ in the US went up by 13% and ‘party dresses’ up by 13% in the UK. Off shoulder ‘bardot dresses’ were searched 162% more this past year.
If we have to describe the mood for party wear business in 2016, we’d use “cautious”.
We looked at the generally favored timeframe for introducing new stocks in partywear, which is early December, just at the hem of Black Friday weekend in November. Our data indicates a mere 2% increase in average in stock dresses compared to Dec 2015, despite in stock in the apparel category going up by 35% overall. This could be attributed to Black Friday looming over since September and the fact that this is the year ‘see now, buy now’ business model was adopted in one form or another by a rising number of brands and retailers. It renders the time-frame for buying partywear hazy, giving rise to continual discounting and simultaneous collection launches since as early as September first week.
Jumpsuits and skirts fared slightly better, 3% & 5% respectively, giving how velvet overalls and metallic pleated skirts have been a rage in the evening wear category. Search queries for ‘jumpsuit’ went up by 49% in the US; zooming in, ‘black jumpsuits’ have been searched 51% more according to Think with Google Report. Pleated skirts were having a moment, with a 33% increase in interest by end of 2016.
Discounting trends across different price/market segments for the last four months show an interesting insight into how conventional retailers differ from fast fashion brands and luxury e-tailers when it comes to holiday discounts. Macy’s, JC Penny, Barney’s, Nordstrom etc. still give heavy discounts over Thanksgiving weekends, whereas the newer, more dynamic players like Zara waited it out until the 2nd week of January to push sales. Luxury e-stores had a foot on both sides of the Holiday season, extending discounts from Black Friday right up till the end of January.
Dresses have been discounted more than skirts and jumpsuits in 2016 compared to 2015. Overall the “occasion wear” and “evening wear” have seen more slashed price tags than last year. Discounts were up by 11% in dresses and 8% in skirts. For a 2016 trend, discount rates on jumpsuits were not very encouraging. We saw an increase of 10.5% from 2015; just as much as dresses, indicating a failure to spike enough, considering the pre-Fall confidence in the category.
On the upside, the Luxury segment did quite well in the dresses department. 97.9% were out-of-stock at full price by end of December. Significantly more than accessible brand stores (87.3%) and way more than fast fashion brands (36%). Overall 45% of the stock in dresses wasn’t discounted at all in the Nov-Dec holiday season.
Compared to 2015, e-tailers were well-stocked this year. Average out-of-stock items were down by 16.77% for dresses and 14.92% for jumpsuits. Skirts saw the average out-of-stock rate decreasing by 19%. Could this mean that 2016’s pleated skirts were more successful than 2015’s voluminous midis? Maybe, for we saw velvet dresses neck-to-neck with pleated metallic skirts to gain the top spot, even during a colder last week of December.
2016 has seen some very strongly defined trends, dresses being on of the favored categories. Velvet dresses, off-shoulder/cold-shoulder dresses, slip dresses, metallics, sequins & ruffles made a splash this fall and overlapped across occasion wear, evening wear, and casuals- making them prevalent everywhere you laid eyes.
The overlap was not just confined to categories. About 39% of styles had a combination of two or more of these attributes. Off-shoulder velvet dresses, sequined slip dresses, ruffled velvet dresses, metallic ruffled dresses- and so on. The 90’s influence was heavy this holiday season, with Kate Moss’s iconic slip dresses making their mark alongside velvet Bardot numbers.
While this holiday season has seen ambiguous trends in holiday discounting and sales, across the past four months, retailers have been able to cash in on a handful of styles in dresses and skirts, thanks to ‘star’ items that hadn’t been around the past few years. It would be wise to gear up for the coming year with pricing strategies that tie-in discounting seasons as well as full-price (virtual) shelves to hit the sweet spot in e-commerce buying trends. Take note that your customers will expect bargain deals all year-round, and will spend on new collections, albeit cautiously. Now is the time to get a dynamic pricing automation strategy to feed both the proverbial beasts.
Want to infuriate your customers, destroy your reputation, and lose money? Of course you don’t. Ecommerce fulfillment problems are one of the fastest — and most common — routes to lost business, particularly among large brands with massive inventories. So what are the most common glitches? And how can you fix them? Continue reading “9 Common eCommerce Fulfillment Problems and How to Fix Them”
No business is complete without an effective supply chain, but deciding on the right supply chain strategy to govern your business processes is far easier said than done. No matter what your product or service is, running a business is a complex endeavor fraught with as many pitfalls as opportunities. Continue reading “Characteristics of an Effective Supply Chain Strategy”