For decades, marketers have spent every last cent they had tailoring their retail sales strategies to appeal to Baby Boomers. Boomers, once the largest generation, have now been overtaken by Millennials, who are the largest living segment of the population. Millennials, who are roughly ages 18-36, are the generation everyone loves to hate, dismissing them as lazy, whiny, and unwilling to work. Continue reading “Millennials vs. Baby Boomers: Retail Sales Strategies That Appeal to Both”
As the holiday shopping season looms large over the rest of the year, some retailers may be terrified to realize just how vital a role pricing plays in influencing customers’ purchase decisions. More so than ever, holiday sales like Black Friday and Cyber Monday incite consumers to become more savvy in hunting down deals.
When it comes to pricing, however, a few small adjustments could decide whether you wind up with a trick or a treat this fall. In fact, it’s so scary easy to update your approach to pricing that there’s no reason your customers shouldn’t be howling in delight this Halloween. Continue reading “10 Scary Easy Pricing Tricks & Treats”
Remember those Wild West movies where the cowgirls wore jackets and boots with fringes? Or go back to the Native Indian Americans- I remember watching even Disney’s Pocahontas dressed in a fringed skirt! And let’s not forget the old Bollywood flicks- where the villain would be dressed in a fringed shift jacket- and a head scarf or hat- so you cannot know his identity!
The “fringe” is back now- on the runways and the streets. Boots, jackets, dresses, clutches, sleeves, pants, everything seems fringed. The London and New York Fashion Weeks brought the “fringe” back into our lives this year.
The fringe has great potential, as the fashion makers have realized! We saw fringe all over the spring 2015 runways and now it has made an appearance at big shows like Ralph Lauren Polo and Mara Hoffman. While BCBG showed off the trend in a more dressed down way, Bibhu Mohapatra infused fringe on evening gowns, making it a great trend to try for a cocktail party or wedding.
The ephemeral global apparel business is a challenge to stay in and adapt to. The size of the global apparel business is growing exponentially and is expected to generate double digit growth between now and 2020, much of it coming from developing markets.
In a world so saturated with choices, retailers and manufacturers are having to change their ideas about fashion with the speed of light, or perish!
As a Data Analytics Lab, specializing in retail, with a deep and intuitive understanding of the apparel- retail industry, we at IntelligenceNODE have been studying consumers of fashion for quite some time. And our observations have been very interesting, especially from a retailer’s perspective.
We discovered 3 main types of fashion consumers:
These days, whenever one looks at the huge store front of the Vero Moda store, Mumbai, there is, almost always, a sale going on. With so many offers, discounts and an amazingly intuitive collection, Vero Moda offers affordable style to the modern Indian woman.
There are many international brands in the Indian retail market today- and yet, Vero Moda is one of the few that has queues outside on sale weekends, beginning from early in the morning- hours before the store actually opens. The atmosphere is like the entry to an elite club, complete with bouncers allowing one person inside at a time.
Mobile is becoming the integrated platform to get almost everything done today. And retailers are very aware of this fact. A lot of know- how, reports and miscellaneous facts exist online and offline about mobile platforms.
This knowledge is now becoming a healthy return on investment for many businesses. Consumers are now using mobile devices to shop, exchange ideas and create personal histories. Ecommerce websites and etailers are cashing in on this deluge.
It is not just a passing fad though; it is a way of life. According to forecasts, worldwide business-to-consumer e-commerce spending increased by 20 percent in 2014, reaching $1.5 trillion in sales. Ecommerce has clearly outpaced many other industries today. It has in fact become a medium for most industries to increase their customer base.
Mobile commerce is, for most intents and purposes, user centric. It focuses on the consumer. Everything from aesthetics to ease of use that you might wish for, as the consumer you get it! In fact, after taking years to build an online presence, retailers are only now beginning to cash in on all that hard work.
E-Tail has become a booming business all over the world. While online retail contributed just about 0.4% of the overall retail market in 2014 (India), it is expected to reach 3 per cent of the total retail at $32 billion by 2020, according to a Technopak study.
This is supported by the mobile internet traffic statistics as well. Mobile data traffic in India is projected to grow 24-fold between 2013 and 2018 at a CAGR of 88 per cent. Clearly, an indication of the way the winds blow.
But as amazing as the ecommerce numbers sound, there is an aspect of e-Tail that we all have not given much thought to. Ever wondered what happens to those products that we order online, maybe try out, and send back to the e-Tailer?
The big data trend has been gaining traction rapidly in the international markets. Almost all the multinationals have their own data analytics arm; or they outsource this service from the many data analytics companies that excel at it.
But, it is undeniably true that many organizations today are making data waves. But, it is also the undeniable truth that most Small Businesses are yet to join this bandwagon. It’s been estimated that with the rapid spread of mobile devices and the “Internet of Things,” the world is generating more than 2.5 billion gigabytes of data every single day.
The environment we live in today is saturated with so many elements, that it has become difficult to think of human civilization without these. And yet, the presence of these implies that “civilization” is more than a way of life; it is the comfort that we all have become used to living in.
But this picture has an anomaly. The absence of green, the presence of garbage, the absence of enough oxygen, the presence of a rush hour, all of these seem somehow unnatural. Of course technology has advanced leaps and bounds. And we live in a world connected with wires and satellites.
But all of this comes at a price. The quick depletion of our natural resources, the labor of our fellow humans; these seemingly infinite things are finite. And we are only now realizing that we may have unknowingly put ourselves between the hammer and the anvil.
It is at times like these that history can rescue us. The ancient people were, to use a Hindi word, “doordarshi” or visionaries. They understood that their actions had repercussions. And to this end, they tried their best to treat their environments reverently.
There are countless examples of how people, especially before the industrial revolution, believed not in ‘exclusivity’ but in ‘inclusiveness.’ Their homes, their lifestyles, etc were all a reflection of this belief. This is evident in architecture, food, medicine, and culture that has been given to us through the ages.
Every culture in the world comes with a set of norms and rules. And the way one should dress happens to be one of those unspoken norms that govern popular conscious. Society decides what is appropriate and what is not for various gender, ethnic groups, etc.
Although these days dress has become mainstream everywhere, there are still groups of people that adhere to traditions. And ethnic wear is one of those long standing traditions that have gripped the imaginations of designers everywhere.
Which is why, the ethnic wear industry in India today comprises 75% of the total women’s wear market, at USD 10.82 billion. This is a huge number, considering the fact that the Indian Apparel market is presently valued at USD 39 billion and expected to grow at a CAGR of 9.5% to reach USD 60 billion by 2017.
With more than 10 million women joining the workforce, the apparel industry is expected to gain a potential 35 million consumers by 2020, according to a Technopak report. These numbers are clear indicators that modern and comfort based dressing will not erase centuries of traditional ideals.
Ethnic wear, especially in India today, is most popular during the wedding (read winter) season in India. Weddings see a variety of ethnic and traditional dress styles coming together. The challenge for most designers and retailers, though, lies in deciding what will earn those profits as well as brand recognition.