“2017 has become the year for online fashion retailers to captivate the millennial market through cheap fashion, online social influence and consumer convenience, resulting in phenomenal growth and financial rewards.” According to Ian Tomlinson, CEO of Cybertill and Cloud EPoS pioneer.
Fashion is personal to each individual, some are more gregarious and like to express their personalities through the way they dress; others opt for a more reserved approach, especially for the business environment. Amongst these extremes are the comfort of jeans and t-shirts but one thing is constant and that is keeping up with the latest trends and the need for fast fashion.
As a retailer you need to keep one eye on future trends, from fashions to experience and customer expectations. Today’s consumers, in particular the millennial market, are expecting more from their shopping journey, they want to be entertained, engaged and have easy access to what retailers are offering, through more than one channel.
Multi-channel retail is crucial to keeping up with these trends, without this offering fashion retailers risk being left behind and losing out on vital sales. Cloud EPoS is at the forefront of enabling multi-channel for fashion retail systems and can be shaped around your individual requirements.
September saw a 2.2% decline in high-street footfall, following on from declines in August and July. Are consumers still unsure about spending money whilst there is so much uncertainty around the UK market? Or are people opting for the ease of online and shopping from the comfort of their own home? Either way consumers are not rushing out to spend money on the high street.
One way to help combat the drop in footfall is to provide your customers with more options. Sounds simple but it is something retailers will need to invest in, you need to think about what your current needs are and the future aspirations of you and your business. It may be that you rethink your fashion EPoS retail systems…
8 tips that can help you keep up with the fast paced millennial:
- Implement real-time stock across every channel and location, so you don’t miss out on valuable sales, fulfilling all orders whether online or in store.
- Make the most out of your matrix products by creating as many options as possible tailored to your business. No matter what style, colour, size or material the item is, you can effectively segment each item, making it easy for staff to identify what is in stock and what needs replenishing.
- Offer your customers a hassle free shopping service with click and collect, click and deliver, reserve online and buy in store or buy in store and deliver to home. Providing people with more choice for delivery provides flexibility for you and your customers that will keep them satisfied and encourage loyalty.
- Millennials are increasingly reliant upon technology for speed and service, so it’s no surprise that you should consider mobile PoS. Not only used for queue busting during busy periods, mobile PoS enables assisted selling, selling off-site at events and in pop up shops and extending the digital aisles.
- Customer retention tools can be a decisive factor with millennials when choosing where to shop. Targeted promotions run through social media can help you create dialogue and offer a more personalised approach, with loyalty schemes adding value to customers.
- Gift cards are a great way to encourage sales, as on average shoppers spend over 40% more than the value of a gift card, especially when they can be redeemed across all channels.
- Fashion retailers rely on forward ordering for the next season stock, which can become difficult if your retail EPoS system doesn’t provide you with the insight you need to forecast sales. Implementing a system that prevents you from over or under ordering means you are unlikely to damage your bottom line.
- Increasingly consumers are expecting a more personal approach to retailing. If retailers can’t find out crucial information about their customers then the chance of creating personalised promotions and up selling are likely to be impossible. Retail software that provides you with the ability to create customer accounts and store vital information, securely about your customers will keep them engaged with your brand and boost retention.
Rachel is passionate about retail and the ever-changing retail technology environment, with a keen eye for upcoming retail trends that are set to shake up the sector.
