Are you thinking of establishing a business this year? If yes, then one of the industries that you might be considering right now is the fashion industry.
Unlike before, being fashionable is more important and one of the reasons might be because we are more connected to each other now. Hundreds of people can see what you are wearing just by logging on to their social media accounts.
The “outfit of the day” or “OOTD” hashtags online also made a big impact on how we dress up. Today, it’s very important to stay fashionable.
Along with this trend, people are also getting more and more encouraged to take a chance in the fashion business. It’s exciting and fun to have a business that makes people look good and make them feel more confident.
However, as a businessman, you might be a little hesitant to take the plunge especially if it’s your first time to start a business on your own. You are looking for something that will make your money grow. And of course, you want to be sure about your investments. Which is why you might have a lot of questions if a business in fashion is profitable for you.
The Statistics
If you are planning on building a business today, it’s important to think in advance if your business will be sustainable and profitable for the coming years.
As for the E-commerce fashion industry, its worldwide revenue will continue to rise. This 2018, the industry was able to generate a revenue of $481 billion. But according to a report, revenues are expected to reach $712.9 billion by 2022.
Now, this growth is caused by four main reasons. The first one is the expansion of global markets outside of their countries. More and more people are able to adapt to fashion trends and businesses are no longer limited by their locations.
The second reason is the popularity of smartphones and the increasing access of people online. Today, everything is available online. And this doesn’t just include information, but also online shopping. What makes everything easier are smartphones which gives so much power to buyers these days.
The third reason is that middle-class people are also getting more disposable income, which means that they will be able to spend more. And the last but not the least, technology is making e-commerce better for both the buyer and the seller.
The Strategies
Now that you know the important statistics about the fashion industry, you also need to be aware of the strategies that you can use if you want to get started on your business.
#1: Personalize
If you’re going to build a business in fashion, your online presence is important. But aside from this, personalization is also important for your customers. This is a way to make them feel that you care about what they want or need.
You can do this by recommending items that your buyers might want based on the data that you’ve gathered from them. It’s vital to track the behavior of your audience so that you can recommend or give them the items that will suit them.
Another great idea that will make your loyal customers’ shopping experiences better is to give them a virtual styling assistant. This will make them more excited about buying from you!
#2: Innovate Your Business
No matter what industry you’re in, when it comes to business, innovation is something that you need to pursue. This is not just for the customers but also for you. One of the things that you can give for the buyers is a more sophisticated website that has a variety of features like online sizing. When people buy online, they are often scared that the item won’t fit them. To solve this for your customers, you can try smart fitting technologies. It will make things more convenient for your buyers, and also for you since it can lower the number of items that will be sent back because of the wrong sizes.
Meanwhile, for your business, you can also take advantage of new ways to run your business. An example of this is using websites like sewport to find manufacturers, freelance designers, garment factories, and other kinds of services that will help your business. Platforms like Sewport will give your business the efficiency that it need.
#3: Big Sale and Promotions
Sales or promos are sure to grab the attention of customers. Big brands in the fashion industry do a lot of promotions for their loyal customers. It can be in a form of exclusive offers or price drops. This technique is also used by other brands to sell out items that are already out of season.
Is It A Yes Or A No?
It is undeniable that the fashion industry is thriving right now. If you are planning on investing, then the fashion industry is really a great candidate. The trend and technology advancements both affect fashion in a really positive way. Plus, you don’t need to have millions of dollars to start a fashion business now. So, yes, it is really worth taking a chance.
However, the next question will be what kind of business in the industry do you want to get into? There are a lot of areas that you can choose from.:
- Clothing
- Accessories
- Shoes and Bags
- Jewelry
While you can try all of these areas, you still need to evaluate which one is the best for you. Before picking one, you should seriously consider your passion. Because a business in the fashion industry is not just about earning and being popular. It’s all about sharing what you’re passionate about to the world.
If you are someone who is passionate about fashion and empowering people by making them more confident, then fashion is a business that you should try. When you see what fashion can do for someone’s life you will feel fulfilled and see that your investment is worth it not just because you were able to gain profits, but also because you made someone’s life a little better.
