As the fashion industry continues to emerge from the pandemic, a clearer picture of the future retail landscape is starting to take shape. While there are many predictions on what will happen next, one thing is certain: nothing will ever really be the same, from the clothes people wear to the way they buy them.
However, regardless of what the future holds, below are five key areas fashion companies should focus on to help them be successful in a post-coronavirus world.
Digital Marketing
The online retail world has continued to expand during the pandemic, as consumers were unable or unwilling to shop in person. This was true even for older Americans, who are now the fastest-growing group of online shoppers, according to data from The NPD Group. Armed with a new comfort level and understanding of how online retail can make shopping easier, many of these converts will continue to shop online post-COVID-19.
To reach consumers in an increasingly competitive landscape, it is essential for fashion companies to have a robust digital marketing strategy, even if they want to continue to maintain a physical retail presence. This can include such tools as a regular customer email campaign to highlight new products, special offers or other promotions. A monthly newsletter emailed to clients and posted on a company’s website or blog is also a great way to promote brand awareness and increase customer loyalty. Other effective tactics include digital advertising, advertorials and (increasingly) video posts.
Social Media
The importance of social media for retail marketing continues to grow as new channels become available, and more consumers make it a part of their everyday lives. In fact, a retail brand will no longer be taken seriously by most consumers if it does not maintain a robust online presence. However, some customers may use social media more than others, depending, in part, on their age and background; according to eMarketer, over 90% of Millennials, 77% of Generation X and 48% of Baby Boomers are reported to be active social media users.
Facebook, Twitter, YouTube and Instagram are among the most-used social media sites for retailers. Instagram is proving to be especially popular for showcasing a fashion line’s collections and drops, and it is becoming the first touchpoint for many brands instead of a website due to its immediacy and visual effectiveness.
TikTok is also poised to gain popularity with luxury retailers, not only for marketing their brand to the app’s roughly one billion users but also to potentially monetize its viral content in much the same way Facebook and YouTube already do. According to a recent Financial Times report, TikTok plans to unveil a tool that will enable select users to share product links and earn commissions on sales.
Influencers
Complementing the rise of social media, the use of luxury influencers to promote fashion brands has been exploding over the past few years. With high-profile celebrities, such as Kim Kardashian, reportedly earning as much as $25,000 for each sponsored post, influencer marketing has undoubtedly made its way into the mainstream. However, small- and medium-sized fashion companies will find it more cost-effective to work with an influencer who has a more selective audience that aligns with its customers.
If possible, brands should research which social media influencers their customers follow and align with them. One tool that can help with this is BuzzSumo, which uses its software to research and identify influencers in particular categories.
Search Engine Optimization
Even with the rise of social media, websites are still an essential way for most fashion companies to market their brand, as they are often the first point of contact for consumers. However, it can be difficult to attract new customers in an increasingly crowded marketplace.
A key solution is to employ search engine optimization (SEO), which helps ensure a company’s website ranks high on Google and other search engines. However, choosing the right SEO provider is essential, as the cost and level of service can vary widely depending on a company’s needs. If done right, SEO can be an extremely cost-effective way to grow a business, as it attracts customers who are actively seeking a specific product.
Making a Difference
Increasingly, consumers want to align themselves with brands that strive to make a positive difference in today’s world. According to Euromonitor International’s Top 10 Global Consumer Trends 2021 report, COVID-19 had a strong effect on consumer shopping behavior, and “higher empathy for brands with a strong sense of social responsibility became a permanent consumer demand.” Going forward, consumers will reward companies that focus on doing positive things for society and the environment, giving those brands an advantage over their competitors, the Euromonitor International report also found.
Whatever comes next for the fashion industry, these strategies will continue to become more essential for marketing your fashion business in a post-coronavirus world.
Jeffrey Canouse is chief compliance officer at Madison, a consumer brand development company with extensive celebrity partnership experience. The publicly-traded company works with such leading icons as Catherine Zeta-Jones, identifying select consumer goods segments that are underserved and offer significant growth opportunities. Canouse brings more than 25 years of senior financial management and investment banking experience to Madison, having served as CEO of multiple publicly-traded companies in the restaurant, lending, fintech and beverage industries.
