LONDON--(BUSINESS WIRE)--The fashion retail industry is faced with various changes that are expected to propel growth in the coming years. However, this is causing multiple challenges for fashion retailers, including rising competition from other stores and brands and the rise of online and eCommerce options for customers. Without efficient omnichannel business models and marketing strategies, fashion retail industry players will lose ground to department stores and specialty clothing brands. Infiniti’s customer intelligence solutions enable brands to revamp their traditional models, implement new marketing strategies, develop personalized offerings, and adopt efficient customer-centric approaches.
To champion the fashion retail industry with efficient omnichannel business models, personalized marketing strategies, and novel offerings by leveraging our customer intelligence solutions, request a free proposal.
“As customers are moving seamlessly between online and offline experiences, fashion retail brands need to facilitate these transitions best. Adopting a customer-centric approach is becoming inevitable for companies in the fashion retail industry,” says a fashion retail industry expert Infiniti Research.
Business Challenge:
The client, a fashion retailer based out of Central Europe, offered huge discounts to customers to increase their customer retention and acquisition rate; consequently, causing a price war and a decline in the client’s profit margins. Additionally, customers’ fluid movement between online and offline channels led to challenges with meeting demand and caused a decrease in sales over two consecutive years for the client. Therefore, the fashion retail industry client chose to partner with Infiniti Research and leverage our expertise in offering customer intelligence solutions to gain comprehensive insights and devise personalized marketing approaches according to customers’ preferences. During the ten-week engagement, the client also sought to develop an omnichannel business model, take new initiatives to address supply chain challenges, enhance customer loyalty, and build a customer-centric and personalized marketing approach.
Our Approach:
The customer intelligence experts at Infiniti Research developed a four-phased plan. The approach to help the fashion retail industry client included the following:
- Evaluating and understanding customers’ needs, preferences, and demands with a customer needs assessment
- Analyzing the reaction and satisfaction of customers with regards to their offerings using customer satisfaction analysis
- Helping the client improve inventory management according to potential market demand identified by our demand management solution
- Devising a productive marketing and sales strategy through our marketing strategy engagement
Business Outcome:
With the comprehensive insights gained from Infiniti’s customer intelligence solution, the client successfully personalized their offerings to meet customers’ requirements and increased their market shares. Further, the fashion retail industry client realigned their marketing approach and distribution process by segmenting customers and understanding their demands. Consequently, the fashion retailer efficiently implemented its customer segmentation approach, revamped its delivery system, and improved its distribution and sales process according to their customers’ needs and demands.
By leveraging Infiniti’s customer intelligence solution, the fashion retail industry client was also able to:
- Reduce their customer attrition rate by 13%
- Gain 7.5% retail share in their new product category
- Generate millions of dollars in revenue
Speak to industry experts to understand how customer intelligence solutions help fashion retail industry players evaluate customers’ needs and preferences and develop personalized offerings to increase customer acquisition and retention rates.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to analyze competitive activity, see beyond market disruptions and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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Nice blog about fashion retail industry.
ReplyDeletehttps://www.yourretailcoach.ae/fashion-retail