Ask anyone the name of a fashion-apparel website based in the Middle East, one of the most common names you will hear is “Namshi.” Their success story is no less than a dream. If you are into beginning your fashion website, well, this one could be one of your inspirations.
It is likely to have everything you need if you are looking for high-end fashion and beauty brands. Founded in 2012, this brand celebrates its decade of successful runs this year. If we see the trend, the Middle East is the region with world-class malls, where people love to go, shop, and spend time, so it becomes very difficult for an online fashion retail service to establish itself and be successful. A lot of research, branding, right promotion, and strategy are all pivotal.
For example, they targeted the right consumer base, women for whom shopping at malls is rather difficult. Their strategies worked like a charm, and soon they were receiving orders from all over the Middle East. Presently they are operating worldwide like Namshi USA; however, their headquarters remains in the Middle East.
If you find the idea of having your online retail store for fashion brands intriguing, well, you are in the right place. A lot of mess goes behind the success of any brand. Taking an idea and turning it into a tremendous success requires a lot of time, money, creativity, determination, hardship, and perseverance. Today, we will unveil the secrets of triumph and learn the strategies that made this brand a true example of a success saga. Here are five strategies for you to adopt:
You must be thinking my products are already decided—fashion apparel. If only it were that easy. Even in fashion apparel, you still have to make decisions. Your decisions should be based on research. So go ahead, take your time, research your target customer range, and find out what will work the best. There are many things that require your attention, like culture, ethnicity, demand, sales, profit margin, and ease of supply and delivery.
While selecting your products, discuss their packaging details with your supplier as well. Your product must make it to your customer without any damage. You must thoroughly know and understand product manufacturing, materials used, and other related details.
Ask yourself, why would someone visit your website when the same thing is available everywhere? So, you must have some exclusive products in your catalog. You can talk to local boutiques or small business owners to collaborate and add their exclusive products. It attracts customers and helps you build a loyal client base.
Pricing is the part that decides if your customers will click the buy option on your website. So, you must price your products very carefully. Knowing how much to charge for a product online could be tricky. You would want to present a decent deal to the consumer, cover all your costs, and make a healthy profit without appearing exorbitant at the same time.
There are three strategies that help you set your pricing.
1. Value-based ecommerce pricing: It considers the time and money that went into product manufacturing and delivery.
2. Competitor-based ecommerce pricing: As the name suggests, pricing needs to be set to beat competitors, so your website does not appear costly.
3. Cost-based ecommerce pricing: This one considers the total cost of marketing, packaging, manufacturing, and all other expenses.
Any kind of pricing you pick, market research is a must. The way you set prices for your items or services is going to decide your price factor. Your price factor should include the advertised price, credit conditions, payment options, as well as any discounts, sales, or other payment arrangements.
Strategy: Most e-retail companies like Namshi use dynamic pricing and price optimization techniques. AI and machine learning can broadly help with dynamic pricing, saving you time and energy. If AI is not a viable option for you, we suggest you get one and be vigilant about pricing and fluctuations in the market or other e-commerce sites and set your price accordingly. You may also choose to provide your customers with an hourly deal.
It is not the time to show modesty. You need to promote your website. It has the potential to be quite expensive. Sales, public relations, direct marketing, advertising, sponsorship, and social media! You can use any or all of these means for promotion. Before making a promotion choice, do your homework and run a return-on-investment (ROI) analysis.
Also, the following points should be kept in mind before making the final decision:
Strategy: Our pro tip is to spend most of your energy in defining your target market. Instead of big celebrities, contact influencers. You can concentrate your efforts on enhancing and implementing your strategy once you have defined the target. Have a credible plan in place that is both repeatable and scalable to your customers and also provides them attractive offers.
There can be many strategies to promote your website. Build rapport with bloggers and social media influencers. One of the most reliable sources for product suggestions has always been friends and family; they can be heavily inspired by influencers. Organize a promotional contest with enticing prizes. Make product videos and create Instagram trends that feature your website name or product.
An efficiently working team is the lifeline of a running business. So once your plans are in motion, you need to hire the right set of employees to make sure they support the lifeline. New employee hiring should be a lengthy and comprehensive process.
Make a list of the qualities and ideas that you want for your staff before recruiting them. Prepare a set of interview questions based on your needs once you've decided everything. Experience is always beneficial; thus, having a few experienced members on the team will always be beneficial. Before you hire someone, do your research. Organize all your papers.
If you want to grow your business, you must consider your staff. You should also consider staff training so that they can deliver the best service possible and meet customer expectations. If you want to grow your business, you must consider your staff wisely.
Strategy: Set principles and moral background on which you want to build your future empire. If in doubt, go for the experienced ones; they seldom fail you. Fix salaries that fit in your budget. Keep your team motivated and discuss your plans with them so they understand your determination and walk along with you. Prepare yourself to work hand in hand with your hired team.
Most e-commerce companies start with one person, but as they grow, a small team is needed. When you have a team, you need to manage it as well. Also, you need to decide your location, logistics, service standards, shipping prices, and market reach.
It is advisable to concentrate on the core three principles of a successful business like Namshi. These core principles are:
2. Customer acquisition
3. Customer retention
These principles make decision-making easy. If any issue arises, ask yourself questions about your product’s quality and availability and will it help build or increase your customer base.
Your inventory, product management, and packaging need to be impeccable. Just imagine, your marketing techniques are spot on, yet your product suffers from a high rate of damage upon shipment. Embrace machine learning or AI wherever needed while focusing on the right demographics.
Another important aspect is earning your consumers’ trust. They say trust building may take time, but in the time of e-commerce and online business, you can build trust quickly. You have to focus on customer satisfaction. Your terms and conditions should be thoroughly clean and easily understandable.
Your refund policy and customer service should be impeccable. Reach out to your customers for reviews, make sure your products are well packed and damage-free. Use a reliable delivery service because good customer service builds a loyal consumer base quickly.
If required, you may collaborate with other small business owners or start-ups. You should also focus on earning a healthy profit while managing all that. This is where Fashinza can come into the picture and help you succeed with your venture. With the help of our experienced team, you can gain that extra advantage in executing your plans and strategies. We provide end-to-end solutions curated specifically for the fashion industry. We specialize in the entire production process, from design to delivery.