Rethinking The Multi-Brand Retail Structure In The United States
Even before COVID-19 struck, multi-brand retail, especially in the fashion sector, had already started gaining much popularity. Now, in the aftermath of the global health crisis, the traditional model of retail selling for individual brands is becoming gradually obsolete. The trend has been further fueled by the number of standalone fashion retail USA stores closing down in large numbers and even the topmost fashion brands facing a serious economic crisis.
Now, as most countries are opening their economies, major stakeholders within the fashion industry across the globe need to reconsider the multi-brand retail structure. This has been necessitated by the fact the pandemic has changed the perspective of people towards spending their hard-earned money on branded fashion shopping. As such, upgrading the multi-brand retail structure to match changing customer needs has emerged as the key to ensuring its unhindered success.
Understanding Changed Buyer Trends And Preferences
By the beginning of 2020, market pundits were already predicting significant growth in online shopping. But when the pandemic forced people to stay indoors for months, their dependence on online buying saw a humongous increase. The uncertainty resulting due to the pandemic and the implementation of long-term lockdowns to contain the spread of the virus, most retailers opted to keep their shutters down. This further pushed people to seek online options for their various needs.
This considerably changed the perspective of people in terms of shopping for their favorite fashion brand online as compared to a physical store. Customers discovered the fun of being able to explore options from leading fashion brands and then some without the need to run from one retail USA store to another. Apart from providing them an extensively wider choice of options, they were also able to save money through discount plans, cashback schemes, and the freedom of paying through EMI’s.
Changes To Be Implemented In Multi-Brand Retail Structure
In the wake of a reduction in COVID-19 restrictions and the gradual revival of economic activities, the fashion industry in the USA is gradually getting back on its feet. Many experts believe that investing in multi-brand restructuring can prove highly beneficial for the industry and ensure a faster recovery from the recession bought on by the pandemic. Discussed below are some key aspects that should form an integral part of any restructuring strategy to make it successful and get the desired results.
Greater Focus On Promoting A Lifestyle
Unlike the standalone brand retail USA stores, the multi-brand options need to focus on promoting a good lifestyle rather than just specific products. This is essential to present a broader picture to their customers and thus help them to enjoy an immersive lifestyle experience. The important thing to understand here is how customer preferences for fashion have changed over the past two years.
Today people are showing a greater interest in buying casual wear, activewear, home categories, and beauty products, rather than spending money on previously popular products such as handbags and formalwear. Any restructuring strategy needs to focus on offering a superior and exclusive buyer experience based on these statistics. It can go a long way in satisfying the fashion needs of customers from diverse backgrounds and building a successful multi-brand retail structure.
Integration Of Digital Technology Solutions
Digital technology has influenced the fashion shopping experience of the masses in a big way over the past two years. Even the most inexperienced customers have become addicted to the ease and fun that technology brings to their whole shopping experience. That is why making digital technology solutions an integral part of the multi-brand retail structure has become a necessity. As the emphasis on innovation grows, multi-brand fashion retails need to think about leveraging the unique capabilities of digital technology to create entirely new and exclusive shopping experiences for their customers.
Some ways in which digital technology can help in strengthening the multi-brand retail structure include real-time inventory management, predictive analytics, AI-powered search, and personalization and customization functions. In addition, promoting sales through digital and social media channels and personalized mobile apps also need to be factored in as a part of the restructuring strategies. Multi-brand retail USA stores also need to work on strengthening their online presence through better customization, community-building, and offering improved online shopping interfaces and deliveries to their customers.
Bringing In Brands That Promise Sustainability And Purpose
The one thing that the pandemic has bought to the fore is the need to build a greater number of sustainable and socially responsible brands. Bringing in such brands can help in giving the customers the hope of a bright and safe future. Offering products from such brands will also ensure the customers that the retail USA industry is committed to accepting their environmental and social responsibility and operating in a manner that helps them to fulfill the same.
It is perhaps to this end that a majority of multi-brand stores across the country are seeking out local businesses or working with companies that promote more eco-friendly fashion options. Customers are more likely to feel comfortable buying even from lesser-known brands that promise to offer more value in terms of lesser impact on the environment and better quality and pricing.
Ensuring Better In-Person Service
Providing better in-person experiences is something that is the need of the hour for building a strong multi-brand retail structure. This may include holding events or offering special experiences and services in-store for customers to make their shopping experience truly exclusive. Such offering not only helps in attracting a greater number of customers, but also inspires them to stay and spend more time exploring the diverse product range, and spend more on buying them.
In-person services can no longer be limited to offering sales support, handling complaints, and managing returns and special requests. However, it is important to plan such services in the right manner and at the most opportune time. Moreover, it would also require conducting thorough research to understand the interests and tastes of the target audience to come up with the best ideas.
Multi-brand retail is the next big thing, and Fashinza can help you maximize its benefits by helping you to source clothes from the best brands as per changing customer needs and preferences.