Due to the global pandemic, fashion consumers are transitioning from in-store to online shopping.
Marketing teams can lead the change. They can help their companies go omni-channel by using a fashion-specific product information (PIM) technology to:
Omni-channel retail is a way to mitigate risk, engage with consumers on a deeper level, and convert them into loyal customers in the long run. To help their companies adopt omni-channel retail, marketing teams must adjust their strategies to expand their online presence – and PIM technology enables them to do so.
During the Covid-19 crisis, the world saw renowned fashion stores and brands – pure offline players - file for bankruptcy. As fashion consumers are shifting from in-store to online shopping, it has become clear for fashion companies that omni-channel retail is no longer just a trend but a necessity. Omni-channel retail is a way to mitigate risk, engage with consumers on a deeper level, expand the average basket size, and convert consumers into loyal customers in the long run.
To help their companies adopt omni-channel retail, marketing teams must adjust their strategies with the help of PIM technology. For this, product information management (PIM) technology is a quick, reliable and efficient solution. This all-in-one solution helps users gather, store, enrich and format product data coming from stakeholders involved in the product development and go-to-market process. Core product information just has to be entered once into the system, and companies can format and publish this data online automatically according to the specific requirements and regulations of different sales and social media channels.
During the peak of the Covid-19 crisis, prominent American department stores J.Crew, Neiman Marcus and Stage Stores filed for bankruptcy. While this seemed like a surprise to the world, fashion insiders already knew that these companies were facing problems well before the outbreak that merely served as a catalyst. The problems all stemmed from this one issue – they were all almost-pure offline players, and relied mainly on just one channel- their brick-and-mortar stores- for most of their revenue.
Meanwhile, companies that have adopted a ‘digital-first’ marketing approach and mastered the omni-channel retail game before the crisis are staying afloat or even thriving as quarantined consumers are transitioning from in-store to online shopping. Brands and marketplaces such as, Amazon, Taobao and Nike with a good online presence, social media strategy, digital infrastructure, and return policy are conquering more consumers. Companies that were also the first to recognize new consumer needs, such as more transparency, environmental sustainability, and better shopping experiences are also succeeding.
It is becoming clear that omni-channel retail is no longer just a trend, but a necessity. There is a cloud of economic uncertainty hanging over the industry – but it’s clear that the crisis has changed consumer behavior for good, and the faster companies accept it and digitally transform their businesses, the better. While many are already competing to have the best omni-channel strategy, some are still struggling to implement it. And it is easy to understand why. Adding more channels means having to handle higher volumes of product data and hire more people to manage and communicate it. It is also risky to expose your business through so many channels, because one communication faux pas can easily destroy your brand image, and cause you to lose customers, especially in a cross-cultural context.
For fashion companies that are trying to either overcome these rite-of-passage hurdles or improve their current omni-channel strategy, product information management (PIM) technology is a quick, reliable and efficient solution. This one-stop-shop software allows users to gather, store, and format product data coming from all teams involved in the product development and go-to-market process. Companies can use PIM to publish this data in the form of product catalogs automatically through different sales and social media channels while complying with specific requirements and regulations. Although PIM technology already exists on the market, fashion companies tend to overlook its value and regard it as a mere product content aggregator, which is a pity. Because when chosen specifically for the fashion market and used properly, it can serve as a powerful tool for companies to broaden their online presence, curate the product experience for each channel, communicate with their target consumer groups effectively, and finally, convert ‘likes’ and interest to real purchase decisions.