Have you always dreamed of running your very own fashion retail store? Lining the racks with your own clothing line or stacking the shelves with your brand of accessories? Regardless if you already have your fashion retail brand or not, this guide will get you started.
1. What type of retailer are you?
If you already haven’t, you probably need to figure out your brand and what you want to sell. There different types of fashion retailers. You could either sell your own brand of clothes or fashion accessories or choose to sell a bunch of different brands. Either way, you should decide on what you want to sell and the quantity you’d like to keep in stock. Some background market research on the local demand and competition on your products would be very useful and ensure that you don’t go into this new business venture, blind.
2. Location, location, location!
Many fashion retailers often overlook this factor because they prefer a location with the cheapest rent. While the rent in Singapore is not the cheapest, you can still get great locations for your store while keeping within cost. Getting the right location is very useful investment and if you place your store in the right places with great foot traffic and around your target customers, the sales will come in themselves! You can start by first identifying your target customers and research on where these communities gather. You should avoid placing your first store in a fancy shopping mall if you’re on tight rent budget. While these malls are convenient and offer a large customer base, you wouldn’t want to be caught in a situation where you’re unable to meet rent payments. Choose wisely
3. Interior design
Once you have you have the location of store sorted, you now need to decide on the interior design of your store. Based on the brand and the product you’re selling, you should pick a design that reflects that. A good interior design could also act as a marketing strategy to attract walk-in customers. It would also increase the legitimacy of your store and would reinforce the quality of your products. Choose an interior design that sets you apart from all the other stores. You can easily source for an interior designer here.
4. Marketing and brand awareness
While growing your business organically is important, you should also invest in a solid marketing campaign to create brand awareness and get people talking about your store. There are several ways to go about your marketing campaign and social media should be at the forefront. You can exploit these online platforms and get your store name out. Set up a website, an Instagram account or a Facebook page and start posting curated photos of your product and store. You can gain many followers by joining online communities whom you think might be interested in your fashion products. A well thought-out marketing campaign would improve your sales tenfold. Be sure to engage credible digital marketing agencies, graphic designers or professional photographers to help you out with your marketing campaign and collaterals. It’s always better to get an expert advice on these niche areas. You can find these professionals and related agencies here.
5. Customer traffic and loyalty
The first four steps you have taken so far have all been aimed at improving customer traffic. It goes without saying that increased customer traffic would increase your sales as well. So it is important to observe your customer base and find ways to improve it. You can create a loyal customer base by including a rewards program for returning customers or offering periodical flash sales for your loyal customers. This would grow your loyal customer base, and improve customer retention as well. You should also ensure constant quality checks on your products and provide a convenient and excellent customer service.
If you follow these 5 steps carefully, it would be sure to create a stable foundation for your fashion retail store and create boundless sales for your business. Small businesses rarely outsource in order to save cost. However, there are some factors like marketing and interior design which need the right people to carry them out successfully. There are ways to outsource sensibly and still save on cost. So what are you waiting for? Get cracking now!
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