Retail Apparel Sector Recession Feats

What did the Retail Apparelsector achieve, irrespective of the tightened jaws of recession?

The world is much aware of allthe combined owes afflicting the economy. But even in tough times, there arebusinesses which come on top. Apparel retailing has put its best foot forwardto sail over the bumpy financial seas ahead during the past year.

Survival of the fittest:

There was urgency in thesituation to decide the survival of the fittest. Weak brands fell out. Whileevery brand was taking strides towards success, quite a few of them stuck outfor a number of reasons. Brands that were not able to position themselvessuccessfully in the minds of the consumers made their way through the backdoor.

Retailers experienced arealization of what makes their product worth buying. Companies that grew onthe top line demonstrating a fundamental strength of their product brand imagewere able to build strong relationship with their customers. Businesses thatwere able to understand their struggle and learn from their mistakes were ableto adapt. 2010 will see the strongest key players in the market.

Changes in the consumersspending pattern:

The economic crisis has broughtabout a drastic impact on the spending pattern of the consumers. Due to this, manyspecialty retailers witnessed a dramatic slowdown in their sales. Consumers startedbeing receptive to changes in industry. Fashion was manipulating the buyinghabits of consumers. There was a notable shift in their choices and preferences.They were seeking for apparels that were both fashionable, and fitting theirbudget. With decreased budget, they got more satisfaction making a soundpurchase at reduced cost. Retailers started focusing on improving theircommunication with customers. In the global climate, they started utilizingextra promotions, and discounting techniques.

Cost cutting:

Cost control measures were the early signs of the depression. Without a slowdown, it would have never been possible for companies to realize how much they have been spending extra. Recession brought economization in terms of costs. Despite the restriction is the spending pattern of the consumers, businesses learnt how to maximize their profits by minimizing their costs. Manufacturers learnt to make better products at a lower cost. One valuable strategy adopted by apparel retailers was lowering the inventory to avoid losses from unsold merchandise.

Exploration of new ways of marketing:

Growth of online shopping flourished. New routes of online distribution flourished. A bigger chunk of sales was made online. There was a noticeable transformation from traditional retail channel towards online sources. Shopping is just a click away! The internet revolutionized brand communication enabling online brand experiences to consumers. Much of the internet users are the young generation. As todays youth are the key consumers of tomorrow, online business is expected to flourish. An estimate states that by 2015 online shopping will account to almost 11% of the total retail spend.

Cross mix merchandising:

This enables to display a variety of unrelated products together, thereby creating a comprehensive visual story. This communicates the breadth of a product and enables the customer to know about the merchandise. By this, the customer gets a visualization of using the product after the sale is being made. Apparels are displayed, portraying a dream lifestyle for the shoppers, thereby motivating them to buy and take it home.

Innovative product line:

Creativity and innovation was at its best with every designer makes their level best to show themselves out of the box. R&D is always important for any business, especially at tough times. As far as apparels are concerned, trends pop up and fade away even quicker than they appeared. The key for apparel retailers to sustain their share in the market was to offer new product choices which are unique in terms of look, performance and price.

Value retailing:

Value retailing was the buzzword during the period of meltdown. This is based on the mega savings concept, where the inexpensive brands and accessories were made available to the customers at best deals. With one stop-shop as a route to success, this concept enhances the lifetime value of the product. Retailers also started focusing on the right size of retail format; too big stores become unprofitable, while too small formats lack proper display of products.

Greener business practices:

There was an awareness of good values of apparels against the backdrop of recession. What was once considered as activist fashion became a bare necessity for the survival of the apparel business. The consumers became well informed, and aspire to buy garments that are planet friendly. The concept was successfully practiced at various levels of apparel making such as using organic and natural fibres, using renewable fibres, application of non-toxic treatments to fabrics, design and color choices focusing on longevity of the garment, ethical labor practices, and using environmentally appropriate packing materials.

There are several apparent keys for apparel retailers to maintain and build prosperity. Adopting potential strategies will prove vital to accelerate the growth of a business in the long run.

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