I recently read a statistic stated by Manhattan Associates that…
“Online retailers have seen sales decrease by as much as 23 percent in zip codes where physical stores close.”
That is an interesting statistic and surprising to some people I tell it to. Most fashion industry people see the internet taking business away from brick and mortar. What they don’t see is that brick and mortar stores support internet business.
This statistic also supports many retailers strategy around “omni-channel” retailing, where merchants seek to provide customers with a seamless experience whether shopping online via desktop or mobile device or at a traditional retail store.
I believe in the advantages of having several business silos because they form a synergy that multiples you sales. That is why it is advantageous to sell at physical stores as well as on line. The more exposure you have the more the consumer gets to know you and the more opportunities there are to increase you volume.
What is important to note here is that being in a brick and mortar store also helps build your brand. I’ve read that it takes 9 points of contact before a customer purchases a product. The truth is how many points of contact you need depends on many factors. However there is data that supports the idea that there needs to be several touch points.
The great thing about being in a traditional retailer is that a customer can touch and feel and try on your product before they buy. Many people prefer to shop that way.
It is a smart strategy to be in many brick and mortar stores in order to build your business and get your name out.
With the advent of the internet more and more brands are focusing on website sales, sometimes to the detriment of their volume. Don’t be short sighted.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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