What are some ways a fashion retailer could improve or expand their product offerings?
In the world of retail the most important thing is to examine the shopping trends of customers and to keep a consistent market analysis of demand versus supply. Anything can shift a trend or create a new one altogether: the weather, social media, the influence of Hollywood and musical artists, social changes, even a change in the country's political atmosphere. Retail, particularly fashion retail, is one of those fields where trends, patterns, and cycles of usage reign supreme.
This being said, retailers must keep tabs on consumers and get to know the average age, weight, height, cultural background, political affiliation, race, ethnicity, sexual preference and even socioeconomic background of the typical client.
They can do this in a variety of ways:
- social media- Twitter is one of the most powerful analytical tools for retail because the average young consumer posts pictures and recommends places there. It is a great chance to see what's inside the consumer's mind
- surveys- setting up consumer survey polls, sometimes for incentives, helps the retailer understand the changing trades of consumerism.
- influencing base- influencing is a new thing where retailers ask consumers to represent a name brand, or to sample something and post their opinions online. The more influential the consumer is the more chances that the product will be purchased.
This is why it is essential to know the average consumer from the inside out to determine if influencing is a possible way of analyzing the market.