About 1.66 billion people purchase goods online globally in 2017, and the global e-retail sales were around USD 2.3 trillion. These statistics are enough to convince anyone that online retailing is one of the most lucrative business options that not only help you to earn significant revenue but also allows you the freedom to work in your means.
If you are considering foraying into the world of online retail, then we suggest that you give clothes online retailing a shot. Why? It’s because the sales of apparels in 2018 amounted to USD 340,411m. To make things easier for you, here are a few tips on how to become an online retailer of clothes.
Gain Knowledge and Choose Your Niche
The first thing you need to do is to gain knowledge about the types of apparels there are and which ones interest you. If you want, you can set a niche like men’s clothing and stick to that, or you can diversify and sell all types of clothing. The former will help you stand apart from the competition while the latter will help you gain a broad customer base.
Sign Up or Create Your Website
The next thing you need to decide is whether you want to sell the clothes on your website, the cost of which could be quite high or you want to sign up on a free e-portal where you can sign up for free and sell as many products as you wish. The latter is a better option if you don’t have a hefty amount of money to invest, yet able to avail multi-channel inventory management without any additional cost.
Consider Drop Shipping
Another thing you need to consider is drop-shipping. A dropship company will allow you to access different fashions without the need to hold an inventory as the items are drop shipped from a company’s website. This is a worthy option.
Make or Wholesale
Two of the most reliable ways to earn a profit as an online clothing retailer is to either design and sell your own branded clothes or buy them at wholesale rates from real brands and sell them online. The first option is suitable for individuals who have access to a manufacturing facility while the second is ideal for people who are confident of making a profit from the first listing.
Know Your Customers
When planning an online clothing retail store, you cannot afford not to research your customers. Conduct online or offline research to know the gender, income, geographical area, education, hobbies, interest, age, marital status and lifestyle of your customers. It will help you to target them right and brand yourself in a right manner.
If you are doing any business, no matter online or offline, you need to get necessary permits and pay taxes. So, be sure to be informed about licenses, and acquire them on time, don’t let them expire and pay your taxes on time.
Analyze the Competition
The next step is to analyze the competition and have a look at the strategies they are adopting to lure and retain customers. Learning always helps, even it’s from the key competitors as it will help you to try the strategy that worked for them and avoid the ones that didn’t work.
It is also a smart idea to brand yourself by deciding a name, a logo, a tagline and other branding elements that help you gain recognition. If you want to be a seller via a various list of platforms, brand identity will help you attract and retain customers.
The next step is to market yourself or your brand. You can try the latest print and digital marketing strategies to ensure that people know you and understand your product. Some of the plans that are working are viral marketing tactics, infographics, video marketing, social media marketing, booklet printing, etc. The more you market yourself, the higher would be your chances of success.
The last and most important step is to deliver excellence to your customers so that they come back to you time and time again. The more you please them by providing quality products on time, the higher is the probability that they will stick to you in a long run. Always remember, the more customers you have, the higher would be your revenue figures, isn’t it?