{"id":2487,"date":"2018-10-01T07:30:00","date_gmt":"2018-10-01T07:30:00","guid":{"rendered":"https:\/\/devbloglavaprotocols.nityo.in\/move-over-fast-fashion-fresh-retail-is-here\/"},"modified":"2018-10-01T07:30:00","modified_gmt":"2018-10-01T07:30:00","slug":"move-over-fast-fashion-fresh-retail-is-here","status":"publish","type":"post","link":"https:\/\/www.lavaprotocols.com\/the-cloud-blog\/move-over-fast-fashion-fresh-retail-is-here\/","title":{"rendered":"Move Over, Fast Fashion: Fresh Retail is Here"},"content":{"rendered":"
<\/div>

By Rick Kenney, Head of Consumer Insights, Salesforce<\/strong><\/em><\/p>\n

<\/p>\n

About a year ago, I met with a number of retail leaders across the globe, testing a few research hypotheses. I\u2019d slip a few topics into conversation with retail executives to get a sense of their stance on everything from social and mobile to bots and buzzwords (and beyond). On one occasion, I struck a nerve:<\/p>\n

\u00a0<\/p>\n

Me:<\/b>\u00a0\u201cWhat do you think about fast fashion?\u201d<\/p>\n

Fashion Exec:<\/b>\u00a0\u201cWe are NOT fast fashion.\u201d (Said in a visceral, disgruntled tone.)<\/p>\n

\u00a0<\/p>\n

Clearly, the phrase \u201cfast fashion\u201d comes with a lot of baggage for many in the fashion and retail industries. However, the concept of offering an ever-changing product catalog with a steady stream of product launches is driving success, and it\u2019s now sweeping across retail.<\/p>\n

Unfortunately, the negative association of fast fashion with cheap and disposable goods has clouded the view of many retailers \u2014 to such an extent that it\u2019s created a roadblock for transformation that fails to put shoppers first (which should be the goal of every retail brand today).<\/p>\n

So, it\u2019s about time the retail industry<\/a> came up with a new, broader way to think about \u201cfast fashion\u201d \u2014 something that doesn\u2019t immediately imply inexpensive, throwaway clothes. Our suggestion: \u201cfresh retail.\u201d<\/p>\n

Among the findings in Salesforce\u2019s recent\u00a0Shopper-First Retailing<\/u><\/a>\u00a0report, \u201cMake It Fresh\u201d is my favourite shopper-first mandate to emerge. In today\u2019s hyper-competitive and increasingly marketplace-dominated retail environment, it was found that retailers and brands have a unique advantage against marketplaces \u2014 as long as they can continue making the shopper relationship fresh through relevant, unique, and enticing new products. That\u2019s how they can win and retain shoppers.<\/p>\n

Within the \u201cMake it Fresh\u201d theme, here are a few important insights we uncovered.<\/p>\n

\u00a0<\/p>\n

Focus on New Products<\/b><\/h2>\n

Shoppers have spoken. They want new products and new experiences \u2014 all the time.\u00a0More than two-thirds (69%) of shoppers expect to see new merchandise whenever they visit a site or a store<\/b>.<\/b><\/p>\n

A brand that does this well is\u00a0Uniqlo<\/u>. As one of the brands explored as part of the \u201cmystery shopping expedition\u201d component of this research, Salesforce was quick to notice how an entire floor of Uniqlo\u2019s New York City flagship store is dedicated to seasonal and quick-turn inventory. Doing so allows Uniqlo to give shoppers a reason to come back by putting fresh, new products front-and-centre within the store.<\/p>\n

\u00a0<\/p>\n

Focus on Top Products<\/b><\/h2>\n

The power of fresh retail is most clearly on display at the very top of your product catalog, where the best-selling products are constantly changing. Across the millions of Salesforce\u00a0Commerce Cloud<\/u><\/a>\u00a0site visits analysed, it was found that 59% of the top 5% of best-selling products change monthly<\/strong>. And, those top 5% of products generate an astounding 48% of e-commerce revenue<\/strong>.<\/p>\n

Clearly, finding hits \u2014 products that excite shoppers \u2014 is critical to retail success. Those retailers that rely too heavily on stale, evergreen products and don\u2019t constantly produce new, compelling products will struggle.<\/p>\n

\u00a0<\/p>\n

\"fast<\/p>\n

\u00a0<\/p>\n

Focus on Urgency<\/b><\/h2>\n

Retail trends come and go; each one has left its mark. The flash sale model is a great example of this. Although there are fewer flash sale retailers today than even just a few years ago, those retailers changed the industry as whole by redefining the concept of urgency. They basically taught shoppers that it\u2019s now acceptable to sell out products on a first-come, first-served basis.<\/p>\n

Look at the websites of some of today\u2019s hottest brands, and you\u2019ll see a product grid that includes sold-out products. This is a solid strategy for driving demand, and Puma is doing this masterfully. The lifestyle footwear brand has found success with compelling collaborations, including a\u00a0Fenty<\/u><\/a>\u00a0collection with Rihanna and unique colorways with\u00a0M*A*C Cosmetics<\/u><\/a>.<\/p>\n

Latecomers to those collection pages will see a gray-scaled set of products marked \u201cSOLD OUT,\u201d interspersed alongside available items. This e-commerce strategy essentially teases the shopper with a \u201cyou should have visited earlier\u201d message. Doing so adds to the brand\u2019s desirability and even increases demand of what remains. Fewer available options can actually increase conversion.<\/p>\n

\"fast<\/p>\n

<\/p>\n

\u00a0<\/p>\n

Fresh retail is about much more than a quick-to-market product strategy. It piques interest across brick and mortar, e-commerce, and marketing channels to keep shoppers coming back again and again. Offering unique and constantly fresh products and experiences is the key differentiator in the battle for shopper attention \u2014 particularly against the\u00a0looming threat of marketplaces<\/u>.<\/p>\n

Want to learn how you can build a fresh retail strategy rooted in best-in-class brand experiences using the Salesforce Commerce Cloud, email us at asklava@lavaprotocols.com<\/a> or call us at 03-7885 9720.<\/strong><\/em><\/p>\n

Article<\/a> first appeared on the Salesforce blog.<\/span><\/p>\n

Lava is an <\/i>authorised Salesforce Partner <\/i><\/a>in Malaysia and has more than a decade of experience in cloud solutions which includes marketing automation, CRM implementation, change management, and consultation. We pride ourselves in not just being a CRM partner but in also understanding the needs of our customers and taking their business to the next level.<\/i><\/strong><\/p>\n

\u00a0<\/p>\n

<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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