This document discusses the key changes in the UK fashion clothing market and provides strategies and tactics for retailers to respond to these changes. It focuses on the case of Primark, a British fast fashion retailer, and explores topics such as consumer engagement, social shopping, fashion recognition, and new payment trends.
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Retail Theory and Practice
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Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY...................................................................................................................................3 Identifies key relevant changes in the UK fashion clothing market...........................................3 Suggests and discusses strategies and tactics that could be used by the retailer to respond to the major changes occurring in the fashion clothing market......................................................6 CONCLUSION................................................................................................................................9 REFERENCES.............................................................................................................................10
INTRODUCTION Retailing is the chain of activities or processes regarding selling goods and services to the consumers by using multiple channels of distribution for earning profit. Retailers also get the products and services directly from the manufacturer to reach at large no. of consumer base. Respective report is based on the Primark which is an British Owned Irish fast fashion retailer, headquartered in Dublin, Ireland. It is a subsidiary of food processing and retail company associated British food. Respective report is based on the relevant changes occurs in the fashion clothing market of UK. Further it elaborates the major strategies and tactics used by the retailer to respond against the major changes occurs in respective industry. At last it includes the formative assessment consisting report plan which helps to acknowledge necessary information. MAIN BODY Identifies key relevant changes in the UK fashion clothing market. Once the clothes, footwear's and other accessories have been designed and produced, it needed to be sold. To sell the products and services to the ultimate consumer required retailers as they make initial purchases to resale in between the 3 to 6 months before consumer can be able to buy the products from the stores (Akter and et.al ., 2019.). Fashion marketing is the chain of activities helps to managing the merchandise from the initial selection of designs which produced topresent of production to retail consumers for maximising profitability into the marketplace. In context of Primark, which is one of fashion retailer in the UK marketplace focus on understanding the consumers desires to respond in most appropriate way by offering products to them. The major changes which occurs in the retail fashion industry which force to Primark to adopt and respond against in positive manner that are as follows: Engagement retail:
Engagement with consumers is the first and foremost priority for the retail industry to reach at large no. of consumer base in positive manner. To engage with consumer organisation put one of their best efforts such as emotional connection, décor and advertising to aware people about products and services in order to enhance the market share (Bahroun,Harbiand Bouchriha,2019). In context of Primark to engage with consumers intuitively understand the type and choice of consumers and their relationship with organisation by deliver one of best products to ultimate consumer. By using CRM programs, retailers get to know the consumers preferences, behaviour and preferred products that helps to directly engage with consumers positively. For an example the Harvey Nicholas which is a luxury British department store chain which by using the new way of state of the art loyalty application that proved beneficial for respective organisation to replace cards by offering ideas, surprises, products and secret sales based on customer's shopping and searching behaviour. So it is very essential to build or frame the strategy and tactic in order to remain competitive in marketplace. The ongoing shift towards the online, which helps to grow experience of economy by directly impact on the traditional retailers that suffer from the inflexible leases, high rental and excess properties (Bilińska-Reformat and et.al ., 2019). Even the loyalty cards no more powerful for consumers as they stop going to stores if it dropped the loyalty card. So it is very essential to renew the concept of engaging consumers in order to enlarge business opportunities in positive manner. Social shopping: Social media and online marketing is new kind of store front for marketers as it helps to enlarge business opportunities (Cleophas and et.al ., 2019). In market leaders of style already by creating the links on Instagram, Twitter and Pinterest to retail sites by taking commission 3 to 20% which rely on their profile and arrangements to remain competitive in marketplace. For example brand such as Tiffany & Co., Burberry and Cole Haan also very much experimental by using stoppable Instagram, Pinterest and Twitter advertisements. So it is very much crucial for retailers to start their own social media sites to enlarge business opportunities to remain competitive in marketplace. So it is very much essential for Primark to pay attention on the social media marketing and importantly on their usage so that they can easily beat their fierce competitors to remain competitive in marketplace. Instant fashion recognition:
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Fashion recognition apps is one of the most changing attribute to make the entire world shippable. By using respective kinds of tools and techniques an individual able to snap a piece of inspiration which helped by technology would identify and retrieve the link of item, availability of it and price with other essential details enables to consumer for instant purchase (Elton, 2019).The another major changes which occurs in the fashion retail industry is the advent of artificial intelligence that helps to enhance the consumers experience level by using automated processes. With the help of AI consumers can be able to manage the relationships with the enterprises without interacting with humans which enables toreduce cost and serving time which directly enhance the loyalty of consumers positively. Body versus fashion: Increasingly the individual's style moving away from the wardrobe and it become the side show to tattoos, multiple ear piercings, nose piercings and hair dos so on. The rising trend of accessories that helps to give one of best experiences to consumers such as to provide tattoo, non earlobe piercing or non traditional hair colour are one of most significant factor that can be provided to consumers helps to enlarge business opportunities (Huang,Xing and Gamble, 2019). In context of Primark by providing additional services or products to consumers as they are major requirements for today's generation in order to gain potential outcomes. So it needed to access the fashion and related accessories required for consumers that enhance their level of satisfaction positively. New payment trends: The new way of payments are the emerging changes in the retail fashion industry such as Smartphone Wallet apps is new way to pay. Usage of biometric payments in which finger prints or iris scans can be used to authenticate payments that helps to replace the cash payments in near future. So it is very essential to adopt respective ways to pay organisation in order to remain competitive in marketplace (Lee and et.al ., 2019)As artificial intelligence helps to change the way or method to pay by using “Chatbots” deployed by companies to check balances and make payments in order to gain sustainability into marketplace. The change in payment system series consist of voice activated payments that are driven by digital assistants to make life very easy and validate. There is need to focus on investment mobile by retailers as majority of sales come from the people shopping on move. Organisation required to invest on AI powered technology such as
image search and recognition which enables to consumers to find out the same product which they looking for. As organisation need to change their stores as upcoming stores have to provide experiences rather than selling the stock. By using “stock less” concept in which people can take advice from stylists in order to gain desirable products and services. Hence it can be said that lots of research and development required to provide one of best products and services to the ultimate consumers in order to remain competitive in marketplace by find out emerging needs and wants of them. Further it needed to build one of best strategies and tactics to cope up with such changes that are obligatory to remain competitive in marketplace. In context of Primark by using various strategies they aimed to bring new technology within their organisation. Suggests and discusses strategies and tactics that could be used by the retailer to respond to the major changes occurring in the fashion clothing market. For an organisation it is very much essential to acknowledge the changes occurs within the marketplace as it helps them to remain always competitor (Linkand Scott,2019). In context of Primark by conducting the through research and development accumulate necessary information regarding the changes in fashion retail industry to produce one of best quality products and services to ultimate consumer. After evaluating the above mentioned changes in industry it is very essential to formulate strategies and tactics to bring it into practice that are as follows: The first and foremost strategy for an organisation to greet changes in positive manner is Marketing for clothing Store strategy- communicate with the target audience: For each and every organisation it is very much essential to formulate the effective line of communication to reach at the target market. If an organisation not assure about reach of message to ultimate consumers then it is not possible for them to expand sales positively. In context of Primark to reach at large no. of consumer base needed to consider several tools in consideration that are: Offline mode of sales: In context of Primark they sell their products and services by using offline mode so message should be drafted by using advertisespromotionsand by adding values to get establishment into the marketplace. They by using simple technique with large lettering, simple typography and by using the clear message such as Mid season sale on selected lines that are
enough informative in nature to attract large no. of consumer base in positive manner (Olsson and et.al ., 2019). So it is very much essential to build distinctive kind of messaging to provide adequate knowledge and information to target audience. Online mode: Tocommunicatebyusingonlinemodethatareverymuchessentialintoday's competitive world with people, in context of Primark they attractively design the website and also shows Pop up ads on the other websites that are search a lot. By using the ability of business to open oneself with help of the internet. As per the conducted research in the countries such as UK and USA in between 14 to 19% in total profits come from the online channels that are very easily available in market which helps to gain large market share. Marketing for fashion retail industry- offline events to de virtualise the target audience: Whether an organisation operates in online and offline mode, organising parties and various activities proved very much beneficial to attract large no. of faithful clients that not found in the stores (Riedeland Mulcahy,2019). So in that regards the action is to prepare the agenda in which events are prepared at the beginning of the year by optimising the tools by availing the effective communication channel. Respectiveevents should be planned within the specified time period to remaincompetitive in marketplace. In context of Primark they as per the season by conducting the showroom and a fashion show in which some of the recognized personalities or star pieces are shown to the public. While sales take place and at time of tax season, reach to the potential consumers by using invitation for a special celebration in order to offer valuefor promotion to enhance profitability. The another major step that can be taken by respective sector is to celebrate the special days or anniversaries in the life of business such as when business turns another year old. Respective activity helps to business make a special place in their heart by cast spotlight of brand positively. Active presence within social media: Social media is one of most important tool for organisations as everyone spends their part of the day chatting with friends, grabbing new information andmany more. So it is very much crucial for organisation to use Facebook, Instagram and Pinterest to reach at their potential audience in a better manner (Sarkar, Sarkar and Bhatt, 2019). Respective tools is one of most suitable substitute for electronic commerce that proved beneficial in solid backing and push consumers to purchase products and services. In that series they have to focus on the artificial
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intelligence that is very much important to reach at large no. of consumer base in positive manner. In context of Primark by using the advance tools and techniques such as augmented and virtualisation that are one of most important to record global presence into market. The another major strategy in front of organisation which is window strategy that is an art for effective valuation of products and services into market place: Window display is one of the most important are that adequately presents the articles that is establishment for sale by using combination of objects and materials. The power of window create a positive impact on the mind of consumer and enables to build a level of perception for particular brand for taking purchasing decisions. In context of Primark by using the main urban roads where people can view the display windows of the great film in order to gain potential outcomes. So it is should be displayed in most decorative and variety so that consumers can optimally gain important outcomes. The major factors should be considered while displaying products into the window that are as follows: Change it with certain level of frequency: In the fashion retail industry the wants and preferences of consumers changes very frequently so it is needed for clients to adopt certain degree of agility (Scavardaand et.al ., 2019). In context of Primark as per the season they redecorating their display to remain updated all the time. They have to recommend that offer or provide novelties to clients within the two weeks or once in a month. It is very important to update about street styles in order to gain potential outcomes. Lighting: It is one of the most important attribute as it proved helpful to draw attention of people while they are passing through. So in that context it is important to lighten properly the store so that easily visualise in order to take important kind of decision. In context of Primark by arranging lights in proper manner in their stores they helps to consumers to enchant consumers positively. Thematic window display work: For a fashion retailer it is very crucial to approach consumers in a special manner such as in occasions of Valentine and Christmas they have to take proper advantages by specially décor it by using theme (Sarkar, Sarkar and Bhatt, 2019). Respective tools and techniques helps to organisation to reap important kinds of outputs that are demand of time.
Set up a window display calendar: Planning and accordingly execution is very much important for business. In context of Primark they by keeping some important dates in mind and do not showcase the same display for the long period of time. So it is very much crucial to provide important knowledge and information to consumers so that they can take appropriate decisions regarding the purchase of products and services in proper manner. CONCLUSION From the above report it has been concluded that for an organisation it is very much important to observe or evaluate the major changes which occurs in the specified industry as it helps to build products and services accordingly consumers demand. With the help of through research and development organisation can accumulate necessary knowledge and information which proved beneficial in taking decisive decisions. After observing the changes of market, needed to build strategies and tactics to bring ideas into practice. So proper evaluation of works and activities needed to be evaluate properly to take crucial kind of decisions in an organisation.
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