In reaction to the four market shifts that have changed consumer’s expectations forever, retail footfall continues to be strained, with an increasing amount of established retailers rationalising their store portfolios – the importance of getting it right online is paramount.
In WGSN Analytics Division’s new white paper Fashion Retail: New Measures of Success, we outline the necessity to understand the key drivers of online purchasing in order to succeed, particularly the behaviour of consumers residing in the digital-native segment as they gain traction in spending power.
Nivindya Sharma, Director of Retail Strategy and Insights and author of the white paper questions in today’s landscape “how pertinent is it for a brand to be loved? Does a consumer’s love for a brand lead them to shop with the retailer, irrespective of the channel?”
With the volatility of the market disrupting the traditional rules of brand to consumer courtship, we mapped data from Barometer, our proprietary consumer data tool to understand the changing dynamics. Distinguishing the correlation between those retailers whom return the highest rate of consumer stated love against those who deliver the highest rate of purchase frequency uncovered a compelling statistical story.
Our data demonstrates that there is an indirect correlation and brand love is no longer a direct facilitator to purchase frequency. Those who are successfully enabling purchase frequency, across both the UK and the US, are the online pure plays, whom are not necessarily regarded as the most loved. An echoing of the recent declining fortunes seen across the British high street and US department stores.
It is therefore evident that to facilitate increasing spend and purchase frequency, retailers can no longer solely depend on their heritage to retain in consumer forethought and shopping basket. In fact, in order to deliver purchase frequency and consequent success in the world of fast-fashion retail, advanced fulfillment, extensive ranges that win in speed-to-market and a social footprint that is personable and relatable are much more prominent needs.
These are, in turn, all factors that contribute to the new measures of success in fashion retail.
Download the white paper to discover more about the new rules of this complex market place.
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