Fashion Marketing news: A slew associated with studies, data, and articles appear to point out the growing success of niche sites, especially in the fashion industry. Hype or Fact? How can big online retailers and local fashion stores take advantage of internet niches?
I like reading about pragmatic ideas to boost online product sales of fashion goods, from clothing to accessories. I think that too enough time is wasted in theorizing about internet marketing, and not acting about it.
Yet, I am going to talk about hard-core statisical research and hype. Why?
Because I discovered in this month’s INC. magazine an article about niche marketing that made me connect together a lot of issues dealing with local apparel stores as well as big online fashion retailers.
Make money online simply by not carrying best-sellers
First, the content titled “A world without bestsellers” dabbles with buying patterns particular to internet consumers.
These designs make up the Long Tail. You may or perhaps you may not know about it. For a concise explanation, go the Long End page on Wikipedia. Let’s simply say that consumers can find and buy online products that a regular store could not carry. For instance, 40% of Amazon. com’s book sales reportedly consist in unknown titles that your normal Barnes and Noble cannot pay for to carry in the bookstore next door.
The same seem to apply to fashion goods. For example, in the INC. article, Zappos’ Tony Hsieh says that:
“Today the organization sells more than three million products across 1, 000 brands. The top 20 percent of products be aware of half of revenue, the bottom 80 percent, the other half. ”
So , at Zappos, the 20 best-selling items represent only 50% of the income. This is a far-cry from the usual 80/20 rule that usually applies offline, when the top 20 best-sellers make up 80% of the revenues. The 80/20 rule is drawn from the works of economist Pareto.
Online sales associated with fashion goods make Pareto Theory redundant
This is the gist of a Feb 2007 study called “Goodbye Pareto Principle, Hello Long Tail: The Effect of Search Costs on the Focus of Product Sales. ” It was authored by researchers at the Sloan School associated with Management at the MIT. Better, this particular study is based on “several years of product sales data at a private-label women’s clothes company that offered the same products through its catalog and its Internet store. ”
Fashion goods are actually at the forefront of this trend. Consider all the sites of the specialty websites that have sprung up, from sites selling discontinued lines of products to sites selling only to the sub-demographic. Buyers will turn to the web for hard-to-find glasses or regarding styles that regular retailers might deem too original to carry.
A business called Niche Retail is specialized in doing just that. The company says they actually avoid carrying best-sellers, because big retailers can usually find a way to kill the business by discounting the most sought-after items. By the way, Niche Retail’s logo reprents the Long Tail graph.
Style is a personal matter. Fashion professionals did not wait for the particular Long Tail theory to release niche product lines. But the internet possesses interesting further niche opportunities:
: established brands and big online stores can find relevant niche sites for some of their product lines
– local fashion stores are indeed niches themselves; they could use the internet to get more exposure
Big manufacturers and retailers going after niche consumers
This very site spends period presenting you new fashion weblogs, new fashion sites, and new fashion communities (see Fashion 2 . 0). Because fashion can get extremely personal, it has always been a good conversation topic. Now, the internet allows you to turn into a fashion critique in a snap.
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Big fashion actors can go after these types of niche sites to get their attention.