The festive season has always played a vital role for all businesses. This is the time for standing out at its best! And, especially this year being one of the most longed for. With all brands across sectors approaching their consumers with full power, innovative content, and some heart-warming campaigns, this festive season is seamlessly creating a mark.
The advent of ‘Fashion Startups’ has vastly impacted consumer buying behavior, altering the way consumers buy and shop. The pandemic was somewhere a blessing in disguise for ‘start-ups’. The ‘start-up’ ecosystem, as they say, has significantly marked its existence in creating history. As of 2021, India had more than 800 D2C startups operating in the country. Of this, fashion or clothing startups accounted for the largest share as the country’s fashion industry has the highest potential and is expected to grow to $43.2 Bn by 2025, according to an Inc42 report.
Therefore, the advent of new brands as well as changing consumer shopping behaviors are pushing companies to be in tandem with these ever-evolving consumer preferences, needs, and demands to adapt and align themselves at a much faster pace than before.
This is the season.
Two categories that stand out differently every festive season are consumer electronics and fashion. Fashion is the most upvoted category in India. As the country is considered to be a land of festivals and stylish clothing plays a vital role. As per reports, 63 percent of consumers are anticipated to spend on fashion categories compared to 56 percent last year while 53 percent of consumers are going to spend on electronics compared to 44 percent last year. And, it significantly tops the charts here too. So, below are some pointers to boost your festive sales and marketing plans:
Embrace eCommerce: The Indian eCommerce industry is on an upward swing and how! India’s eCommerce sector is expected to reach US$ 111.40 billion by 2025 from US$ 46.20 billion in 2020, growing at a 19.24% CAGR, anticipated to surpass its foreign counterparts. While fashion entrepreneurs are increasingly expanding outside eCommerce, however, eCommerce should be at the helm. Though we entered the normal festive days and people have been longing to visit the stores and shop with that essence of look and feel, however a major chunk of consumers still prefer ordering at the convenience of sitting at home and having gifts getting delivered to their loved ones across geographies.
Discounts: Well, a must to do is to have a festive IP. Selling your sale is definitely an art. All the brands have their annual-festive sales along with marketplaces. For instance, Flipkart’s Big Billion days and Amazon’s Great Indian Shopping festival, and more. Such IPs create a brand mark in the consumer’s head. We all love discounts, don’t we? So, the best offers produce the best results. This has stood true for ages and discounts help grab more footfall then and now more eyeballs. However, consumers clearly expect quality over quantity. Therefore, brands need not forget what their actual value proposition is and what they stand for.
So, this IP needs to be inculcated in your brand identity, do not do a sale or offer discounts just for the sake of doing it.
Leveraging digital advertising: The brands need to be omnipresent digitally too. Seize the opportunity to grab the ad spots at all possible mediums but be cautious. Do not overdo and be relevant. Your advertising content needs to be seamless and you should advertise on eCommerce marketplaces without any doubt. It is the most used place. Well, this accounts for strategic planning and execution too. Undoubtedly, clarity plus consistency is the key.
A targeted reach: As digital gives the opportunity to signify and focus your targeting, then why not leverage it with your expertise and innovation? Experiment with a key target audience but experiment and performance need to go hand-in-hand. As we all know, reach plays the most important part in your marketing funnel therefore, the more you focus on a targeted reach, the more you will be able to provide your customers with your strategic offerings. Place your media campaigns pan India audiences as well as regional ones, do not leave it in the middle.
While leveraging the festive season is a must for all fashion start-ups, doing it right should be the core essence. Because, if tapped right, the season can add wonders to your sales scale.