One of the greatest perks of having an online business is the fact that you don’t need to invest much in stock. You can always make the items as orders come through. This situation prevents dead stock and in turn improves on the returns. However not all types of businesses can excel online, unless there is a very good strategy in place. For example, a company in the clothes industry is likely to be more successful is they operate in a physical store. This is because people love to fit and see clothes in their bodies before they can purchase. So in such an industry, the online stores would only work to create brand awareness. But I am not saying that people will not buy from an online clothes store. They will if you know how to get them to buy. If you have no clue on what am talking about, I will give you a perfect example of Fabletics.
Fabletics opened its doors in the year 2013. That is exactly four years ago. However, by their net worth, you cannot tell that the company has been in the market for a fairly short time. They have grown to over $250 million and their growth is predicted to grow even higher in the years to come. The company started as a women workout gear only company. They also only conducted business online. But in the recent days things have changed. They have had to do the following in order to increase their market share.
Open Retail Stores
Fabletics didn’t have physical stores in the past. As I mentioned above, their business was purely online. However, with time they have discovered the essence of having physical stores. They noted that people would go to their website only to check what was trending. But at the end of the day, a huge percentage of these leads would end up in their local stores where they would get something similar. By setting up physical stores, they hope that customers who have such tendencies will pop into their physical stores where they are guaranteed of getting similar goods.
Value is one of the characteristics that places Fabletics at a competitive advantage over their competitors. At Fabletics, you get a variety of colors, patterns and styles. Their apparels are the true picture of fashion. The quality is also on the level of those premium active wear brands. But when you come to pricing, you will not believe your eyes. They have crazy discounting strategies that allow you to buy at very low prices.
How Fabletics Works
When you want to purchase anything from Fabletics, all you have to do is log into their website and fill a short survey. Using this survey, they will customize a range of products from which you can choose. If you like something, you have the option of purchasing on the go or by first becoming a VIP member. Their VIP membership allows you to shop at discounted prices every time, therefore saving you a lot of money.