The new year may be in full swing, but, unfortunately, the specter of 2020 is expected to loom large for at least the immediate future. As timelines shift and vaccine logistics continue to stabilize, wholesale businesses have remained in a tricky position amidst a limping sales environment: an unpredictable middle ground between adjusting to industry changes while continuing to drive revenue growth.
Now, in a time when personal and corporate budgets are becoming increasingly fragile, this obstacle is arguably steeper than ever. As a result, many wholesale entities have been forced back to the drawing board to scheme new ways to innovate their upselling tactics, maximize sales and consumer satisfaction, and ultimately maintain a competitive edge in their respective industries.
For apparel companies, this process can be streamlined atop a strong digital foundation (a topic I touched on in a recent article). Multifaceted apparel software, such as ApparelMagic, not only provides sharper insights and logistics, it can also lead to better accessibility, accuracy, and customer feedback — all key variables in the hunt for consistent sales success.
Product consolidation
“Consolidation” has developed a negative connotation when it pertains to the pandemic, whether it is referring to internal cuts or operational sacrifices to weather the storm.
In a tactical sales sense, however, consolidation remains a crucial method for garnering revenue. Product bundling is hardly a new concept in apparel wholesale, but it has developed newfound luster in the COVID era due to the same budget insecurities spurring its underlying demand. In this case, more and more consumers are looking for ways to cut costs, and this has led to increased attention for package deals and other similar values. By simply merging two products into a cohesive offering, an online retailer can create new sales through customer convenience (giving them the option to purchase two products as a perceived deal rather than making them find both individually).
ApparelMagic implements this approach, but in a unique manner; we support both virtual and physical bundles with flexible purchasing options. Specifically, our virtual bundles aim to sell items together on an as-needed basis (the items can be purchased together or separately, depending on customer preference), while physical bundles are structured as a single product with other items included, like, for example, a gift basket. Over the years, we have found this method to be the most accommodating and beneficial for consumers.
Boosting sales volume
Apparel software can also be a powerful tool for better understanding and maximizing sales volume, or the number of units moved during a reporting period. Your business likely has a list of cut-and-dry sales goals and intended KPIs, but it is important to look beyond monetary metrics alone, as this habit can tell an incomplete story of your products’ market performance.
Namely, you must be aware of which products are performing well and reflecting your consumers’ collective demands and interests. This, in turn, becomes a clear roadmap for necessary inventory changes and directional shifts aimed at fostering growth. Your intended apparel software should set you up for success within this key focal point.
For instance, ApparelMagic broadly predicates its multi-channel inventory usability on smarter stock control, allowing users to navigate numerous sales channels via high-visibility tools. Such elements aid businesses in building a clearer perception of consumer behavior, all while instilling reactionary self-awareness in terms of product potential.
This is the framework upon which successful bundling and similar value-based courting are built, and within this chaotic but traversable current reality, its importance cannot be underscored enough.
