There are very few of us that won't be glad to see the back of 2020. An unprecedented period for fashion brands the world over, the past ten months have seen multiple nation-wide lockdowns, a changing menu of government-backed business loans, and a staggering acceleration in the application of eCommerce and digital marketing, all with direct consequences for the industry. With the finalisation of Brexit too now looming just over the horizon, the question facing all businesses in this current climate, is how to survive and thrive in 2021?
For this Masterclass, we're invoking the spirit of the collective to bring a set of resources, support and guidance to bring confidence to your business strategy as we face the uncertainties of the months ahead together. Dive in to discover practical tips on pricing, embedding agile practices, and community building, along with reassuring words and inspiring case studies from our experts.
In this Masterclass, you will learn:
- What challenges fashion retail brands are facing in 2021
- Survival strategies businesses can choose to apply and operate in the current retail climate
- How the end of the Brexit transition period will affect exporting and importing for fashion and textile businesses
- What impact COVID-19 has had on the sustainable and ethical fashion space with case studies of businesses that have adapted and thrived
- Pricing strategies for future-proofing your business model
- The role of digital retail in a world that is craving connectivity
- Key psychology theories to use in your marketing strategy
- Why it's not all doom and gloom in 2020 and the powerful support network that lies within our community
Five Tips On Pricing To Help You Not Just Survive, But Thrivewith Catherine Erdly
In this lesson, entrepreneur Catherine Erdly takes us through five short snappy tips that you should adhere to when considering pricing for your product business - especially helpful when there is a lot of noise and pressure to run promotions and discount.
Catherine has over 20 years experience working with product businesses of all sizes from high street names (such as Paperchase, Laura Ashley and Coast), to some of the most exciting new independent businesses. She helps product businesses grow their sales, manage their stock, and build lasting businesses through 1-2-1 mentoring and her membership platform, The Resilient Retail Club.
How to be an agile business that can deal with constant changewith Tristan Harris
What changes did you implement in your business model when the coronavirus pandemic hit?
While responsive behaviour is a key component of an agile business, as we find out in this Lesson, it's not the full story. Tristan Harris of Portinate Consulting, who specialises in recovering and accelerating business projects, and Ralph Fernando, author of Agile Strategy (2019), joined us to discuss how to embed agility right at the heart of your business, with practical steps that will enable you as a creative fashion business to face up to times of change.
How Community Businesses Can Save The High Streetwith Polly Swann
Polly Swann, co-author of the Power To Change working report, "Saving The High Street: The Community Takeover" joined us to explain further on what a community business is, how they can help shape a regenerative high street, and how to work with the local authorities and organisations around you to make an impact that will benefit local residents, and those visiting from outside.
As a fashion or creative business, is working on a community model for your local area more in your interests than being an outright social enterprise?
What Survival Strategies Are Fashion Retail Businesses Using Over The Covid-19 Pandemic?with Stephanie Steele
We checked in with fashion retail businesses across the globe to gain insight on their coping strategies, positive opportunities and practical advice for other fashion brands looking to open a physical shop or be stocked.
Main image: Danielle MacInnes on Unsplash
The Psychology Of Shoppingwith Stephanie Steele
Though it may seem unethical to be using key psychological theories that influence customer experience, in the end, you want customers in your shop or on your website to buy your product or subscribe to your service. As humans, there are behaviours we do subconsciously, and marketers tap into this whether we like it or not. In fact, these theories are also used in politics.
As a responsible business, understanding these theories will help you become aware when assessing competitors, reviewing customer feedback and checking in on analytics of your site. And, as an ethically and sustainably-minded business owner, you have the reigns to be honest with your customer about what you're doing and why - there is no reason why these marketing tactics need to be hush hush as our examples will show.
Dive in to better understand the key 7 psychological theories that you can use to drive traffic, increase footfall, and spread the word of your business.
Thumbnail image: Clay Banks on Unsplash
Ethically Woven: Using Markets And Events To Test Out Your BrandTuesday Dec 1st, 2020
Found Hea: Navigating The Changing Fashion Retail LandscapeTuesday Dec 1st, 2020
Holition: Shaping The Consumer Experience Online And OfflineTuesday Dec 1st, 2020
What You Need To Know About Exporting Post-BrexitTuesday Dec 1st, 2020
What You Need To Know About Importing Post-BrexitTuesday Dec 1st, 2020
The Retail Industry: Today and Tomorrow, November 2018 [British Retail Consortium] PDF
Saving The High Street: The Community Takeover [Power To Change]
How Retailers Can Leverage Insight From Consumer Transaction Data [Second Measure]
Creative Wellbeing In The Workplace [Yodomo]
Connected Consumer 2020 Report [Drapers] - Analysing exclusive consumer data, this annual research report explores the evolving shopping habits and preferences of UK fashion consumers aged 18 to 65.
Gen Z And Millennials 2020 Report [Drapers]
Lone Design Club Wins Retail Futures 2020 [FashionUnited]