What are the top seven traits that describe today’s best-in-class fashion retailer?

I recently attended IMRG’s Fashion Connect in London and had the opportunity to meet with many of UK’s top fashion retailers. It gave me further insight into the constant pressure among the retailers imposed by the new competition, e-commerce, saturation on the market and constant changes. However, some being more successful than others has a direct link towards their strategy, approach, context, and determination

Here are the top seven characteristics that describe the best-in-class fashion retailer today:

1. Clear vision
The best-in-class fashion retailer has a strong and clear vision that connects its fashion to a target customer group.

2. Evolving process
The evolving process includes experimenting with products, thinking outside of the box and changing the store concepts.

3. Scaling
Expanding the concept that sells means that there should be some adapting included that will suit different geographies.

4. Investing in e-commerce
Allowing the customer an opportunity to shop online requires investing in an e-commerce platform that will be secure, easy to use, reliable and friendly for the consumers.

5. Having a greener approach
The greener strategy and focusing more on sustainable and environment-friendly fashion is a goal that many retails are focusing on. This includes the use of natural fabrics, sustainable manufacturing process, factory environment for the employees, etc.

6. Seamless shopping experience
Both the e-commerce and the in-store shopping experience is among the important characteristics that define one fashion retailer as best-in-class today.

7. Return policy
Offering a return policy to the consumer’s rates highly among the characterizes one top fashion retailer should provide. The reasons for the return of the items might be different, and the entire customer experience is made better while offering the option of return or change.

IMRG recently posted a blog “What does good look like in 21st century fashion retail” in which myself and other retail specialists had contributed our insights, check it out.

Online fashion retailers as well as all e-Commerce merchants are welcome to view our webinar How to Overcome Payment Declines and Drive Higher Approval Rates co-paneled with Visa and hosted by IMRG. The panel of payments experts provided valuable information on how an optimised checkout process affects conversion, how PSD2 can be a conversion boosting opportunity and how Visa helps online merchants to convert more. The panelists discussed how to overcome payment declines and best practices to help drive higher approval rates as much as 15%.

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About the author:
James Perrett, VP Retail, SafeCharge, a Nuvei company
James Perrett is an experienced finance executive with a proven track record developing and delivering on payment strategies for some of the world’s most recognisable retail brands.
Passionate about commerce, payments and customer experience, James heads up retail for SafeCharge, a Nuvei company, and a member of the IMRG Taskforce.

SafeCharge Limited is an Electronic Money Institution authorised and regulated by the Central Bank of Cyprus and is a principal member of Mastercard, Visa and Unionpay International (CUP). SafeCharge Financial Services Limited is authorised and regulated by the Financial Conduct Authority as a Payment Institution. Both SafeCharge companies are wholly owned by SafeCharge International Group Limited.