Fashion merchandizing is a dynamic, vibrant and ever-changing field and requires sublime approach revolving what is the best in all the dimensions. It is a process of putting the right clothing items and accessories at the right place, at the right price, with the right display, with the right marketing strategy and to the right customers. Fashion merchandizers collaborate with fashion brands, designers, fashion show organizers, fashion influencers and retailers to attract the targeted customers. The deep knowledge of market trends, priorities, customers requirement and environment factors must to have successful sale strategy (SSS) as it requires maximizing the brands’ profit through robust sale.
WHICH ARE FASHION MERCHANDIZING SECTORS?
Fashion merchandizing is a very diverse field in fashion designing and it has many sectors and skills such as;
- PROMOTION
Eye is the first customer and then comes the mind so the promotional activities mainly hinge on bold and attractive displays with an aim of making the eyes roll towards the product promotional tools as diverse promotional campaigns and displays are devised and presented to attract the customers. The promotional drive has some factors which are as under;
Marketing and Advertising Strategies:
The marketing and advertising strategy focusses on the outreach of the marketers and advertisers to the customers by adopting different tools keeping in view the trends and mindset of various categories of the customers.
For instance, the millennials can be accessed through YouTube ads, magazines and newspapers while Gen Z clients can be approached through social media marketing and influencers.
Visual Strategy: Visual strategy for promotion of brands and their products is the most effective strategy though it is orthodox but time-tested because seeing is believing. The marketing strategists create attractive displays in the outlets and on the online platforms to attract and approach a large chunk of potential customers. The visual strategy depends on the innovative layouts, eye-catching displays and the attractive method of placement of the products to divert attention of the customers and to boost the sale.
Public Relations
Public relations is an important part of the fashion promotion as it is aimed at developing cordial and workable relations with the manufacturers, retailers, all others involved in supply chain and particularly with the customers because the strong bond with the end users is necessary to develop soft image about the fashion brands. Public relations also involves developing contacts with media persons, market influencers and trend setters.
Events: Organizing fashion events such as fashion shows, runways and participating in such activities is an important aspect of the fashion brand promotion because these event help in showcasing the brand products, making contacts with the media persons and market influencers who promote the fashion products in the fashion magazines, newspapers, social media and on television.
- RESEARCH
Research is the most significant aspect of the fashion merchandizing because it ensures sustainability in the ever-changing and vibrant market. The in-depth research allows the fashion designers and merchandisers to have first hand knowledge about the customers’ behavior and the competitors’ strategy. It also provides way forward for growth, finding new markets and approaching new customers. The research also provides real time information about customers opinion and helps in interacting with different fashion types such as fast fashion, luxury brands and others. The research also gives a complete analysis how fashion promotion campaigns influence the customers mindset and overall behavior.
WHAT IS PRICING MECHANISM?
Pricing is another important sector of the fashion merchandizing because it determines profitability and sustainability of the brand in the market. It requires calculated and most precise approach for having real time analysis of the market and cost for keeping the ball of business rolling. The pricing mechanism involves different factors which are as under;
- Cost Analysis
Cost analysis is the very foundation of any business because it helps determine the profit after calculating the whole cost of manufacturing any product. The analysis involves calculation of material cost, labor, transportation, promotion and other overhead charges and thus it determines the product is cost effective, competitive and profitable.
Pricing Strategy: This strategic approach determines profit margin, target customers, affordability and promotional activities to attract the customers to the brand products. Many strategies are adopted in the market such as dynamic pricing, value added pricing and cost-plus pricing. However, all the strategies are aimed at to sell the products and earn profits to the benefit of all involved in this chain from manufacturer to the retailer.
Mass Marketing: In this strategy, price sensitive customers are targeted by following competitive pricing strategy as the products are put on display keeping in view the current trends and competitive brand prices.
Value Pricing: The high-quality luxury brands are conscious about value and quality of their products and they determine the pricing keeping in view craftmanship, value, quality, high standard and prestige of their products in the market. This approach is devised to attract status conscious and quality conscious customers. Many customers feel pride and uniqueness by choosing highly-priced products.
Value perception: The value perception revolves around the activities to ensure strong identity based on quality, innovation and storytelling (promotional activities). This strategy is aimed at motivating the customers to make purchases perceiving value, superior quality, innovative design, trendy products and the image associated with a brand. All this is done through robust marketing strategy by continuously injecting the story of the brand through attractive ads on TV, social media, newspapers, magazines and other marketing tools.
- NEGOTIATIONS
Negotiation is a key to success for a successful merchandizer. Through strong communication skill, a merchandiser can put a successful order on suitable price and can negotiate suitable price with the customer to earn profit for himself. This process is focused on putting right product at the right price at the right place for a right customer to have profit for himself.
CONCLUSION
Merchandizing sector in the fashion industry serves the role of a bridge between the manufacturers, retailers and lastly the customers. This sector is based on four Ps – Product, Pricing, Place and Promotion. The whole business model revolves around these key sub sectors of the fashion branding and fashion industry. The long and complex supply chain in the fashion industry begins from the fields and ends on the body of the customers. Millions and millions of people, their skills, innovations, ideas, efforts and initiatives are involved in embellishing a body with the clothes.
FAQs (Frequent Asked Questions)
Can fashion merchandizing be adopted as a profession?
Fashion merchandizing offers many profitable and lucrative fields for the people to adopt as a profession.
How can one enter fashion merchandizing field?
Many institutions and universities offer degrees in marketing and merchandizing and through this qualification, fashion merchandizing profession can be adopted.
Which are the risk factors in fashion merchandizing?
Fashion merchandizing is safe by all means however, it has many risk factors like fall in supply chain, damage to the stock, non-payment or natural disasters.
