As a merchant, how does the pandemic change the way you buy product?
Digital transformation is in flux and teams have created seamless shopping experiences for customers.
But how do you change the WAY you buy?
Start by considering the following:
1. Eliminate Overbuying
2. Be Agnostic
3. Develop In-Season
Traditional merchants and planners always overbuy, leading to markdowns and inventory management issues. Buying less is key and requires data, AI and other insights to get a sense of what the customer wants.
Seasonality is a means for the the fashion industry to sell more and more often. From 4 seasonal drops to more than 50, we have trained the customer to expect newness but we have the power to change the fashion calendar. Develop a more season agnostic assortment mix and increase the quality of your products.
Be flexible so you can innovate and develop in season. Reacting to customer wants and social and economic influences in real time is key. Build time into your calendar for innovation and validate ideas directly with the customer.
How does the saying go? If you can't solve a problem, it's because you're playing by the rules.
Use the ideas above to re-write the rulebook of buying.