The eCommerce industry is not only about selling essential products; nowadays, Indian customers are choosing the internet to fulfill their fashion requirements. Some prominent eCommerce websites such as Amazon, Flipkart, Myntra, Messho, Ajio, etc., sell fashion products. Myntra, Ajio and Meesho are mainly into the eCommerce fashion industry. However, the eCommerce industry is still trying to get adjusted to the fashion industry as per the customers’ requirements and demands. According to recent research, the eCommerce fashion industry’s revenue will reach 19.65 billion dollars in India by 2023. This growth is not going to stop there; it will continue in upcoming years.
Now, let’s talk about the darker side of the eCommerce fashion industry. Although this industry is growing and brands are already generating revenue, the primary issues remain. If it is not handled efficiently, it can diminish the reputation and growth of online fashion brands. But with the help of a robust strategy and the right solutions to their issues, they can rescue their online business and head towards victory. In this particular blog segment, you will get to learn about the specific issues faced by the eCommerce fashion brands and their solutions.
Significant Challenges & Solutions of eCommerce Fashion Brands
If you are the one who is going to start an online business in the eCommerce fashion industry, then this blog can help you to resolve several issues. Undoubtedly, the fashion industry is emerging day by day in the online business world. Customers from all over the country are buying fashion essentials from several eCommerce websites. But still, some glitches need to get resolved shortly.
Immense Return Rates
In comparison to other product categories, returns are higher in the eCommerce fashion industry. It is around 25%-40%, and numbers usually go up during peak sales. Well, this number is surprisingly high but there could be many reasons behind that. Customers mostly complain that the product they have to order does not match the product they have received. Some complained about the product’s size and quality while others complained about delivery timing. Returns are a horrific part of the eCommerce industry, but for fashion brands, the ratio of horror is relatively high. Let’s get to the solution.
You can’t completely eradicate the issues of the return, but you can, of course, take some essential steps to minimize them.
- The photograph of your product should be high resolution and taken from various angles. High-quality images of the product can make the customer better understand the product.
- Add informative but short product descriptions to explain the significant factors of the product, such as size, fabric, material, etc.
- You should add a standard size chart to eradicate the confusion regarding the size of the product.
- Add agile customers’ reviews along with the product to convenience them so that your product can meet their demands.
- Subscribe to a listing quality analysis software such as etraKY BS that can help you with the solutions mentioned above.
The Demand for Speedy or Free Shipping
In the eCommerce industry, shipping is the crucial factor that can make or break your business. Six out of ten customers consider those fashion brands that deliver their products as per their expectations in terms of quality of the product and delivery time. Most customers also tend to abandon the carts if the shipping is not fast or free. However, being in this industry, you can not simply apply for free shipping because it won’t suit your finances. So you need to handle it smartly without the risk of financial crunches.
To resolve the issues regarding shipping, you can take the following steps.
- One of the best ways to minimize the shipping cost is to circulate your inventory across various warehouses in India.
- As an intelligent seller or brand, you can also include the shipping charges into the maximum retail price to create an illusion of free shipping for the customers.
- Select the best low-cost, high-quality shipping and courier service provider.
- Implement the automated order processing tools to fasten up the shipping process.
- Always notify your customers that their order is ready to ship and will be delivered to you on time.
Higher Competition Rate
Numerous brands are entering the emerging eCommerce fashion industry. That is why it is becoming difficult for new brands to increase their popularity in the market. There are several brands that are present in the eCommerce fashion industry, but no one recognizes them at all. To beat your competitors, you can take the following steps as a solution to it.
To get the customers’ recognition and beat your competitors, you need to upsurge the visibility of your products on various eCommerce channels.
- Add top-ranked keywords to your products. It can help your products to get placed on the search lists.
- You can run paid campaigns on several social media platforms.
- Maintain price hygiene of products across channels.
- Use a competitor tracking tool to understand the selling strategy of your immediate competitors.
Frightful Situation of Stockouts
Although it is one of the major problems in the eCommerce fashion industry, on the other hand, it is one of the most typical ones. After making a buzz around the customers, if your product is not available in the stock, it will not help you generate future revenue. Moreover, you may lose your valuable customers due to the frightful stockout situation. You can lose out on sales, which will also make your customers unhappy.
To prevent stockout, you need to manage your inventories effectively. It is the only aspect of an eCommerce business that can save you from the horrific situation of Oos (out-of-stock).
- Analyze your historical data to predict the upcoming demand of customers and refill your inventory accordingly.
- Always keep track of your inventory, and never lose a single customer.
- Always forecast the inventories during the festival sales or any other sales.
- Take advantage of seller tracking solutions software such as etraKY BS to get updated with your inventory constantly.
Running an online fashion brand on various eCommerce platforms is not an easy task. However, the alluring fashion industry attracts sellers to get into this business. At times you can experience that your business is doing well and you are generating significant revenues. But the increasing return rates and pressure to deliver orders on time and manage your inventory precisely are some of the significant issues related to the eCommerce fashion industry. All these factors can have a drastic effect on your overall business. That is why you need to take some primary steps to resolve these issues efficiently. In the current scenario, you also need to understand the market trends and the demands of your customers. Apart from that, to resolve these issues, you can also take the help of a powerful brand analytics tool such as etraKY BS. It can help you with listing quality analysis, stock availability analysis, managing the price hygiene of products, and keeping an eye on your competitors’ stock and prices. In this way, you can successfully mitigate all your pain areas and can have a hold on more customers.