How to Re-Invent Existing Seasonal Stock
The global health emergency has necessitated complete overhauls of businesses as the fashion industry faces unprecedented complexities. This is especially rampant in businesses that operate on a seasonal basis.
It’s easy for brands and retailers to feel backed into a corner when their profit hinges on seasonality. Spring/Summer sales took a massive hit, leading to a surplus of seasonal inventory.
In our recent webinar on merchandising best practices for crisis mitigation, ex-Head of Merchandising at Asos, Sarah Johnson, touched on the tactics fashion businesses can employ to overcome this hurdle.
Creative solutions are needed to offload these stocks and regain momentum. Industry players have to think outside the box and consider alternatives that are external to the seasonal framework. Ultimately, it’s about finding creative means with what you have and applying them to the present circumstance.
Optimise seasonal items
- For raw materials like fabrics intended for SS20, consider using them in other ways going forward. Distinctly seasonal colours can be repurposed for categories that are not season-centric. Loungewear is a category that provides some leniency in this regard.
- Capitalise on upcoming trends. Look ahead into the next season and determine if certain items can be worked into the trends that are coming through. Carefully and consistently monitor the market to validate the trends.
- Markdowns are conducive to preserving cash flow, especially when demand is scarce. Seasonal items that are redundant and can’t be reassigned to other collections or seasons should be discounted to generate revenue.
Seek new opportunities
- There are businesses that are not trend-led and are less conventional in their colour assortments. Suppliers can push their seasonal colours to these brands and retailers, as they are more likely to buy into distinct items than other trend-focused businesses.
- Colour trends vary by market. In tropical regions, colour trends are not dictated by season. Explore other markets to identify where seasonal colours are still in demand and tap into it. Real-time data is crucial for this process. The Omnilytics dashboard allows brands and retailers to analyse the trending colours in more than 40 countries and deep-dive into the top-performing hues. Finding opportunities in the other markets to capitalise on can be done quickly and accurately with minimal effort.
For a detailed account of key mitigating strategies in this pandemic, download our report, Fashion Retail & the COVID-19 Crisis.
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