- The global apparel retail industry grew by 3% in 2008 to reach a value of $1,025.9 billion.
- In 2013, the global apparel retail industry is forecast to have a value of $1,184.1 billion, an increase of 15.4% since 2008.
- All apparel retailing industry sectors are heavily dependent on consumer spending. Since, consumer spending represents two-thirds of the U.S. economy these retailers become extremely vulnerable to wide economic swings.
Retailers in the Specialty Apparel Retail face an arduous challenge to keep pace with competition they face from the larger mass market retail counterparts who offer wider selection options and extremely competitive prices.
The challenge is compounded by the pressure to increase revenue from the existing stores and the available in-store infrastructure – be it store design & layout or the Information System. Also a Retail Management Software for Apparel Retail is a must have.
Specialty Apparel retailers also face the challenge to differentiate themselves from the competition in innovative ways not solely based on competitive prices. The pressure is high to stand out with focused customer service, in store shopping experience, assortments &prices, instant suggestions to up sell & cross sell.
A Specialty Apparel Retail owner fulfills multiple roles – CFO, buyer, store manager, planner. Imperative in such a situation is effective collation and analysis of customer information, his buying patterns, sales trends, inventory levels, and customer feedback. This information is critical across the business chain for effective inventory planning, optimum in-store stock levels, innovative loyalty schemes, targeted campaigns – all leading to increase in customer footfall and larger ticket size.
With an ever increasing pressure to increase margins, retailers are looking at sourcing their goods from The Far East economical markets. Ability to plan inventories, styles & assortments and competitive pricing is far too critical considering the larger lead times for replenishments.
Such a balance requires an integrated business management solution that allows flexibility to cater to the diverse & unique demands of Specialty Apparel Retailers. A Retail Management Software that seamlessly integrates all business processes from the POS at store to the planners at the Head Office lowering the overall cost of operations, simplifying expansion and enabling the Specialty Retailer maintain his unique proposition and positioning.