It is certainly an interesting time to grow a business. Rampant development of new technologies and business strategies has been stymied by various threats to profitability, from the fuel crisis’ respective rise in overheads to reduced consumer spending as a result of a growing cost-of-living crisis. Using every tool to guarantee success in your business is now key to ensure its continued competitiveness – but what can be done?
Across sectors, adoption of e-commerce strategy has shown serious dividends. Online shopping has shifted from luxury convenience to common necessity, and has become especially important in the post-coronavirus landscape. But what could be learnt from success stories within specific industries, for application in your growing business?
Fashion
The high street has been something of a visible snapshot of the ever-changing retail landscape, and high street fashion outlets were those that bore the brunt of that change. The pandemic hastened the demise of many household names, including Peacocks and Topshop; but the latter brand endures in the digital space, owing to acquisition by one of the chief case studies for success in the industry: ASOS.
Online-only retailers like ASOS have innovated retail fashion completely, catering to an exhaustive range of demographics and absorbing other household brands in the process. Their product offerings are affordable, fashionable, and well-targeted in terms of demographic. They and other hybrid outlets such as Boohoo tailor their websites to drive customers to specific products, sorted by trend as well as by type.
Beauty
The beauty industry has also seen incredibly strong growth in recent years, but largely due to an expansion in the market; new innovations in skincare have led to an increase in demand for skincare products, particularly with regard to male grooming. Companies like Feel Unique are capitalising on the wide range of products available, giving consumers a number of options and limited reason to shop elsewhere.
Other businesses such as Cult Beauty have made powerful use of brand loyalty programs, which serve to retain existing customers and even spur growth. Cult Beauty in particular has seen success with their referral scheme, that rewards both existing and new customers with credit, bringing down the cost of purchases and incentivising customers to advertise the site further.
Food and Drinks Delivery
Online delivery platforms have dominated in food and drink, offering consumers a radical new way to engage with hospitality and an ever-growing industry of independent products and makers. Just-Eat and Deliveroo enable customers to order from a plethora of takeaways at the touch of a button, while craft breweries and bottle shops have opened their own online web-shops to facilitate local and national delivery.
In both senses, the winning factor for these businesses is UI, or User Interface. Through investment in web portals that allow customers swift and seamless access to products and delivery options, the barriers to purchase are lessened even further. Major platforms like Just Eat allow customers to sort offerings by location and food type, and make it a simple process for businesses to sign up and begin trading.
