Riding on online sales, Madame aims for three-fold growth in three years
Desperate times call for desperate measures. Fashion brands are trying to survive the ongoing tough times by shifting their business online and incorporating consumer feedback into operations. They are also stepping up their online training facilities for specific retail capabilities, says Akhil Jain, Executive Director, Madame. Creating skilled teams to provide great brand experiences remains their primary focus today, he adds.
Focus on high-end technologies
Companies adopting advanced technologies are succeeding in creating a benchmark in customer interaction. However, brands need to upgrade their commercial and social relationships, said Jain to Financial Express. He also advises agencies to reflect on businesses’ weak points and highlight strategies for improvement through effective consulting.
He believes technology-enabled business trends will stimulate future growth of the industry and advises brands to introduce convenient, accessible and safe shopping options. His brand Madame closely engaged with customers throughout the pandemic which helped boost sales in Tier II and III post lockdown. The brand reached 70 per cent of pre-COVID sales by November and is currently at nearly 100 per cent pre-COVID sales, informs Jain.
Pre-COVID, online shopping just formed 2 per cent of Madame’s sales. But, now this has increased to 10 per cent. Jain expects this to continue and aims to boost the brand’s online experience through investments in high-end technologies.
Madame also launched an online platform to offer customers new ways to explore themselves through fashion. Jain says, daywear, summer essentials have emerged as the new quarantine wardrobe while loungewear and activewear are also saw an uptick in demand.
Sustainability and digitization by 2030
Eco-friendly, Madame’s innovative designs help minimize textile waste. The brand aims to be 100 per cent environmentally friendly and a carbon-negative company by 2030. Last year, it launched an exclusive online shopping website glamly.com to provide personalized shopping experiences. The brand also has a wide distribution network in India with over 700 points of sales.
Jain says, digitalization allows companies to reduce losses by accelerating production of best-sellers. It also helps process a large amount of data both from within a firm and externally. He informs, many manufacturing units obtain individualized customer data to personalize the product design, service and sales process.
Madame maintains its market position by launching innovative and experimental styles. Its operational model enables the brand to tap into potential of its regional consumers, enabling it to achieve double-digit growth year on year, excluding 2020. The brand witnessed significant growth in online sales during the pandemic period of 2020 with a major contribution was from Tier II and III cities like Ludhiana, Chandigarh, Lucknow, Jaipur, Mohali, Noida, Jammu and Shimla. In the next three years, Madame aims to fly higher with three-fold growth through online sales.
