Apparel retailers conjure innovative ideas to keep up with tough times
Apparel retailers in India are adopting new strategies to control dwindling store footfalls. Brands like United Colors of Benetton, Cantabil and Walkaroo are taking the D2C route and launching their own e-commerce platforms while others like Spykar, FabAlley etc, are launching promotional campaigns to sell their stock.
Discounts and D2C channels
As per a Money Control report, some retailers have also resorted to discounts on their e-commerce websites. FabAlley and Indya have adopted an aggressive pricing strategy to attract consumers, says Shivani Poddar, Co-Founder while multi-brand outlets Shoppers Stop and Pantaloons are offering 50-70 per cent discounts on their websites.
Spykar is selling old inventory at discounted rates while Vijay Sales has introduced partial booking wherein consumers need to pay only 10 per cent of the product price on booking and pay the remaining amount on receipt of product. This helps the company liquidate unsold stock, says Nilesh Gupta, Director, Vijay Sales.
Another way brands can connect with consumers is through Direct to Consumer (D2C) channels. Footwear brand Walkroo launched own e-commerce website while Benetton and Cantabil plan to follow suit in coming months. Cantabil also plans its increase warehousing strength to boost e-commerce sales, informs Shivendra Nigam, CFO.
D2C platforms enable companies connect with buyers and offer good shopping experience, adds Amarjeet Singh, Partner, Tax Regulatory and Internet Business, KPMG India.
An uncertain future
Fresh lockdowns in states including Delhi, Maharashtra, Jharkhand Chhattisgarh, Karnataka, Tamil Nadu have hit fashion retailers badly as they have been unable to reopen stores in these locations. In states where restrictions are minimal, retailers are seeing a drastic fall in footfalls. Spykar Lifestyle has not been able to open a single of its 193 offline stores due to recurring lockdowns, rues Sanjay Vakharia, CEO.
FabAlley and Indya have also not been able to open 95 per cent of stores. Cantabil was able to reopen only 12 of 300 stores across the country. Some retailers are also not able to sell goods through e-commerce channels due to changing delivery guidelines. The future of Indian retail thus seems to hang in a balance for now.
