Every now and then, there is at least one person that tries to start a business. For many people, the world of a business owner or an entrepreneur is a lot different from the world they are used to. For this reason, they need to learn a lot about the activity that they are trying to get involved in. Fortunately, the internet has a wealth of information from people like Kate Hudson, who has started her own clothing line called Fabletics. She has outlined the process of starting and growing a successful empire in simple steps. The steps for creating Fabletics can be applied to other companies that are being started in other industries.
The first step is for one to identify an industry that he wants to be a part of. When it comes to starting a business, this is an opportunity for the entrepreneur to get involved in something that he is passionate about. This is the chance for anyone to make money doing what he enjoys and realize that work does not have to be so miserable. For some people, this is a quick and easy process. Other people may have to take a little bit of time off in order to find out what they truly enjoy.
After figuring out what is wanted, the next step is the educational step. The worst thing anyone can do when trying to start a business is to jump in with very little to no knowledge about the process. Entrepreneurs need to take the time to know how running and marketing a business works. They need to know each of the marketing channels and how they work. Then after that is the planning process when they figure out which channel they are the most comfortable with.
Another thing to do is leverage any advantage. For instance, Kate Hudson was a famous celebrity. She used her fame as well as business skills to bring forth a successful fashion retailer. Another important thing she has used is a unique business model that takes advantage of the latest trend in business and shopping. This in particular is the online membership model. With this business model, Kate Hudson has made it a point to get to know her members so that she can better provide what they want in clothing and accessories.
The business world is a very competitive world. Many businesses that start up in the industry fail, and even the ones that succeed experience limited success. This is especially the case with fashion. Many companies try to succeed in the fashion industry. There are a lot of companies that try to gain a lot of sales. However, they try to do this by bringing forth unique products. While it is important to have something other stores don’t have in order to sale, it can backfire. Another common method of making sales is to price the items lower than the other stores.
While these two common strategies work well enough for some companies, there is one thing that holds a company back from success. One of the most important things to realize is that the customers have to want the products in order for them to sell. This is something that the founders of Fabletics realize and use as their method of selling. They focus on the customers and figure out what they want by actually getting information from them. The website of Fabletics and other brands in the TechStyle group bring forth involves a quiz that collects information about the preferences of their customers and directs them to the items that are as close as possible to the products they want.
One of the best aspects of Fabletics and the other TechStyle brands is that a lot of attention is paid to the sales of the items. This keeps them from having too much overhead. This will not only make them a lot of money, but also save them a lot of money as well.
In the end, fashion has to be about the customer. The customer is not only wearing clothes, but also wearing feelings. Some people use fashion as a way to express who they are from the inside. There are many different ways to use fashion. Kate Hudson and some of the other fashion designers are hoping to bring forth enough variety to people so that they can find their own style and wear it for themselves.
Amazon has been at the summit when it comes to selling women’s apparel online, pulling in close to 20 percent of sales in this market for many years. They have seen the competition get close a few times, but they quickly fade away and have not been too much of a concern. Amazon may have to pay closer to Kate Hudson’s Fabletics this year, a women’s active-wear company that has already sold over $250 million in high-quality workout apparel in three years.
When Hudson was asked to talk about the success of her clothing company, she credits much of the success to reverse showrooming and her unique membership program. Although her athleisure brand could sell on its own, the way women are shopping tells the real story of the company’s success. Women come down to the Fabletics retail store in the mall, then they apply for the free membership, check out some of the new arrivals, take the Lifestyle Quiz, and try on just about everything in the store. Many customers leave the store buying nothing after all that, and this is not a concern for Hudson.
If potential customers are leaving without buying, how did Fabletics rake in over $250 million is sales of workout apparel in 3 years?
The reason Fabletics is enjoying such enormous success is all due to how these same customers shop online. Now when they have the time after their hectic day, these women head to the Fabletics website where they discover all the workout apparel they wore inside the retail store is waiting for them in their online cart. Knowing how perfectly the clothing fit, it is easier to shop when you know exactly what size to purchase. There is no guessing like when you purchase clothing on Amazon, and Kate Hudson’s Fabletics customers will buy more items than if they were in the store due to the larger online inventory.
Part of the benefits of being a member of Fabletics program is free shipping on all online orders, discounted pricing and special deals, as well as the help of your very own personal assistant. Kate Hudson’s Fabletics has found a way to cater to women who want to buy online at their convenience and get exactly what flatters their body the first time. Amazon should be concerned because this formula is not only unique, it appears to be turning average buyers into long-term loyal customers.