Fashion on Ice: Early EOSS Sizzle Fizzles Out Despite Deep Discounts
19 January 2024, Mumbai
Forget fireworks; Indian fashion retail is facing frostbite this season.
Despite throwing open the sale gates with eye-watering 65% discounts in their early end-of-season sales (EOSS), shoppers remain unmoved. This icy response casts a chilling shadow over the industry, already battling a demand slowdown since 2023's inflationary headwinds.
The early EOSS gamble, designed to outmatch the upcoming Republic Day e-commerce bonanza, seems to have backfired. Even hefty discounts, a trusty retail weapon, are losing their spark. Analysts blame a shift in consumer priorities, with tightened budgets now fueling wanderlust and experiences over wardrobe updates.
But is hope lost? Not entirely. Experts suggest retailers navigate this chilly terrain by:
- Targeted warmth: Ditch the shotgun approach. Laser-focus marketing on desired customer segments with offers tailored to their needs.
- Essential chills: Highlight deals on staples, the winterwear must-haves, not fleeting trends.
- Experience over exposure: Don't just pile on discounts. Create unique shopping experiences, be they personalized recommendations or in-store events, to ignite that spark.
- Thawed inventories: Streamline stock to avoid the winter blues of overstocking. Flexible return policies can melt away purchase hesitation.
In the coming weeks, there will be a fashion runway for brands to showcase their adaptation skills. As Republic Day approaches, the battle for consumer wallets will intensify. Who will emerge as the retail trendsetter in this season of shifting priorities?
Only time and clever strategies will tell.
