The world of fashion business has undergone a lot of changes especially during and after the pandemic. These changes have made a lot of fashion entrepreneurs consider other sources of revenue in the fashion world in addition to their already existing niche. As a fashion designer to expand your brand, you must study the trends and keep up with the constant change.
One way to stay relevant in the uber-competitive world is by creating various fashion revenue streams for your fashion business. Asides from providing a means of diversification and cross knowledge, it provides a measure of financial security that helps you stay up even when one aspect of the fashion world experiences a brief downturn.
Without wasting much of your time, let us take a look at seven effective ways to more revenue sources to your fashion business:
- Online Styling Services
The world has turned to the internet for any form of information they need to get, and although this is an easy yet coveted service, it can add to your stream of revenue. Providing online styling advice, fashion tutorials and dressing tips can go a long way to help your business. It becomes more lucrative if you know how to tailor your services to the needs of your clients.
The first thing is to conduct a survey to successfully know your target audience, as it will help you easily provide these styling services and advice.
- Trunk Shows and Pop-Up Stores
A trunk show is a sales event at which a particular designer or company presents their merchandise to potential customers, typically held in a clothes shop or the clothing department of a large store. Trunk shows and pop-up stores are some of the fashion marketing techniques a large number of brands have been using for a long time, and if you’re yet to start, you should consider them now.
Follow the steps below to start your trunk show:
- Choose the perfect vendor to work with
- Plan the best time for the event
- Get everything in writing
- Massive promotion
- Make it an exciting event
- Price appropriately and follow up for success
- Brand Collaborations
From LV & NBA, Converse & Telfar to Indya Moore and Tommy Hilfiger, collaborations between fashion brands have proven to be a profitable business decision. Collaboration in this regard can be between a fashion brand and social media stars, high street and high fashion, and even celebrity brand ambassadors. This current age of sharing has made collaboration an important tool for businesses working within the fashion industry, as it not only increases brand awareness but also brings in income.
- Social Media Presence
It’s going to sound too repetitive if I say a strong social media presence is important for a fashion brand, but I guess I would reiterate it. A fashion business must have a functioning social media page not only for marketing but also a means of income for your brand. Social media plays an important role in how web users find, interact and shop from your brand. With a sound content strategy that often includes paid ads, you can successfully turn new customers towards your website to make purchases.
- Online Storefront
The eCommerce market in Nigeria is the 35th largest market for eCommerce with a revenue of US$5 billion in 2020, just placing it ahead of the Czech Republic and behind Israel. It contributed to the worldwide growth rate of 26% in 2020, with an increase of 42%. The most valuable sector was fashion and beauty which achieved 1.8 billion dollars in consumer spending. An online presence which would include an online website solidifies your business and brings in more revenue.
The fashion business is all about creativity. If you can successfully apply this creativity to your business planning, your dreams of expanding your business will come through.