Spin-off brand of Forever 21 opens more stores—Learn how your business can avoid competition
“We will start with two F21 Reds in Ontario and we are actively looking for additional opportunities across Canada,” said Jeffrey Berkowitz, Forever 21’s Canadian retail broker and preside of Montreal-based Aurora Realty Consultants.
In case you’re unfamiliar with F21 Red, the store is a relatively new spin-off from Los Angeles-based fashion giant Forever 21—and its coming to Canada this fall, which got us thinking about competition in the business world.
RELATED TOPIC: Five ways to attract new customers and grow your business
It should come as no great surprise that in business, especially the fashion industry, competition is usually inevitable. Shoppers like having options, which has since resulted in hundreds of stores and thousands of clothing choices.
However, there can be room for every type of store –even those stores that offer similar products. Therefore, if your business is all about selling affordable clothing, don’t panic just yet!
Easier said than done, right? Not necessarily. If you won’t to do better than your competitors, then you need to make sure that your company has better sales. You can accomplish this feat by understanding what your customer really wants and then giving it to them. If you become known for giving the customer what he or she wants, then that customer is more likely to become a repeat shopper, which will help to generate more sales.
Increase customer service quality
It may be a cliché, but it’s true: treat customers how you want to be treated when you’re shopping. By offer better customer service, you will rank higher with the public than your competitors do. Good customer service will make your customers happy, which in turn will help ensure that they come back to your store. Not to mention, having good customer services can spread quickly, leading to more and new customers.
Increase marketing efforts
There’s two parts to this tip. Yes, the way in which you market your products is important, but you first have to make sure that you have good products to market.
Therefore, try to find and offer unique products that your competitors don’t sell. As well, setting these items at a fair and affordable price will also be crucial.
Finally, learn how your competitors market their items and do it better! Consider offering special deals, free shipping, utilizing social media tools, discounts to regular shoppers—anything that will keep current customers content, while also attracting new customers.
Got any other advice or ideas on how to ward off competitors? Let us know!
RELATED TOPIC:[INFOGRAPHIC] How to utilize Facebook for your business
Click here to read the latest edition of Business Review USA!
- Meet the CTO: Deb Hall Lefevre leads tech for StarbucksLeadership & Strategy
- SAP’s Scott Russell speaks on leadership and transformationLeadership & Strategy
- Canadian VC market has strongest first quarter on recordCorporate Finance
- IBM – Sustainability is top priority and challenge for CEOsSustainability