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Bespoke Fashion Designers

Selling Online on Fashion Marketplace - Does it make Business Sense?

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In the era of growing mobile internet usage on smartphones and digital marketplaces offering online shopping, digital spends now account for almost a quarter (24%) of all fashion-related transactions. There is a significant increase in the number of customers, who prefer and opt for online shopping as they have multiple and diverse options to choose and buy from the comfort of their home. Although the world is moving towards online shopping, there are many fashion designers who may miss out to take advantage of this growing trend if they are not able to offer the online shopping experience to their clients.

In the era of growing mobile internet usage on smartphones and digital marketplaces offering online shopping, digital spends now account for almost a quarter (24%) of all fashion-related transactions. There is a significant increase in the number of customers, who prefer and opt for online shopping as they have multiple and diverse options to choose and buy from the comfort of their home. Although the world is moving towards online shopping, there are many fashion designers who may miss out to take advantage of this growing trend if they are not able to offer the online shopping experience to their clients.

Consider these recent stats:

According to McKinsey Report, 'The state of Fashion' Global Fashion Industry is put at $2.5 to $3 trillion and UK fashion industry put at £37 billion.

According to Statista eCommerce Report 2018 for Fashion segment, worldwide revenue from eCommerce Fashion of US$417.1 billion in 2017 is expected to increase to US$712.5 billion by 2022

According to research published by Mintel, UK online shoppers are set to spend £16.2bn on fashion online this year representing a 17.2% increase and it is set to grow by a further 79% by 2022, reaching just under £29bn.

Selling Online – What are the options for fashion designers and boutiques?

Fashion designers and boutiques, across the globe, have a wide variety of options to sell their products online. In line with the technological evolution, for any start-up fashion brand, it is a must to have its own website which offers customers the facility to shop for products online.

The other option and probably the best option is to sell through other online intermediaries called marketplaces. Apart from online buying facility, these marketplaces offer a great user experience, to your customers, which enhances the brand value of fashion designers and boutiques. The online shopping marketplace also attracts visitors and customers from across the globe which increases the visibility and reach of your products.

Comparison of your own eCommerce website vs. Online Fashion Marketplace:

Upfront Costs: Your website will require high upfront investment, whereas selling on the marketplace website will not require upfront costs or will need very minimal expenses.

Time to launch: Creating your own website will take longer as you need to create the user interface (UI) and user experience (UX) where marketplaces offer these as a readymade platform. Creating a mobile-friendly site or mobile app will add to time and costs. With technology support, ease and convenience of the marketplace, users take less time to complete the online purchase thus facilitating the comfort and convenience to your customers.

Advantages of economy of scale: If you decide to create your own website, you will need to do research on payment gateways and delivery partners etc. and you may not get best rates until you reach a minimum threshold prescribed by these service providers, however marketplaces will get better rates, as many sellers sell through them, and they will pass on these advantages to you.

Website traffic: Once you have created your website, you will need to wait till your site gets indexed by major internet search engines and you start getting referral traffic – like getting footfall to your high street boutique. Or, you will end up spending huge sums on online advertising. Again, you will have limited number of products and this cannot compare with marketplace having hundreds or thousands of products.

Website performance: While your own website requires a lot of upfront investment without any guarantee of performance, online marketplaces deliver sales and then charge a small percentage of commission. Marketplaces will be successful if they help you succeed.

Customer Service: If you decide to launch your own online fashion boutique, you will also need to spend time on providing timely and efficient customer service, however, if you are setting up your shop on a marketplace, the marketplace will take care of most of customer service requirements.

Issues of Trust: When you are starting up in any business, more so for online business, the trust level is low, however when you are selling on a marketplace trust level is improved because it is perceived that the marketplace will intervene in case of a dispute.

Safe and secure transactions: The online shopping marketplaces offer greater transparency and clarity in terms of online transaction thereby ensuring to build the trust between the brand and customer. If your brand is listed on online shopping marketplaces, it will add value to your brand value.

The above facts clearly demonstrate that you are losing out if you are not selling online and it makes business sense to sell on fashion marketplace.

Fataka.com has launched an online marketplace to help you sell online with least of expenses and efforts. We will even be happy to upload your products and images and help you with search engine friendly product descriptions so that your products rank higher on search engines while you can continue creating more fashion designs and products.

Not only this, there are no upfront listing fees on fataka.com's marketplace and our fees are also lower than most other online marketplaces.

And, to thank you for signing up before 31st May 2018, we are offering 10% discount on our fees for one full year.

We hope you will agree that it makes a good business sense to sell through the online marketplace; however it makes better business sense to sell through on fataka.com's marketplace, because we will be successful only when we help you succeed. We are also working on mentoring section and a section where you will be able to offer bespoke and high-end fashion, which would be ready by end of June 2018.

Please visit https://fataka.com/seller-registration.html to sign up for a free account Today!

If you have any questions or are still not convinced, please complete contact us form on fataka.com and we will be happy to answer your queries.

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