THE GROWTH OF FABLETICS
For a very long time economics has demanded a balance in price and quality to influence the demand for a product. However, the changes in the world economy show that the above is not enough to enable the growth of a company through an increase in sales. Fabletics is one of the many recognized brands today for its fast growth and struggles to gain a place among other competitive brands such as Amazon.
Fabletics is an online sportswear outfit retailer store. It was started as a brand in July 2013 and launched later that year. The store launched men’s sport’s wear in 2015 and later expanded beyond sportswear by adding swim suits and dresses in 2016. Over the three years, it has grown into a company worth $250 million. The company’s success is attributed to the way it handles its customers. Its customer relations alone have brought many sales to the company. Today, the brand has at least 16 stores and looks to open many more. One of the major growth tactics is the use of personalized recommendation of products to the customers to determine what the customers demand and are willing to buy.
The stores have initiated reverse showrooming as a way of advertising and marketing their product. This has enabled setting up of pop up stores which stock commodities that match the preference and taste of online customers. Unlike in the case of Fabletics, showrooming has proven to be the reason behind the decline in sales for many other companies. The people browse for products online and go looking for the products elsewhere. However, Fabletics has been able to turn showrooming to its advantage ensuring that most of the people who visit their stores are already members or sign up for the membership after visiting the stores.
In addition to reverse showrooming, the stores have taken up analysis of online data to determine the customer preferences and any changes in the same. They stock the stores in light of the digital data analysed by their experts. Through this, the company stocks only what is trending and preferable to the customers through establishing the fashion trends using the same data. The Digital data analysis has also proven useful in determining the successful initiation of new products in the market and the customer’s response to such products through the various trials that the company conducts.
The success of Fabletics can be attributed to its vast knowledge of the customer. When a new store is established, it is set up in line with the people’s culture, lifestyle and accessibility. The many years of customer education and experience seem to be paying off for the employees of this company. Through the use of reverse showrooming, Fabletics has taken customer satisfaction and retention to a higher level compared to its competitors. It aims at ensuring that their customers get the best sportswear at very high quality and fair prices.
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