*This is a contributed post. This post contains affiliate links.
To run a successful fashion business, you need to be in a state of constant learning. A big part of this process will involve looking at other companies in your industry and learning from them. Doing some competitive research is always handy – but it’s not the only thing you should do.
Alongside this, it helps to look away from your industry and take lessons from other companies in different sectors. Seeing as it’s one of the largest and most profitable industries on the planet, the auto sector is a perfect place to start. While fashion and automobiles seem like two completely different business ventures, there is so much you can learn and apply to your startup.
If you’re interested, we’ve listed some of the key lessons to keep in mind.
Sustainability is key
The auto industry is one of the leading sectors when it comes to sustainability. You’ve seen a massive push over the last few years as companies commit to making electric cars or hybrid vehicles. In fact, many of the biggest car manufacturers around the world have pledged to only make electric vehicles by a certain date.
Why are they doing this? Because the market demands that sustainability is taken seriously if we want to save our planet.
Therefore, you can take this lesson and apply it to your fashion business. Put a focus on sustainability and produce sustainable fashion items. It’s a fantastic idea for a couple of reasons:
– It gives you a USP (Unique Selling Proposition), something that sets your brand apart from others
– You’re helping the planet by reducing carbon emissions and encouraging people to shop sustainably
You can even follow a similar path to some of these big car brands like VW or Ford. Start with a couple of sustainable fashion lines before pledging to make all of your clothing sustainable in the future.
People want affordable luxury
Another growing trend in the car industry is the demand for affordable luxury. Consumers don’t want to pay over the odds for vehicles, yet they want a decent level of luxury inside. This has led to the growth of companies like VinFast, who have almost doubled their shares lately. Why? Because they’re able to produce luxury cars for most people’s budgets.
Again, take this idea and apply it to your fashion startup. People are moving away from the concept of fast fashion and buying really cheap, poorly made clothes. They want luxury clothing at an affordable price – and you can make items that fall perfectly into this sweet spot.
It’s all about choosing the right materials and manufacturing processes to keep the costs down while ensuring the products look and feel good. This extends to your website design as well – look at some car manufacturers producing affordable luxury vehicles. They make their sites look really high-end to entice consumers and put the ideal of luxury in their minds. Do this with your online fashion store and you’ll quickly associate your brand with luxury while maintaining affordable prices.
Trade-ins generate new customers while retaining loyal ones
The final lesson you should learn is that you can generate more new customers while retaining many current ones through the concept of trade-ins.
Now, this is not necessarily specific to the auto industry, but it is something they have been using for a long time. Car dealers and manufacturers will offer deals and price cuts to people who trade in their old vehicles. They offer a price for the old vehicle and take it off the cost of a new one. It’s a very simple idea, yet it works wonders!
Why? Because life is made easier for the buyer. Not only can they get a new car for a discounted price, but they will also be able to get rid of their old vehicle. It means they don’t have to spend ages trying to find a buyer, haggling with people, etc.
Once more, this idea is easily applied to a fashion business. You could set up a similar system where people essentially “trade in” or recycle their clothes with you. They get some money off their purchase and can get rid of old clothes without having to sell them. It attracts new customers because there’s an incentive while also retaining existing ones. The old clothes could also be washed and then sold on to other websites or recycled depending on the quality, so you’re able to regain a bit of money too.
The bottom line is that you can learn a lot from other industries! We used the auto industry as an example, but explore others and see what lessons you can learn and apply to your fashion business.
Want to stay connected and inspired in your fashion business journey? Join our list for free here
