Many fashion retailers are trying to survive online after the Coronavirus pandemic has caused a halt to in-store shopping.
Many businesses are taking bold steps to increase revenue or just to keep their business afloat. You can shop via live videoconferencing and receive discounts, free shipping, or even same-day delivery, if you live within a radius of the store.
One fashion retailer has managed to thrive online for five years, and that is Fashion Nova. Fashion Nova is a fast fashion retailer based in America.
The company was founded in 2006 with a space for retail in a Los Angeles shopping center.
Richard Saghian, founder and CEO, noticed that similar products were selling online faster and at a higher cost point. However, simply creating an e-commerce website didn’t seem enough.
Fashion Nova’s success
Fashion Nova was visited by many high-profile clients regularly, regardless of whether you consider it luck or just plain good fortune.
This, along with the explosive growth of social media over the past decade, led Saghian to create an empire built on social selling.
- Fashion Nova’s Instagram page was launched in 2013 by the company. They already had more than 60,000 followers before launching the ecommerce site later that year.
- He started by photographing his top-selling products and encouraged his customers to do so.
- Saghian realized quickly, after talking with his clients who frequented the Panorama Mall location, that Fashion Nova was being tagged on Instagram by many of them in their #OOTD photos.
- To continue building his brand and sales, Saghian works now with celebs like Kylie Jenner or Cardi B.
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- Fashion Nova is proud to promote its clothing using a variety of models, celebrities, influencers and customers.
- Fashion Nova is praised for showing real bodies in all sizes and colors on its website as well as on social media.
- Although Saghian was delighted with his success, he also knew that fast fashion was moving at an extremely rapid pace.
- Saghian has formed partnerships with local producers to keep up with demand. He also creates runway-inspired looks for women and men to feel confident, empowered and fashion-forward.
Future retail sales
- Fashion Nova and Saghian seem to have everything figured out. Fashion Nova was the most searched brand on Google in 2018. Fashion Nova employs more than 600 people and has an annual revenue of $100 million in just five years.
- Fashion Nova has now opened five stores in Greater Los Angeles, reversing their original plan for multi-unit expansion. They also place a lot of emphasis on Instagram and its influence.
- The company creates new Instagram posts every 30 minutes and comments on each tag post.
- Fashion Nova encourages its customers and followers not only to promote their products because they have proven to be effective in increasing sales but also because it gives them the opportunity to feel empowered and admired for being cultural trendsetters.
- Social media is the future of retail sales. HubSpot, a web development company that specializes in sales, marketing, and customer service, has confirmed that the answer is yes!
- Fashion brands and retailers should take a look at Fashion Nova’s empire built using this model.
- Social selling is the use of social media platforms to interact with clients, potential clients, and share valuable content in order to increase sales.
- An analysis in 2018 found that 28% companies prioritize social selling as part of their business model, because it is so efficient.
- Personalized recommendations and promotions account for 43% of all e-commerce sales.
- People between 16 and 34 trust celebrities and social media influencers more than professionals, governmental and political figures.
Fashion brands and businesses have to use that influence to build a following on social networks and strategic partnerships with social dominant figures.
Social selling is the future, and brands who take the initiative will see a return on their investment.