Hello Hello Hello,
Did you see how the entire world went la-la about Met Gala last week?😲
While it may seem like an event only relevant to the fashion elite in New York, its impact goes beyond boundaries. For a country like India, with a rich cultural heritage, a big textile repository, and a thriving fashion industry – it matters the most.
One such example is the Red Carpet of the Met Gala 2023 itself, which is made by the homegrown brand of Kerala - “Neytt by Extraweave”
Beyond its outrageous costumes, drama, and memes, the event also offers valuable insights for the fashion industry – storytelling, personalized marketing, trend-setting, creativity & innovation.
So, let’s dive to see how Met Gala has the potential to revolutionize India’s $60 billion market:
💹 The Blooming Nature of Indian Fashion Retail
India is a key player in the global fashion industry- both as a Market and as a source Country.
👉🏽 India is the world’s second-largest producer of textiles & garments
👉🏽 India holds a 5% share of the global trade in textiles and apparel
👉🏽 Many international fashion brands have established their presence in India
👉🏽 “Fashion & Apparel” contributed to more than 20% of Indians’ overall spending.
And the trends that are set on the red carpet serve as an opportunity for 17,000 [independent or group] fashion retailers in India to boost their sales.
Let us understand what are some lessons that the Met Gala teaches:
👙 4 Things Fashion Retailers Can Steal from Met Gala:
There isn’t a thing about Met Gala thing that is generic. This intense love of individuality and the need to express it at a global event is a great example of today’s customer preferences.
We’ve brought 4 key principles that every retailer should learn from Met Gala :
1. Manicured Guest List = Customer Segmentation🧑🏽 💻
The Met Gala guest list is carefully curated based on factors such as celebrity status, relevance to the theme, and brand affiliation. Similarly, retailers can use data analytics to segment their customers and personalize their marketing efforts based on customer behavior and preferences.
Using tools such as CRM systems, website analytics, and social media analytics to track customer interactions & create targeted marketing campaigns that speak directly to their interests and drive higher ROI.
2. AI Chatbots as Your Personal Stylists🤖
Just like celebrities have their own stylists & assistants to help them choose the right outfit, retailers can use AI-powered chatbots to offer personalized recommendations to their customers. By analyzing customer data and preferences, chatbots can offer tailored suggestions, answer customer queries, and provide a seamless shopping experience.
3. Leveraging Multiple Touchpoints for Omnichannel Coverage📲
The Met Gala is a multi-channel event, with live broadcasts, social media, and editorial coverage in magazines. Similarly, retailers should adopt an omnichannel marketing strategy that allows customers to interact with the brand across multiple channels and touchpoints.
This means integrating online & offline channels (social media, email, in-store, mobile apps) to create a seamless customer experience, that helps build stronger relationships with customers & increase loyalty and engagement.
4. Redefine the Retail "Show" with Automation⚙️
The Met Gala requires a lot of planning and coordination, with multiple teams working together to ensure the event runs smoothly. Similarly, retailers can use marketing automation tools to streamline processes and increase efficiency in their marketing operations.
This means using tools such as email marketing automation, and workflow automation to automate repetitive tasks and free up time for more strategic initiatives to focus on delivering more personalized & effective marketing campaigns
We can go on & on about the learning but it’s time to hit a pause and rethink the strategies because if it’s not trending, it certainly is not working!
📚Story of the Week: How CDPs Drive Retail Success
Data Centralisation. Customer Data Platform. Customer Segmentation.
These are a few words retailers hear day in and day out. But do we really know how to run the show effectively? And how to leverage your Customer Data Platform to empower insights, analytics & so much more?
We recently covered the nitty-gritty of getting your CDP to work in our latest blog. << Read Here: CDP for Retail >>
That is all for today.
Met Gala might be over but always keep the Fashionista inside you alive.😁
Until next time.