There is a lot of skepticism about the role of loyalty in the fashion business. However, many loyalty experts opine that fashion is one of the best industries where loyalty can be customized to the core and bring in phenomenal results. If done right, it can elevate your brand to unprecedented heights of customer engagement resulting in huge revenues. On the other side, if fashion loyalty is absent or done shabbily, it can also dust your brand to the ground. Fashion loyalty programs are excellent for sharpening the saw to get the desired business objectives related to your fashion business.
Loyalty in fashion can be summed in just one word – Individuality. Well, humans are social animals and always have a tribal mentality to be a part of a herd. However, as societies developed too much commonality paved for exclusivity. They want to be a part of a group, but they want to be stood out. Instead of being identified as the lowest common denominator in the group, the desire for individuality exists in everyone. It also fuels a small part of the ego, which makes people feel good about themselves.
Fashion loyalty programs offer this concierge pandering to individuality. The luxury rewards in the fashion industry not just encourages individuality, but also celebrates it. That is the reason the fashion loyalty program works.
As they say, fashion is the armor to survive the reality of everyday life. Fashion loyalty programs add color to that armor which makes it even more attractive to buyers. Therefore, a step by step guide to design fashion loyalty programs is a must-have in the fashion world. Understanding your audience is the first part of creating a feasible fashion loyalty program. Segmentation of your audience in groups according to demographics, interests, and purchasing power can be the following step. After identifying your audience and segregating the desired audience meticulously, focus on the most important step – exclusivity. It is also popularly called the unique selling point (USP). The distinguishing factor which separates you from the competitor should be stressed well enough.
Humans have a tendency to repeat actions that offer them value. Identify loyalty program trends and capitalize on them. This tendency can be captured in an additional step. Fashion is all about showbiz, and being present on social media is the biggest plus. Also, integrating all kinds of experience into a singular platform for a cohesive unit works very well. Building an omnichannel loyalty and visual commerce are very important parameters of luxury fashion loyalty programs.
Though luxury fashion is fertile for creating tier-based loyalty programs, there are plenty of challenges in retaining customers with fashion loyalty programs. Techniques such as luxury card rewards may work here and there, but creating unique fashion experiences each time for every customer can be a cumbersome task. To offer individuality to every high paying customer, the process should be easily scalable as well as have an omnichannel approach. There are many other challenges related to the exclusivity of high-end customers as the bar always needs to be extremely high to convince affluent spenders. After a point of saturation, it becomes really difficult to keep them excited with the program as you run out of ideas.
Designing a luxury fashion program for consumers who have it all can be quite difficult. However, generating fashion loyalty ideas can be easy for specialists who do this every day. The expertise and insights of a fashion loyalty partner become very useful. Annex Cloud is a leading loyalty expert with over a decade of experience in different sectors of customer loyalty. We have helped thousands of companies to grow their revenue with loyalty.
When it comes to fashion loyalty, affluence mixed with exclusiveness is the solution every time. The question is, how to implement it effectively that it brings the result? Well, contact our fashion loyalty experts now!