Today will mark the final day of trade show Fashion Exposed autumn/winter 2015.
We look back on top tips we learned from last year's business series.
TCF Global: Carol Hanlon, CEO.
1. Which hot foreign markets should local businesses consider for expansion?
Australian fashion retailers and designers need to be expanding their client bases into the massive Asian region of booming fashion consumers, that include Hong Kong, China, India, South Korea, Taiwan, Singapore, Indonesia etc. that collectively have a population of over three billion consumers and a rising middle class and consumers who are heavily into luxury fashion and accessories, who value design, textiles and will in future years be after increased individuality and unique product with a story to tell. TCF Global & TCF Australia has a huge fashion industry trade networks in the Asian region & beyond and links its members constantly with opportunities to visit these markets for sourcing or exhibiting, many with sponsored accommodation, airfares or sponsored exhibition spaces
2. What are the major obstacles for Australian retailers and designers setting up overseas?
Initially all Australian retailers and designers should expand their online shopping sites and social media networks and followers to appeal to the Asian consumer and when possible include bi-lingual sites and/or link with local fashion portals in their country of choice and also market to existing retailers and concession holders to gather market feedback and develop targeted collections, sizing, labelling, packaging etc. Customer service and customer experiences is something the Asian consumer expects, so this is an area that Australia really needs to lift their level of service. We recently hosted four Australian designers to exhibit at World Boutique Hong Kong in January where orders were obtained from Taipei, Singapore and also one label picked up an agent in China.
3. Why do you believe is is important for Australian retailers to 'go green'?
Energy efficiency, environment issues and ethical green fashion is growing focus in many of the Asian countries and around the globe. It is important for Australian firms to gain accreditation for ‘Sustainable Fashion’ as Australia already has a reputation for clean and green.
4. How can retailers begin the crossover to becoming energy efficient?
Through simple and very low cost steps – most retailers can reduce 25 per cent of energy costs, and up to 40 per cent in many instances to date. We have a range of free easy to follow fact sheets, webinars, recordings and mentors/advisors to work one-to-one with a small businesses – from home-based business up to a firm with 200 employees. Some of the common queries I receive from retailers is how to use LED lights that have the best colour effects for fashion displays; how to stop staff changing the temperature gauge on air conditioners; how can I commercial lease solar for my retail shop; how can I reduce my TCF Energy Footprint through our entire supply chain to reduce costs and have a better product.
5. Why is it important for local retailers to capitalise on opportunities overseas now?
Timing is vital in the fashion industry globally, with the onslaught of the international retailers who have already set up in Australia with a population of only 23 million, market share for the local Australian retailer or designer is dwindling away. It has never been easier for a small business to export and promote themselves globally and gain attention, but it takes effort and being prepared to really look at what your competitive advantage is, or what is your unique selling point (USP) if you do not know this, then that is the first research to undertake to develop your niche product or service to attract new audiences and new markets. TCF also runs webinars on the five latest retail concepts from the USA which included some really great clever concepts.