The Iconic has accelerated a number of initiatives in response to COVID-19.
Scheduled for a phased rollout in coming months, they include new product offerings, expanding B2B opportunities and new business models.
The three key pillars are:
The Iconic Outlet: A new shopping destination for customers looking to shop for the best value deals and discounts.
The Iconic Beauty: A new category proposition for customers to purchase beauty and wellness products on The Iconic.
New business models: This includes bolstering its existing Marketplace offering, as well as creating new models such as ‘Fulfilled by The Iconic’ (i.e. consignment and B2B solutions) and Hybrid-Depth.
The Iconic CEO Erica Berchtold said these are key opportunities for the business.
“We’re incredibly proud to announce the upcoming launch of our new categories and business models; initiatives we’d identified as key opportunities for growth as we entered the new decade, and accelerated in response to COVID-19.
"We know that we’ve been fortunate to sustain our operations throughout lockdown, and we’re passionate about the responsibility we have to support our retail ecosystem by creating new ways to future-proof its success.
“We believe that to be successful - whether you are an offline, online or mixed presence retailer - your business needs to adopt an agile mindset to meet customer demand.
"It’s thinking about how our industry can adapt to changing consumer behaviours through innovation, radical flexibility and smart partnerships, while simultaneously ideating and supporting customers’ future needs and wants.
"The acceleration of these initiatives wouldn’t be possible without our amazing team, and I am truly thankful for their nimbleness and continued dedication to building the future of retail in Australia and New Zealand.”
In addition to the acceleration of new initiatives, The Iconic's marketing team has reimagined its entire content approach on its owned channels to align with the altered needs of its customers.
This included launching a dedicated #StayHome destination, which featured diversified promotions and content such as free workouts, cooking videos, beauty and wellness advice and kids storytelling time.
The pivot resulted in a social engagement uplift of over 300% and an extended reach of 42%.
It also more than doubled growth rate (50%+) in new social media followers on @theiconicau Instagram account.
In product purchases, The Iconic has also seen key trends emerge during the pandemic.
It has clocked strong category sales growth across loungewear (156%+); sleepwear (193%+) and sports categories including performance sneakers (100%+) YoY in April as customers adjust to a new way of living.