Fashion Buying in the Age of COVID-19

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Fashion Buying in the Age of COVID-19

October 15th, 2020 Mina Melikova Leave a comment

Fashion buying has always been a complex task. But in the age of Covid, getting hold of the right stock has become even trickier for boutique owners. With many supply chains severely interrupted and some businesses on the verge of collapse, fashion indies now have the added worry of whether the right products will reach their stores at the right time – says Mina Melikova, CEO of TradeGala.

Some retailers canceled much of what they originally planned to carry at the start of the lockdown, while others are waiting with anticipation to see if their full orders make it to their stores. Much-loved brands could go into administration before the season ends while others might not be able to deliver their full collections.

Some indies are planning to order more products in-season than they would have done pre-pandemic. There are many benefits to buying this way including versatility, guaranteed stock, immediate deliveries, and being able to react to the weather and consumer demand. Short order buying also means paying for stock as you go along, which can help with managing the business’s cash flow.

But it’s not always easy to find suitable brands that offer in-season collections. And with most major trade shows now canceled for the rest of the year and recommendations against non-essential travel, finding new brands and stock to buy in the middle of the season is even more problematic for retailers.

The digitalization of the wholesale model is offering a much-needed alternative for boutique owners and brands. Thanks to a new wave of B2B marketplaces such as TradeGala – the B2B online marketplace it is now possible for buyers to hunt out new products and place orders from the safety of their computer, tablet or smartphone. Many buyers are already used to scouring for new brands online via social media platforms such as Instagram. TradeGala takes it one step further by allowing buyers to browse entire collections and then place orders – all on one convenient site.

TradeGala’s roster of brands is ever-expanding and the marketplace offers a comprehensive line-up to suit myriad tastes and budgets. Standout pieces available to buy via its site include on-trend printed midi and maxi dresses by Zibi London, Liquorish and Hoxton Gal, party dresses, and jewelry from Haus of Deck, and affordable sustainable young fashion designs by Nesavaali. Buyers can choose from casual yet elegant womenswear pieces from Figi and Lenitif, sparkly heels by Glitz Shoes, fashion trainers from JR Artisan Fashion, and intelligent underwear designs by Magic Bodyfashion. There are also beautiful occasionwear pieces such as flowing gowns and bridesmaid dresses from City Goddess and Goddiva.

With a simple order process, retailers can make product selections with just a few clicks. Buyers can refine their search using the site’s in-built filters to find particular colorways, styles, or prices – making it easy to curate unique and harmonious collections from a range of brands. Each product also has its own detailed page with professional photographs and in-depth information, which makes it easy to select the right pieces. And because TradeGala is in operation 24/7, retailers can research and choose products whenever and wherever it suits them.

TradeGala also offers centralized customer service and payment protection so buyers can feel confident when ordering. Many of its sellers offer low minimum order stipulations and sell single garments, so boutiques can make a small trial order to test the brand’s viability with their customer base with very little risk. For brands, TradeGala offers greater visibility and access to new international markets and the latest technologies with minimal commitment. Smaller, independent brands are able to take their first steps into the wholesale market, which may have previously seemed too daunting.

The fashion wholesale world will probably never be fully digitalized given the tactile nature of buying. However, as the country gets to grips with living through a pandemic, TradeGala offers a great way for retailers to access stock safety, conveniently and cost-effectively. This year has been difficult for so many reasons.

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Mina Melikova is the CEO of TradeGala

Archives, Global Trade Daily, International Trade

TK Maxx – The Poster Child for Short Order Purchasing?

September 24th, 2020 Mina Melikova Leave a comment

In the midst of the global pandemic, with a second wave threatening and further lockdowns looking ever more likely, retail experts have been championing the importance of e-commerce in order for businesses to survive the crisis – says Mina Melikova, CEO of TradeGala and owner of online fashion retailer – Goddiva.

Surely these extreme safety measures must have taken a toll on the company’s fortunes? Unsurprisingly, the company made a loss in the first quarter of the year with sales falling by 31%, but while other retail chains are studying administration procedures, TK Maxx has risen to become the UK’s sixth-largest retailer, taking over from the giant that is Arcadia Group’s Topshop. Company directors are reportedly looking forward to the second half of the year with confidence and are even looking to expand their high street presence with more store openings in the near future. So how did this discount chain store buck industry trends and come out of the crisis stronger than before?

The secret to its success, it seems, is in the company’s agile buying approach. Unlike other major retailers which purchase their stock months in advance, TK Maxx follows the short order purchase model, buying “little and often” according to current industry trends.

So while other major retailers were stuck with warehouse loads of bikinis and holiday fashion which was no longer of interest to a consumer base whose Summer holidays had been canceled, TK Maxx was able to reduce its purchasing during the enforced closure of high street stores and quickly react to customer needs, concentrating on more popular product ranges such as homeware and childrenswear upon reopening. Every item purchased goes directly to the shop floor, so there’s no guesswork or forecasting required – the purchasing team can react directly to immediate sales and plan the next investment accordingly. As other stores are looking for ways to offload unwanted stock, TK Maxx is now in the enviable position to be able to snap up deals from retailers around the world and pass these reductions onto their customer base which, in the current climate, is looking for bargains more than ever.

The Coronavirus crisis has clearly shaken up the fashion and retail industries. Major fashion houses are looking to move to more “seasonless” designs, and away from the relentless five-season a year fashion calendar which until now has been at the heart of traditional sourcing methods. The bi-annual fashion weeks predicting trends months in advance, the never-ending trade show seasons around the world, the forward ordering of stock based on what the industry assures us will be popular – these methods are no longer relevant, or even possible in some cases. TK Maxx’s short order purchasing model has allowed it to continue to grow even in these unprecedented times, and the benefits of this agile technique are clear as we move forward into an uncertain future.

Fortunately, it’s not only industry giants that can take advantage of this innovation – with wholesale fashion marketplaces like TradeGala, retailers of all sizes can purchase short order fashion from international brands in just a few clicks. From purchase to store within less than a week in most cases, independent retailers can adapt to their customers’ needs and update their stock without the financial risk. With the best fashion, shoes, and accessories brands from around the world, TradeGala offers buyers womenswear, menswear, and childrenswear at the touch of a button. Make short order purchasing the reason for your retail business success – register for a buyer account today at TradeGala.

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Mina Melikova is the CEO of TradeGala and owner of online fashion retailer – Goddiva.

Archives, Commentary, Global Trade Daily, International Trade

Facing The Challenge of COVID-19 in Retail Sector

September 16th, 2020 Mina Melikova Leave a comment

TradeGala – the B2B online marketplace was originally created as a digital platform to smoothly connect new and established fashion brands with buyers from all over the world. As a business owner, you try to prepare for every eventuality, but I don’t think anyone could have seen the current crisis coming or the scale with which it would affect businesses globally. We had to move quickly to adapt to the situation, reassessing our processes, slowing things down and working closely with our suppliers and providers to make sure that no-one was left behind.

The community spirit within the industry has surprised me more than anything, as companies have really pulled together to overcome the difficulties we all face. Sales across the whole retail sector have obviously been affected, but traffic has been improving since June and we’re looking to the future with a positive outlook as we work together to succeed.

It is vital for businesses to keep implementing new ideas in “turbulent times” by planning for the future and building a strong foundation. The fashion industry, in particular, has changed drastically due to the COVID-19 pandemic. It’s clear the fashion industry has changed completely, as has customer behavior, and we need to make sure we fully understand our customers’ changing priorities in order to give them what they want, how they want it. We’re listening closely to our audience to make sure we stay relevant and in tune with their needs, and we’re investing both time and resources into the latest technologies to improve our customer journey at every step of the way.

In these unprecedented times, entire sectors have fallen prey to the complexity left behind in the pandemic’s wake. Many retail companies have seized the opportunity to reinvent themselves in the digital space, harnessing the importance of free-flowing business as the world evolves to a new way of virtual living. TradeGala has smoothly adapted to the new normal, reassessing continuity plans and addressing valid concerns from partnering entrepreneurs and customers alike. In response to the shock to supply and logistics chains and the fall in customer demand, both Goddiva (our women’s occasionwear fashion brand) and TradeGala have implemented critical changes in strategy to ensure safety from disruption and inclusivity for all the business partners and entrepreneurs using our platforms.

As demand drops, the marketplace community must focus on back-to-basic points; optimizing choice, re-assessment of prices, and managing short term costs, while finding new, innovative, and inclusive methods to provide customers with an unwavering reason to keep shopping.

We know that after the COVID-19 pandemic, start-ups will need the support and experience of mentors and industry experts more than ever. Part of the TradeGala vision has always been to help young and emerging entrepreneurs make their mark in the fashion industry. This strategy will not change at all and the COVID-19 pandemic has only strengthened our corporate vision to work even closer with industry entrepreneurs. We must understand that the post-pandemic retail world will be very different; it’s all about taking it with a grain of salt.

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Mina Melikova is the CEO of TradeGala

Fashion Buying in the Age of COVID-19

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