Alternative market means to reach one market among two or more available possible markets. Last four decades apparel export destinations have not been expanded as it would have been expected.
If we analyze the data of Bangladesh Bank (BB) and Bangladesh Garment Manufacturers and Exporters Association (BGMEA), we will see for the last four decades we have been exporting ready-made garments only 41+ destinations. There are 200+ countries in this world, so there are huge opportunities for us to expand our market.
How we can catch the alternative market?
Our competitors are using lots of advanced technologies for marketing like B2B platform, artificial intelligence technologies (AIT), social media, trade shows, decentralization of marketing cells, join innovation hubs and thirty party sourcing, etc.
Hundreds of thousand scramble the economy every day, hoping to penetrate the challenging market. A lot of stable and big players are switching from the present strategy ‘People to People (P2P)’ to ‘B2B e-commerce method’ to increase market span and guarantee increase in sales.
Let discuss 8 among a hundred reasons how our buyer-oriented garment industry can benefit from B2B platform:
Borderless customer access
The business opportunities provided by this method do not limit customer reach within a small locality. Venturing to a B2B marketing strategy allows companies and business owners to expand and widen the reach of the buyer.
Maximizing the use of what the internet can offer, B2B can reach all levels of a buyer whenever and wherever part of the world. The internet is one of the main keys to B2B in effortlessly getting through every household. Both buying house and garment manufacture stable players rely on this e-commerce method.
Startup business often competes directly with old-timers and seasoned business institutions through direct B2B business. It is a fair trade and market play among companies. There is no need for a head start of having a long-term industry experience or does not require long-standing proof of huge investment amount.
The partnership between partnerships that assure income once business deals are closed makes it easier for starters to succeed despite the number of existing businesses. Retainers’ fees and project remuneration can assure the business is up and running for a few years, depending on the business agreement.
For example, a well-known garment manufacturer targets another major company to supply products. This can produce thousands to millions of incomes for the manufacture in just one closed deal. It will be a closed contract between the two companies that assures stable and fixed income.
Reduce product and services cost
B2B directly lessens the effort yet increases the volume of investment by targeting specific buyer type which regards to age, gender, industry, interests, and among others. To know what appropriate business strategy to be applied – companies must know the definite type of clients, product development, and popular demand first. You can start by knowing the background of your target client’s preferences and needs.
Checking out local suppliers and producers needed for the products you needed must be considered, as well as getting into details of what kind of buyers mostly like might patronize your business, and knowing what product should sell out well. For example, interviews or a series of questionnaires and surveys may be a good lead to identify your future customers. This can be done through dynamic data mining or virtual interactive online data collection.
Niche market opportunity
Yes, the B2B tool can command trend for customers to buy. It is like a subliminal message making buyers think they needed our company. With the existence of the internet through its social media, email system, and various website e-commerce platforms; the market is free to somewhat control what the buyers should need. The market can now allow businesses to offer a product without the need to be pushy and scout for customers. The process starts by creating a trend first, and then let consumers think they wanted your product or services.
Competitive marketing strategies
All you need is an internet and a creative mind to create a fashion. Advertising does not limit you to trade shows nor buyer visits. Creating social media accounts and pages can get you easily view and interactive movement in the web world. The more people react to your posts and page the more people will be able to see your product online: thus, the familiarity. Viral content posts must be creatively made and wittingly catchy.
For videos like on YouTube or Instagram – those should be inspiring and entertaining. For written content – those should be competently and professionally made, free from erroneous grammar and wrong spelling. There are writing firms that provide for both print and web content that will surely deliver ideal ad materials. You can hire an assignment writing service to do the writing, and editing jobs for you to give you a concise feature for your writing needs.
Push businesses’ each other’s up
As the recent partnership of popular elegant brand, Richemont with online trending Alibaba sparks an interesting story. According to Chairman Johann Rupert, Chairman of Richemont; with the intent to distribute luxury brands around the world, made the company team up with the online shopping company. At this point, it will be a win-win situation for the two giant companies.
Business start-up is difficult. With B2B solutions, it becomes easier and gives a lot of variety of options to market value-added products and services. But on the other hand, it is not that stress-free to sustain up a good market status. E-commerce assures businesses to keep a company running steadily or stay on top. Giant buying house Li-Fung using virtual product design and taking approval through online.
E-commerce provides a field for online business transactions, virtual banking, interactive customer services, technology integration method, and online shopping system.
Cheaper operation cost
Expenses for business operations have the highest cost to keep the company running. Whether purchasing new technologies, upgrading business solutions, design new product and smooth services offering, or investing in marketing; for all what it costs for – it is a way too pricey. For initial baby steps in B2B marketing, it can be observed that it is costly but in the long run, it is all worth it.
Artificial intelligence technologies (AIT): 200W
The most surprising applications of artificial intelligence that you’ve never even thought of and 6 artificial intelligence technologies that will rule 2019. In a survey taken by over 1,600 professionals dedicated to marketing, 61% of those surveyed (without considering the size of their company) mentioned that both artificial intelligence and machine learning will be the most important data initiatives next year (source: MeMSQL).
Another survey by Salesforce indicated that 51% of marketers are already using AI, and 27% more are even planning on incorporating this technology in 2020. Here 6 artificial intelligence technologies have been discussed:
- Creating and generating the content
- Content curation
- Email marketing
- Web design
- User experience (UX)
- Predictive analysis
Creating and generating content
We are an AI era where we cannot think what a machine can do like a machine that writes by itself and creates content from scratch. Yes, now AI can write a product description, design presentation and wonderful column or a blog post on the best and most practical advice for specific fashion industry, there are certain areas in which content created by AI can be useful and help attract visitors to your website. It can help you save lots of time and resources.
For example, AI can already write data analytical reports and news based on sales, marketing and best-selling products.
AI not only generate content but also curation it. Curation is a process which makes it possible to better connect with buyers on your products and website and show them more relevant products showcase.
This technology is commonly used to make personalized product recommendations that the user may find interesting, such as the typical, ‘people who buy X also buy Y,’ like we constantly see on Alibaba.com
Pinter’s recommendation system can also give you suggestions for t-shirt, polo, jeans, denim or jacket. visualize showing each of your design or product’s visitors articles that are more relevant to them, based on posts and topics they have already looked at on your website. They would spend more time on it.
AI can personalize email marketing campaigns based on preferences and user behaviors and it possible to better connect with the clients turn into potential buyers.
AI can analyze millions of data about the buyers to catches their attention the most, and which email subjects and titles generate more clicks. Boomtrain, Phrasee, and Persado are some tools that AI applies to email marketing. And according to Phrasee, its generation of email subject lines surpasses those of a human by over 95%. Persado even says that its cognitive content exceeds what a human could do 100% of the time.
The most successful area of artificial intelligence in digital marketing. For example, Zara, Primark, Decathlon, C&A, Marks & Spencer, Adidas, Nike already use machine learning and artificial intelligence to find customers more prone to making the advertiser’s desired action.
To achieve this, they analyze the user’s information, like their interests, demographics, and other aspects to learn and detect the best audience for their brand. The manufactures also using data mining technology to analyze their needs.
A wonderful website is a mirror of your company, it will work like a representative. Using artificial intelligence to design a website based on user-provided information (like images, text, calls-to-action, etc.). They can make the website look professional in much less time and at an unbeatable price.
User experience (UX)
Through intelligent algorithms, it is possible to personalize an experience on a website. After analyzing thousands of data on a single buyer (including location, demographics, design, product rages throughout the year, interaction with the selling website, etc.), AI can display offers and content that are more appropriate for each user type.
A 2017 Evergage survey on personalization in real-time showed that 33% of the marketers surveyed used AI to provide personalized web experiences. And, when they were asked about the benefits of personalization driven by AI, 63% responded that it increased conversion rates and improved the consumer’s experience.
Many marketers have started to communicate with their buyers through messenger applications like WhatsApp, Facebook Messenger, Viber, WeChat and Slack. It makes communication easier and 24/7 keeps in touch with customers.
Chat apps are making the process of automating responses to potential buyers’ frequently asked questions even easier by providing them with a way to search for the product or service you are looking for.
Predictive analysis is just the use of huge data, graphs, previous history, statistical algorithms, and machine learning techniques to identify the probability of future conclusions based on data history.
The modern marketing world did not think without it. It can predict the location, product range, price, seasons and also specific needs of the specific products. These models make it possible to predict the probability of a specific prospect of becoming a client.
An example of how this discipline is applied in digital marketing is the ranking of prospects or lead scoring. Models generated by machine learning can be trained to rank prospects or leads based on certain criteria that the sales team defines as ‘qualified purchasers.’
This way, the sales team will not lose any more time on leads that will never convert and can focus on those that will. This, in addition to contributing to increasing sales, means saving considerable time and resources.
(To be continued….)
The writer, a business analyst is Executive Director, Skyros Trading Ltd.