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The Fashion For Downward Price Trends By Andrew
No longer the exclusive preserve of top models and cash-rich celebrities; designer now rules the high street. Cheap and chic is the name of the game as retailers compete to deliver value clothing to everybody from celebrities to style conscious teens. It's a cut throat business; the key to success being rock bottom prices and the fastest possible turnaround from cat walk to shop floor. Key players include Top Shop, Primark and New Look with supermarkets keen to hustle in on the act too; both Tesco and George at Asda have recently introduced inexpensive designer ranges to their stock.
Cheap supply and volume buying are both crucial elements in achieving ultra low pricing. But to increase sales additional avenues of distribution must be explored. Internet sales are the natural progression with inherent cost advantages a further bonus. Plans are already in place for Tesco and New Look to open up their designer ranges for online sales. The challenge will now be to 'sex up' the online shopping experience to match that of the High Street.
The industry should be looking to replicate the success of online travel. Over the last few years the travel sector has realised a point of sale conversion from high street to internet that has changed the face of the industry. The significant reduction in distribution costs has resulted in direct consumer benefits in the form of ever decreasing prices and cheap holidays. The intangible nature of a holiday does present a slightly different selling proposition; unless you're a committed repeat guest your purchase will be based heavily on expectation.
But then is that not also the case when you buy that perfect dress or suit for your less than perfect body?
The home technology sector has also seen remarkable growth in online sales although this industry too has some unique remote sale compatibilities. Keen publicity surrounds all the latest developments from the industry giants and product-aware consumers are hyped into a state of keen anticipation well before any online sales date is announced. The latest innovations will always command higher price premiums but as yesterday's state-of-the-art purchase quickly becomes today's throwaway its price tag inevitably drops. It's then very easy to pick up a bargain if you're happy to stay a step or two behind the action.
Technology companies will also pursue a deliberately low price strategy as they attempt to break into emerging markets. In India mobile phone giant Motorola has recently launched the new no-frills Motofone on sale for less than £20.
Whilst the fierce competition between key technology players does generally bring benefits to consumers it can also cause confusion as in the current HD vs Blu Ray format war. The external influence of film studio support is likely to tip the balance with some heavy losses on the cards, amongst them likely to be a substantial number of consumers. Echoes of the VHS vs Betamax battle resound.
Andrew Regan is an online, freelance journalist who lists travelling and rugby among his interests.
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