Retail in the Age of Techonology | Teen Ink

Retail in the Age of Techonology

March 4, 2019
By zhenying BRONZE, Georgetown, Other
zhenying BRONZE, Georgetown, Other
1 article 0 photos 0 comments

The company I choose is L Brands. Following a recent stock plunge, this company is in need of change. Here are a few steps I would take to ensure that this company reclaims its target market, namely millennials and women. The first step is to sell its subsidiaries that are not churning money, and instead concentrate on those that are still gaining public attention. The inflow will be able to sustain the remaining holdings. Next, with regard to its most well-known affiliate, Victoria’s Secret, its annual show has dropped in ratings drastically. Besides inviting people of diverse sizes and sexuality to walk in the show, they should also have a see-now, buy-now policy. The show, which would connect the company with millennials if it is streamed at apps that are teenager-centric like Snapchat, should allow viewers to buy the lingerie immediately to ensure that the clothes do not become an afterthought. Most people tend to spend more money in the heat of the moment, especially if a simple and quick payments method is offered. Clothes should also cater to a wider range of sizes instead of being fixated on smaller sizes. To get a bigger buzz around L Brands, the retail company should also offer commission or other incentives to styling services like Stitch Fix. Lastly, to ensure that their website is consumer friendly, technology can be applied by allowing customers to see how the clothes fit on a sketch of their body type based on an input of measurements.


The author's comments:

I was inspired to write this piece because I am interested in launching a startup in the future. The difference in profits between an aging conglomerate and an exciting start-up often lies in the way they pivot in their product, leading to the eventual change in their vision. One of the best ways is by interlinking between two ventures; technology and entrepreneurship; and retail is where one can combine the art and sciences to establish this much needed juncture.


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