The Monthly Edit | November 2024
Image: Shopify Magic
With Click Frenzy behind us and Black Friday kicking off, the season’s peak sales period is officially here!
As we move toward the final weeks of 2024, it’s the ideal time to fine-tune strategies, maximise returns, and connect with customers looking for unique and engaging connections.
Whether you're actively participating in this promotional period or your brand strategies led you to sit some of these events out, there’s still plenty happening in the market to take note of.
In this November Monthly Edit, we’ve put together valuable insights and resources to help you make the most of this pivotal time. From practical tips to boost engagement to strategies for sustaining momentum well into the new year, each resource is crafted to support your business growth.
Author: Elizabeth Formosa | 26 Nov 24
Industry News
IMG Fashion Events & Properties has confirmed it will exit the Australian Fashion Events business, including Australian Fashion Week and the Australian Fashion Laureate.
Following overwhelming encouragement from the industry, the Australian Fashion Council is calling for your endorsement to take the lead on Australian Fashion Week for 2025.
Image: MAARA at Australian Fashion Week
CONSUMER CONFIDENCE UPDATE
ANZ-Roy Morgan Consumer Confidence eases 1.1pts to 85.7 in late November – but now six weeks above 85
Published on November 26, 2024 Roy Morgan looks at Consumer Confidence by State shows varied results around the country with small increases in NSW and SA more than offset by decreases in Victoria, Queensland, and WA.
Report highlights:
Current financial conditions
Now under a quarter of Australians, 22% (down 1ppt), say their families are ‘better off’ financially than this time last year compared to 47% (unchanged) that say their families are ‘worse off’.
Future financial conditions
Views on personal finances over the next year are declined this week with under a third of respondents, 32% (down 3ppts), expecting their family to be ‘better off’ financially this time next year while only 31% (up 1ppt), expect to be ‘worse off’.
Short-term economic confidence
Now one-in-ten Australians, 10% (up 1ppt) expect ‘good times’ for the Australian economy over the next twelve months compared to 30% (up 3ppts), that expect ‘bad times’.
Medium-term economic confidence
Net sentiment regarding the Australian economy in the longer term has deteriorated slightly this week with 10% (down 1ppt) of Australians expecting ‘good times’ for the economy over the next five years compared to under a fifth, 19% (unchanged), expecting ‘bad times’.
Time to buy a major household item
As we head towards Christmas buying intentions improved slightly this week with under a quarter of Australians, 24% (unchanged), saying now is a ‘good time to buy’ major household items, compared to a plurality of 43% (down 2ppts) that say now is a ‘bad time to buy’ major household items.
This report is a MUST read for everyone in our Industry.
BUSINESS OPTIMISATION INSIGHTS
Retail Feature: Driving Customer-Centric Growth and Brand Evolution with Jo Robinson, CMO of The Iconic
In this month’s episode of Fashion Business Mindset, Elizabeth Formosa, founder of Fashion Equipped Consultancy, speaks with Jo Robinson, CMO at The Iconic, one of Australia’s leading eCommerce retailers. Together, they explore key strategies for online retail success, focusing on business optimisation, customer-centricity, and brand development to navigate today’s competitive eCommerce landscape.
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Jo emphasises that online retail is just one channel within the larger retail ecosystem. Her advice? Focus on the essentials: know your target audience, foster genuine connections, and avoid diluting your brand’s impact by trying to be all things to all people. This back-to-basics approach ensures brand relevance and customer loyalty, essential for long-term business optimisation.
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A major focus for Jo has been re-aligning The Iconic with its original values of innovation and disruption. With a refreshed purpose to create a ‘Better Way to Shop,’ Jo’s team launched the Got You Looking campaign, re-engaging customers and reaffirming The Iconic’s commitment to sustainable and customer-focused retail. This powerful brand reset has positioned The Iconic as a leader in Australian fashion retail.
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Jo shares how The Iconic is leveraging AI to deliver personalised shopping experiences that engage and convert. This includes Fitfinder, an AI-based tool to reduce returns by helping customers select the right size, and multimodal search, which lets users input prompts as specific as “70s disco party.” These innovations drive eCommerce optimisation and improve customer satisfaction.
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Jo highlights the importance of a unified, customer-focused culture at The Iconic, where every team member contributes to a consistent brand vision. “Brand is owned by the whole company,” Jo notes, championing a collaborative approach that turns The Iconic into a truly customer-centric business, essential for sustainable eCommerce growth.
Tune in to the full episode to learn more about The Iconic’s brand strategy, customer insights, and the future of retail. Jo’s expert insights offer practical guidance for online retailers, eCommerce brands, and business owners looking to elevate their strategy and optimise their brand impact.
Jo Robinson, CMO of The Iconic
Monthly Edit: AI Spotlight 🚀
AI is transforming the way businesses operate, and the pace of adoption is accelerating faster than ever. If you’re not leveraging AI in your business, you’re missing out on a massive opportunity to stay competitive. That’s why we’re introducing this new section to The Monthly Edit. Each month, we’ll shine a light on the latest AI innovations that can help you optimise your business and work smarter, not harder.
This Month’s AI Game-Changers: Shopify Magic & Sidekick
For our audience, many of whom are hosting their online stores on Shopify, these tools are a must-have for 2024.
💡 Shopify Magic
Streamline your workflows and focus on what you love. Shopify Magic uses AI to make it easier to start, run, and grow your business. Whether it’s generating engaging product descriptions or crafting marketing copy, this tool helps you create compelling content at scale, saving you time while maintaining quality.
🤖 Meet Sidekick – Your Personal AI Advisor
Imagine having a Shopify expert on-call 24/7. That’s Sidekick. It’s your intelligent AI assistant, designed to provide tailored advice to strengthen your business. From guidance on store performance to implementing best practices, Sidekick simplifies decision-making, leaving you free to focus on your vision.
👉 Ready to explore these tools?
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Podcasts & Books to Elevate Your Business
Inspired Founders
Are you ready to meet some of the world's most influential business minds on the planet? This is the Inspired Founders Podcast with Priscilla Skippington, a soul-led entrepreneur passionate about sharing the wisdom of those who have walked the path before us in business and beyond.
Out of Gold and Dust | Samantha Wills
Samantha Wills started her self-titled jewellery company on the kitchen table of her share house in the eastern suburbs of Sydney when she was just 21 years old. While her rise to the global stage looked meteoric to many, Samantha has said 'It took me 12 years to become an overnight success.
Fashion Business Mindset with Elizabeth Formosa
Fashion Business Mindset is your FROW seat to 'real' stories from Brands, Designers, Entrepreneurs, Makers and Mentors.Hosted & created by Elizabeth Formosa.
Tap into Our Continued Partnership with WGSN!
We’re thrilled to announce our sixth year of partnership with WGSN, the #1 global trend forecasting and analytics platform. At Fashion Equipped, we are passionate about empowering startups and growing businesses by providing access to this cutting-edge resource. Combined with our tailored programs, mentoring, and consulting services, these invaluable tools give our clients a competitive edge, helping them not just launch but scale their fashion businesses successfully.
In today's fast-paced and data-driven fashion industry, staying ahead of trends is critical. WGSN delivers global insights and future trends that can transform your business, ensuring you thrive in this ever-evolving landscape.
This is a unique and invaluable opportunity to elevate your business and position yourself as a leading brand in the industry.
Contact Elizabeth directly at elizabeth@fashionequipped.com.au to discover how WGSN can give your business an immediate advantage.
Image: WGSN
