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SWOT Analysis For Online Clothing Store: Test
January 5, 2024
11 min
SWOT analysis is a strategy tool for assessing a company’s resources and capabilities and external marketing situation. Basically, the term is an acronym of the brand’s strengths, weaknesses, opportunities, and threats. This technique is widely used by marketing managers around the Globe, no matter what field they work in. However, the fashion industry, like others, has its specifics. In today’s post, we are trying to help you conduct a SWOT analysis of an online clothing store which can improve your brand growth strategy.
Before you answer the common and straightforward questions, you need to prepare the key data on your fashion business situation. To simplify this procedure, make a separate file with fields for the indicators needed, and point the following questions as S, W, O or T in your test. Thus, you will have an expanded picture and ready hints for filling out the SWOT analysis table.
Please note that the final SWOT analysis data won’t include all the points — you will need to extract the most significant ones.
The SWOT analysis fashion brand is a time-consuming process, but along with that, incredibly useful for your marketing strategy. Here, you can see the approach we suggest when answering each of the further questions on the example of Customer Loyalty.
Almost every brand includes customer loyalty in their final swot analysis of a clothing brand findings. To understand if this is your strength or weakness, please check at least 5 KPIs:
The following formula can measure the percentage of customers you have retained over standard 8 months
The CPR benchmark in the fashion industry is 26%
To find out the percentage of customers who stopped making a purchase on your website, use the following formula:
The CCR benchmark is 5-7% annually.
To calculate the total value you expect from a single customer account, use the following formula:
To measure the percentage of your current customers who have shopped more than once per year, use the following formula:
RPR =( Number of Customers Who Bought More Than Once Per A Year)Total Number Of Customers Per Year
The RPR benchmark is fluctuating between 20% and 40%.
To identify the level of your customer loyalty and satisfaction, you need to provide a survey within a focus group of your clients. Questions in the poll should consist the 0-10 scale where 0-6 range is the unsatisfied level (Detractors), 7-8 is the passive level of satisfaction (Passives), and 9-10 is the totally satisfying level (Promoters). To calculate the NPS score of your clothing brand, use the following formula:
NPS benchmark for the Apparel & Fashion industry is 43%
Consequently, you will have hard, reliable data and comparable conclusions for your SWOT analysis and internal use as well.
Answering these questions, you conduct an internal analysis of your fashion store. However, you need to examine the external factors which can affect your business as well. Some of these are included in the test and others are individual for each ecommerce project. Among the points you can highlight the Treats of your fashion brand SWOT analysis, there are changes in the fashion industry market, new competitors, raw material cost, and so on.
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We gave you only hints which may help you conduct a complete SWOT analysis of your online clothing store, deeply examine your business performance and identify the potential investment opportunities. At Promodo, we always try to help businesses grow, so you can find useful links to our blog posts and contact our managers to discuss your project and improve your digital marketing indicators.
CMO at Promodo
With over nine years in the realm of content creation and marketing, I've honed my expertise in both B2C and B2B landscapes. You may have come across my insights in renowned blogs like Smart Insights, SemRush, Clutch.co, Forbes, and various others. I hold a steadfast belief that businesses thrive when they simply communicate complex processes, underscoring the advantages and genuine value they offer to their clients.
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