The 31st Olympic Games started in Rio de Janeiro at the weekend, and in the following weeks, the world’s best athletes will battle it out to be crowned the best in their field. However, another battle is taking place off the field: that between the sports brands the athletes use and endorse.
The Sporting Goods Industry is set to grow by 3.4% between 2015 and 2016 and e-commerce is playing an ever increasing role in this sector; in a recent report, Sports Direct revealed a 26.8% increase in online sales, with e-commerce now representing 17.1% of total revenue. However, it can be difficult for newcomers to start selling in this crowded market, as a report has revealed that sports brands is one of the sectors that inspire the most consumer loyalty (15%). Here are some tips to help you get ahead:
One of the reasons why many sports retailers fail to succeed is bad pricing strategy. Obviously, if the price is too high, customers will be turned away. However, some retailers fall into the opposite trap and choose to price their products too cheaply, undercutting competitors to shift stock and generate turnover quickly. However, by doing so, they throw away valuable margins, and risk going bust.
Online shoppers are often pushed for time and/or looking for a specific item. Make sure to create different sections on your site for different sports. You should also create as many SKUs as possible to make it easier for consumers to find the product they are looking for.
Make sure you put as much focus on design as you do your products. Spend time creating beautiful, emotive images that tell a story and convey your brand message.
Social media is a great outlet for retailers to create a narrative on, reaching new customers and increasing brand loyalty. Make the most of the Olympic period to run a certain campaign. Advertisers can benefit from Facebook Dynamic Ads and Instagram Dynamic Ads, whereby they can target the most relevant audience.
To find out more about Facebook Dynamic Ads,