All businesses have to keep up with the ever changing economic environment or try to stay ahead of the game. Retail business such as boohoo need to prepare and predict changes to the economic environment in the future to be able to stay ahead of other businesses and compete with them. Due to the increase of internet shopping boohoo is a fantastic position to increase its profit and continue to compete with clicks and bricks. One change could be satellite shops or pop up shops to increase awareness of the brand and showcase items to people who would not unusually shop with boohoo. A pop up shop would allow boohoo to show our products in person to a large audience which may or may not order from us. They can see the design and look at fabrics etc and purchase from the pop up store. This is change which could be used all over the world and with the promotion and advertising of the pop up store this will also advertise the brand which could be especially useful when increasing business in other countries. Another change for the future could be online virtual fitting rooms where you can scan you body in or do measurements of yourself and try on boohoo items virtual without having to order the clothing.
This would give boohoo a competitive edge over other online businesses and potentially reduce returns.
This could be keeping up with the advancing internet changes and currently this is not widely offered by other brands so this would be something exciting for boohoo to showcase. With the rise of e-commerce there is sure to be a new growth of online shopping technology. The virtual fitting rooms would be simple and allow the customer to try on a whole range of items virtually from the comfort of their own homes. The virtual fitting room technology will allow 3-d models to be made and reduce the common drawbacks of shoppers not being able to try before they buy online. Lastly A strategy which would help boohoo to save money and be more ethical is the use of solar panel and green energy to provide the fuel and energy for the factories, trains and planes, The use of solar panels would reduce costs in fuel and potentially provide energy for factories. This would not only save money, it is more ethical and better for the environment and this would need allow boohoo to promote itself as a green, environmentally friendly brand which could improve our public image and show we are doing our bit for the environment. Solar panels will be hugely postive to boohoo as their will be a reduction in fuel costs and items will still be able to be transported at the same speed and to the same places.