Sep 16, 2020
Bridal shops are a special kind of business, because they are related to weddings, and anything that is related to weddings has a huge profit margin.
If you have a wedding dress rental business then you should never compromise on that high margin, a good wedding today thanks to Hollywood are the dream of every girl on the planet, but that won't last forever, the industry already is seeing a decline by 2% in sales*.
First reason for that decline is obvious, marriage rates are on an all-time low, and it doesn't look like it is slowing down, young couples just don't want to get married, at least not as much as their parents did, but you can't do anything to change that, it's too big of a problem for one business to solve.
The second reason why bridal rental shops are selling less and less every year is ONLINE STORES, you can now buy a wedding dress from an online store that advertises on your Facebook feed for the same amount of money it used to cost your parents to rent a wedding dress!!!
competing with these online shops on price is foolish at best, these online stores have much lower costs than a full 2 floors wide bridal boutique with a dozen employees on the payroll.
So what else left to do here?
The one thing that Bridal Shops always did best.....THE DRESSING ROOM.
The one thing online stores can't offer the Bride is the feeling she gets when she goes with her girlfriends to test white dresses, for her & her husband the money is not the problem, at least not the problem when it comes to the wedding dress, few thousand dollars won't matter much to someone who is paying tens of thousands for a wedding, especially when it is for the single most important thing in a wedding "the wedding dress".
The single fact that if you buy a wedding dress online you will get it folded in a box like a cheap t-shirt will make every girl think twice about ordering a dress online, no matter how little money she had. The feeling she gets when she is trying that dress in a luxury room in front of her 2 best friends with a glass of wine in her hand is the product, not the wedding dress itself, and improving that experience is the only thing you should spend money on.
What can help & is specially designed for your Bridal shop business is MiniAccountant
First; It will save you a full employee's salary, how? You see, MiniAccountant is an AI accountant that will cost you $5000 a year, instead of the $5000 a month that you are paying for your accountant right now. Second; after MiniAccountant makes sense of your data, it will start figuring ways for you to cut costs & increase efficiency, after all, numbers is the native language of artificial intelligence. check it out, you will thank me.
- (no comments)