1. The wedding industry is becoming more competitive;
As the barriers to entry in the bridal industry get lower and lower, in your local market, you will find many new bridal shops opening every year, and with the popularity of online shopping, more and more e-commerce is joining the battle of the wedding dress business;
2. You're losing your pricing power;
It's not hard to see that the styles you represent are becoming more and more easily found in other local bridal shops and that your products are more or less the same, with price and style information becoming more and more open and transparent. In order to get the order, you have to compromise on the price step by step until the profit is negligible;
3. High maintenance costs at bridal stores;
In addition to the increasing cost of rent, the highest cost of the bridal shop comes from the annual cost of a huge sample. To attract customers, you have to keep the store up to date, and your brand's suppliers require minimum orders and seasonal purchases, which requires you to have sufficient cash flow.
4. The economic winter of the epidemic;
As the new coronavirus worsens, the global economy takes a hit, forcing many brides to lower their wedding dress budgets and forcing you to close for a while. While you haven't been able to get an order in time, the cost of the purchase hasn't gone down; unfortunately, many bridal stores haven't made it through, many have had to close completely, and the surviving ones are still struggling.
It is time to seek new solutions to survive. Personal labeling will be your best choice. By customizing your own-label collection, you will get exclusive wedding dresses styles and pricing control power that will help you compete. It will also help you reduce your operating costs. If you are interested in how to customize the labels, please contact us for more details.