For marketing leaders, it’s essential to demonstrate commercial acumen, by having an awareness and understanding of not only your role and department but that of the wider business and its financial growth. Particularly in the world of retail, which is continually evolving, marketers are hard-pressed to keep up with what their customers what, need and desire. Although competitive pricing and irresistible offers can attract new customers, it can also create a ‘race to the bottom’ – which no business can win.
A good example of this is fashion retailer Boohoo, which started selling its products through Asos to raise its brand awareness and generate additional income. Providing benefits for both businesses – Asos which gains a referral fee, and Boohoo that reaches a new audience – the secondary revenue stream has been in place since an initial trial began in 2015.
Boohoo Group PLC (LON:BOO) operates as an online fashion retailer in the United Kingdom, rest of Europe, the United States, and internationally. The company also provides its products under the boohoo, boohooMAN, PrettyLittleThing, and Nasty Gal brand names.
