In talks with mysmartypants.co.uk owners
By FashionUnited
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Fashion
FU:
NM: The business was put up for sale in 2010 as a going concern. Turnover was low but we saw the business as a fantastic opportunity for development and the mysmartypants name really grabbed us. Coming from a mixture of backgrounds in finance, marketing, sales and retail we felt that the time was right, the costs weren't outrageous but there would be a steep learning curve and competition particularly in this part of the retail sector. It's a great brand and we've made great strides improving customer service and expanding in to new exciting ranges.
FU: With a recession led sales slump, why did you decide the time was still right to re-launch a few months ago?
GJ: After taking on the business there was no point in hesitating on development. The site spent a short few weeks off-line whilst we reorganised, completed vital upgrades and expanded the ranges. Part of the opportunity with the business is the state of the economy. Buying a business developing during boom times can be great but what happens when there's a major slump? We took the decision that we’d develop during this time, knowing that chasing sales would be a challenge but knowing full well that once there's the slightest turn in fortunes we'd be in the best possible position to capitalise. If there is growth or recession in an economy people have certain essential needs, clothing being one of them, so we offer everyday great value items and a select range lingerie for special occasions.
FU: And how are you aiming to keep the site niche in a time of numerous web start ups?
NM: We're trying to offer a more personal customer experience. As the larger businesses get swallowed up as part of vast groups their range offering spirals upwards and they're diversifying away from the specialists they used to be. Whilst they can still be the simple choice, they're not always the best value choice or quality choice. This is something we think we can build on.
It's easy to list vast ranges of products if you don't have them but unlike some of the other start ups we hold virtually all our lines in stock for prompt despatch so our customers aren't kept waiting. To separate us from the discount/discontinued stock websites we keep all our lines current and fresh so as to give our customers the best choice we can. With lines from some of the top brands currently available such as By Caprice, Elomie, Lepel, Fauve, Freya and Charnos to name but a few. We know we can't be everything to everyone and this drives our purchases but also sets our own personal guidelines when we make our purchasing decisions.
Finally, to separate us from the rest of our competition, we treat every purchase like it's a gift. Every purchase is delivered in branded 'mysmartypants' tissue paper and a branded 'mysmartypants' gift box, all free of charge, just a little extra touch that we feel makes a difference.
FU: What was the biggest hurdle you had to overcome?
GJ: We believe we still haven't overcome that hurdle yet. As an online business encouraging customers to your site instead of a competitors’ is a constant challenge. Having the right range of products helps and there is a wide range of very supportive manufacturers out there but that's now only part of the puzzle. Building page rank, promotion and the increasing influence of social media are time consuming and can be costly if poorly thought out. Management of SEO still is something we carefully look at. We've made great strides, some of which have escalated our presence on-line.
FU: Why do you think the luxury lingerie market is one so booming during a general clothes sale downturn?
NM: It’s quite a distinct ecosystem of it's own in the retail landscape, regardless of any high street slump in sales there are always groups of people that like to buy themselves luxury items, something to perk themselves up.
FU: How do you notice the differences in sell through between the range of brands?
GJ: Lingerie appeals obviously in very differently ways between men and women and we quite clearly see this reflected in our product ranges. Men buying for their partners usually buy what they visually feel they and their partner will like, it's usually a gift purchase and will either be a fashion line or something a little more saucy from continuity. Women tend to prefer certain brands that they know fit their specific body shape or style taste. Occasion, purpose and colour are key factors this is the very reason that there are continuity ranges as well as the fashion lines. For some the right lingerie whether it's going to be seen or not can vastly increase confidence and also drive the purchase decision.
FU: What are your future plans?
NM: Further development of our site to enhance usability along with the continued growth of the range of products we offer to customers. With the economy as it is, we need to grow awareness of our brand and our product offering in the market place - to offer women a great choice of designer lingerie at 'smart' prices. That ethos has worked so far so we see no reason to deviate from it. People always appreciate great quality and value, providing they can find it.
FU: What targets/aims do you have for the next five years?
GJ: Still in business with a wide range of products and a turnover to sustain the business and full time employees. Obviously we want to see the brand consolidated in people’s minds, when they are thinking about their next lingerie purchase. This will only happen with suitable promotion via the media’s available and advances in search rankings. Simple aims that somehow become increasingly complicated as businesses grow!