Mina Melikova, CEO of TradeGala
1) As a CEO, what are the biggest hurdles you overcame in breaking into the retail industry?
As TradeGala sells products through an online store, our main challenge was to find an ecom platform that would support our business needs. It was an unexpected trial and error process until we found the e-commerce platform that we could entirely rely on. I truly believe that connecting the retail industry with the latest technologies is the main obstacle for all retailers. It is a never-ending process, as technologies go forward and we have to make sure we are ahead of the game. With business, you never know what might happen – and the retail and e-commerce industry is rapidly evolving all over the world, partially due to increased digitalisation of services and digital apps that are speeding up the purchasing process. So you have to be in the right place and use your time precisely – as we do with TradeGala, our first online B2B fashion marketplace ever!
2) Why is it more difficult to become established in the retail sector now more than ever before? What does it ‘take’ to become a stand out brand?
First of all, competition makes it more challenging to break into the retail industry and gain recognition across the whole retail sector. On the other hand, with the help of social media, it is easier to reach your target audience. But what’s crucial here – to become a ‘stand out brand’ you need to have your own distinctive identity and unique selling proposition. Building your own special identity is a long-term process, but it’s worth all the effort. With TradeGala, we know that to become a recognisable brand, we have to work hard and we can already see our efforts paying off – in short, we are not afraid to dream too big! The retail industry is evolving into the new directions and TradeGala is a part of that new retail wave!
About the author
Mina Melikova is CEO of TradeGala and chief executive of occasionwear brand Goddiva.
Winning brands will trust the science – and data – of human behavior, and resist the urge to focus on price, or simply do little. Rather, brand and retail leaders should be diagnosing the elements of the experience they provide – or could provide via activation like promotions and digital content – to ensure they retain consumers, and even attract new users.
It’s a balance between creating relevancy and not limiting reach – in other words; you need to be creating targeted campaigns that resonate with your ideal shoppers and give your advertisers the exposure they are paying for.
BILDIT Officially Launches Fully Customizable Native Mobile App Dev Platform Debunking Progressive Web Apps Trend
BILDIT Finds Development “Suite” Spot to Build Consumer Loyalty and Increase Conversions by 25% with Easy, Affordable and Secure Native M-Commerce App