Starting an online clothing store: Fundamentals First
Starting an online clothing store: Fundamentals First
Starting an online clothing store in the Middle East is challenging due to fierce competition from local and global brands. YRC shares key insights.
PUNE, MAHARASHTRA, INDIA, June 3, 2024 /EINPresswire.com/ -- Starting an online clothing store in one of the Middle East or MENA countries like UAE, Saudi Arabia, or Egypt has become extremely challenging in the face of competition from local, domestic, and international apparel brands catering to a wide range of price brackets with highly extended product mixes. In this communiqué, retail and eCommerce consulting enterprise, Your Retail Coach (YRC) shares insights on some of the fundamentals of starting an online clothing store in the region.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
𝐕𝐚𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐢𝐝𝐞𝐚
Business ideas and concepts may sound attractive on the surface but when we run them through tough questions, even the brightest ones tend to reveal the cracks within. Jumping to the implementation of a business concept based on unverified assumptions does not count as good prudence. A journey based on fragile plans suffers from enhanced risk exposure. Therefore, irrespective of the surface-level appreciation attributed to a business idea, one of the essential things to do is critically question the concept on all possible relevant grounds. These questions may look:
· Why choose online clothing? Is there any existing domain expertise, experience, or presence in relevant value chains?
· Will the business fill any market gap?
· Will the intended offerings cover any unfulfilled gaps in the customer and user journey?
· What are the UVPs? Is there a possibility to create brand distinction?
· Who are the target segments and where are they?
· Can the business and customer access each other?
· How will the value chain work?
· How is the ease of doing business and the regulatory environment?
These answers also help reveal many previously unconsidered insights.
𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐥𝐨𝐭𝐡𝐢𝐧𝐠 𝐒𝐭𝐨𝐫𝐞 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐌𝐨𝐝𝐞𝐥 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭
Even the validated or brainstormed business ideas and concepts are no better than thought experiments. The process of validation may have revealed some broad insights but business ideas need to be more specific and in a more definite shape than that. Business modelling is the place where a business idea gets mapped and defined as a framework of the key elements that will be required to execute the business idea in question. These key elements of a business model include:
· Value propositions (UVP)
· Key value chain activities
· Resource and capability requirements
· Customer segments
· CRM
· Key partners
· Costing
· Revenue streams
· Channel strategy
Once a business model is developed, a clear and comprehensive map of how the business is going to create and deliver the intended value propositions is revealed. Given the nature of intense competition in the eCommerce apparel sector in cities like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, coming up with robust and unique value propositions and ideas for brand positioning is of critical importance to online clothing startups.
𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐚𝐧𝐝 𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐢𝐚𝐥 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠
In business planning, there is no such thing called an ‘ideal time’ to start roping in the numbers and calculations. The number game is activated from the moment of conception of a business idea. While some business requirements may emerge during the early stages of brainstorming and validation some requirements emerge later with the progress of business modelling and the rest of the business planning process.
A few important areas of financial and commercial assessments involved in an online clothing store business plan are:
· CAPEX requirements
· Operational outlays
· Costing
· Pricing and margin analysis
· Financial ratios
· Revenue projections
· Stock purchase plan
· Return on Investment (ROI)
· Break-even analysis
𝐎𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐟𝐨𝐫 𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐥𝐨𝐭𝐡𝐢𝐧𝐠 𝐒𝐭𝐨𝐫𝐞𝐬
As experienced omnichannel consultants, YRC maintains that eCommerce or online brands and businesses are expected to be more effective and efficient with operations than their traditional brick-and-mortar counterparts. Major online marketplace platforms and individual brands have played their fair share in elevating the standards of service and operations in global eCommerce.
In creating and maintaining superior standards of service and operations, startups must take operations planning seriously at the time of initial business planning. Without process orientation and application of SOPs, it can get extremely challenging for online clothing stores to achieve or deliver the desired and expected standards of quality in their products, services and operations.
𝐄𝐂𝐨𝐦𝐦𝐞𝐫𝐜𝐞 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦
Every eCommerce startup has a very important decision to make about its framework of digital technology infrastructure. This framework (read eCommerce platform) determines the online or digital capabilities for carrying out eCommerce operations. It mainly covers the back-end and front-end software and hardware technologies required for eCommerce. Making a good decision here calls for the establishment of the business-digital technological requirements first.
In the eCommerce platform selection strategy, there are two broad alternatives available. The first alternative is to build the required eCommerce platform internally (On-Premises). The second alternative is using hired eCommerce platform services (SaaS, PaaS, and IaaS).
𝐀𝐛𝐨𝐮𝐭 𝐘𝐨𝐮𝐫 𝐑𝐞𝐭𝐚𝐢𝐥 𝐂𝐨𝐚𝐜𝐡:
Your Retail Coach (YRC) is a retail and eCommerce consulting firm with 10+ years of experience in delivering curated business startup and management solutions. With a scaling global footprint, YRC has served 500+ clients across 25+ verticals. In online clothing business consulting, YRC offers planning and implementation services and solutions for business setup and growth and expansion undertakings.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
Dr Rupal K Shah
Mind-A-Mend Consultancy Private Limited
+91 9860-426-700
consult@mindamend.net
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How to Start a Clothing Store | Start Fashion Brand
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