How to start a retail clothing store: Getting to the basics
How to start a retail clothing store: Getting to the basics
Starting a retail clothing store in the Middle East, is tough due to fierce competition from local and international brands in various price ranges.
PUNE, MAHARASHTRA, INDIA, June 5, 2024 /EINPresswire.com/ -- Starting a retail clothing store in one of the Middle East or MENA countries like UAE, Saudi Arabia, or Egypt has become very challenging in the backdrop of intense competition from local, domestic, and international apparel brands catering to a wide range of price brackets. In this communiqu茅, retail and eCommerce consulting brand, Your Retail Coach (YRC) sheds light on some of the fundamentals of starting a retail clothing store in the region.
Get advise for E-commerce retail business : http://www.yourretailcoach.ae/contact-us/
饾悈饾悽饾惂饾悵饾悽饾惂饾悹 饾惌饾悺饾悶 饾惎饾悮饾惂饾惌饾悮饾悹饾悶 饾惄饾惃饾悽饾惂饾惌
Is the business idea under consideration based on any existing expertise or experience or in view of any existing or emerging market opportunity? The answer to this question shapes the rest of the planning process involved in starting a clothing business. When one or more such vantage points are identified, they serve as the stronghold areas against which the rest of the business model and plan are developed before other adjustable elements come into the picture. Some relevant questions to be asked here are:
路 Why choose retail clothing business?
路 Is there any domain expertise in this line of business?
路 Is there any presence or experience in the value chain?
饾悓饾悮饾惈饾悿饾悶饾惌 饾悜饾悶饾惉饾悶饾悮饾惈饾悳饾悺
Market research is a quintessential requirement before starting any kind of business. Fashion or apparel startups are no exception. As providers of clothing business consulting services, YRC maintains that even if the product to be offered is something as simple as socks, suitable market conditions for business must exist for that business to take off. These conditions are concerning suitability in demographics, demand, consumer behaviour, user journey, supply chain, quality, channel and distribution, etc. Market research helps assess whether the market conditions exist in the required shape and form. Every market research needs to be planned and carried out with the end objectives in sight. What market research should ultimately help figure out are actionable insights.
饾悅饾惀饾惃饾惌饾悺饾悽饾惂饾悹 饾悞饾惌饾惃饾惈饾悶 饾悂饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾悓饾惃饾悵饾悶饾惀 饾悆饾悶饾惎饾悶饾惀饾惃饾惄饾惁饾悶饾惂饾惌
Given the intensity of competition in the fashion apparel sector in cities like Dubai, Abu Dhabi, Riyadh, Muscat, Doha, Kuwait City, and Cairo, startups must come up with strong and unique value propositions and brand positioning.
The essence of business model development lies in determining and defining strong and unique value propositions and mapping the value chain and its key elements. For example, if head scarfs are the offering, a value proposition could be catering to a niche segment of riders of two-wheelers. Offering customisable designs would further strengthen this base value proposition.
In a business model, the following elements must be addressed:
路 Value Propositions
路 Key Activities
路 Key resource and capability requirements
路 Key value chain partners
路 Revenue Streams
路 Costing
路 Customer Segments
路 Customer Relationship Management (CRM)
路 Channels of distribution
饾悈饾悽饾惂饾悮饾惂饾悳饾悽饾悮饾惀 饾悮饾惂饾悵 饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悽饾悮饾惀 饾悘饾惀饾悮饾惂饾惂饾悽饾惂饾悹
Carrying out the necessary financial and commercial assessments is a fundamental necessity before starting a business. In addition to the routine areas of evaluation and projection like costing, revenue, Profit and Loss, Break-Even, and ROI, inventory purchase planning holds an important place in the apparel business. Planning inventory purchase is complicated in retail or wholesale clothing because of unpredictability or fluctuations in demand.
In financial and commercial planning, some of the key areas that call for elaborate work are:
路 Projection of sales and flow of revenue
路 Inventory purchase planning and schedule
路 CAPEX & OPEX requirements
路 Estimated profit and loss statements
路 Analysis of breakeven period, ROI and ROC
饾悗饾惄饾悶饾惈饾悮饾惌饾悽饾惃饾惂饾惉 饾悘饾惀饾悮饾惂饾惂饾悽饾惂饾悹
YRC highly recommends the development and application of Standard Operating Procedures (SOPs) in the operations planning for clothing stores. SOPs are commanding instruments to define and map business processes to exceptional details. Quality control is a suitable example to show the usefulness of clothing store SOPs. In QA and QC operations, stringent checks are involved at multiple points in value chains. By applying SOPs, it is ensured that every such check is carried out in stern adherence to the established standards.
饾悇饾悅饾惃饾惁饾惁饾悶饾惈饾悳饾悶 饾悘饾惀饾悮饾惌饾悷饾惃饾惈饾惁 (饾悥饾悺饾悶饾惂 饾悡饾悮饾悿饾悽饾惂饾悹 饾悂饾惍饾惉饾悽饾惂饾悶饾惉饾惉 饾悗饾惂饾惀饾悽饾惂饾悶)
In taking a brick-and-mortar business online, one of the foremost decisions to make is about the technology-infrastructure platform. An eCommerce platform determines the online or digital capabilities for carrying out eCommerce operations. To make a sound decision here, the business-technological requirements must be figured out first. Coming to the selection of eCommerce platform, there are two options available at the onset. The first one is internally building the required eCommerce platform (On-Premises). This is a more capital-intensive option and requires in-house capabilities for managing and maintaining the eCommerce platform and infrastructure. The second one is using hired platform services (SaaS, PaaS, and IaaS). These services are provided by specialised eCommerce-IT companies.
饾悁饾悰饾惃饾惍饾惌 饾悩饾悜饾悅:
Your Retail Coach (YRC) is a retail and eCommerce consulting brand with expertise in providing customised business startup and management solutions. With a growing global presence, YRC has served more than 500 clients in 25+ verticals. In clothing business consulting, YRC offers planning and implementation services and solutions for business setup and growth and expansion missions.
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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