How to Start a Men’s Clothing Store
The men’s clothing industry has undergone several changes in the past decade owing to a host of factors. The dynamic nature of fashion trends has always been one of these factors. Another big change was the emergence of eCommerce preceded by the era of information unleashed by the internet. These developments left many repercussions on how businesses identify and deliver value to customers.
In this communiqué, retail and eCommerce consulting enterprise — Your Retail Coach (YRC) reaches out to new-age entrepreneurs to provide them insights into starting a men’s clothing or fashion apparel business.
Finding an Existing Edge
Having an existing edge is a big advantage when starting a new business. This is revealed by considering:
· Presence of any existing specialised expertise or capability in the concerned line of business or the industry
· Presence in the value chain as a key partner like supplier or services provider
These points are only to provide ideas; there are more innovative ways to find a profitable niche segment with any existing specialisation.
Pilot Assessment of Market Gaps
Unfulfilled gaps in the market present some of the best business avenues. These unfulfilled gaps present opportunities to offer products and services that are not yet to be released in the market but have potential demand. Considering the competitive intensity and lack of easily identifiable market voids in today’s fashion industry, spotting market gaps involves careful market research followed by innovative workarounds and effective marketing strategies.
Detailed Market Research
The need for rigorous market research cannot be undermined at any cost. As providers of fashion business consulting services, YRC always emphasises that a proper research should include an extensive analysis of the target markets. The objective is to carve out a comprehensive picture of the market’s potential that should also lead to gaining actionable insights. The results of the market research provide directions for making business decisions and developing strategies in vital areas like brand positioning, pricing, competitive positioning, etc. Taking guidance and assistance from fashion industry consultants for carrying out market research could be of big help.
Business Model Development
A business model is a brief summary of how a brand will operate, survive, and grow. In other words, developing a business model is about determining some of the core business aspects like value to customers, value chain journey, key partners, customer segments, capabilities and resource requirements, sources of revenue generation, and costing. Business model development also entails mapping the value chain that shows how a business enterprise will create and deliver the intended value proposition(s) to its customers.
Merchandising Strategy as a Part of Value Proposition
In the fashion business, merchandising alone is powerful enough to create unique value propositions. So, it is worthwhile to remain cognizant of the latest in men’s fashion apparel trends. Some of the latest trends in men’s fashion wear include:
· Shirts with prints and logos
· Urban cargo shorts
· Plaids and checks
· Sling bags to go along with
· Pinstripe suits
· Flared trousers
· Blue jeans as daily essentials
Digital Marketing
Digital marketing is no longer a secret strategy and it does not require a special red-carpet mention. The key reason is having digital outreach and presence. People who use digital platforms like search engines and social media apps make up the ideal buyer segment for menswear products. The second reason is keeping up with the competition. By developing and applying suitable digital marketing strategies and tools, fashion brands and businesses can reach a much wider audience.
Financial and Commercial Planning
Financial and commercial planning is the evaluation of a business model/idea for its fiscal and numerical sustainability. The key areas of evaluation include purchase planning and inventory calculations, ROI and breakeven analysis, CAC, capital investments, operating expenditure, demand and sales projections, and estimated P/L statements. Due to frequently changing fashion trends and preferences, purchase planning & inventory forecasting is an area of special emphasis for fashion brands and businesses.
Purchase Planning
Purchase planning is a critical activity for all inventory-based organisations. This includes fashion enterprises too. It is necessary for fashion businesses to ensure that the required product types and inventory levels are consistently maintained in the stores, warehouses, and hubs. And the guidelines and other inputs required for purchase planning and process-related decisions come from multiple sources. The sources of information include merchandising strategies, demand projections, requirements of promotional campaigns, budget limits, supply chain and logistical capabilities, etc. Thus, planning and scheduling purchase and procurement decisions cannot be left to lose decision-making processes. Having a sound purchase plan and schedule helps businesses effectively and efficiently manage their inventory and stay prepared to meet market demand.
Omnichannel Strategy
No contemporary fashion startup brand can afford to underestimate the prowess of eCommerce and omnichannel. Despite the global economic slowdown brought about in 2020, customers around the world continue to show increasing attachment to online fashion shopping. And this phenomenon is projected only to rise in the coming years. But this nowhere shows that brick-and-mortar is crumbling. On the contrary, many eCommerce-based companies have adopted the O2O strategy i.e. they chose to also have an offline presence. The success of many omnichannel fashion brands from all over the world speaks for the effectiveness of having a unified online and offline presence.
For enquiries on YRC’s retail and eCommerce consulting services, : https://www.yourretailcoach.in/contact/
