How to Start Online Fashion Retail Business
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment.BY Nibedita Mohanta | Aug 11, 2017 | comments ( 0 ) |
People are entitled to follow any fashion statement or set their own fashion trends, whichever pleases them better.
That is why fashion is one of the most sought after business followed by food and other luxury items.
The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020.
The heights of fashion business is witnessing new horizons on daily basis, thus it is the only ever evolving business option for many renowned retail brands as well for those who aspire to touch the zenith of their business in fashion.
Here is how to go about starting an online fashion retail business:
Nose For Fashion:
When it comes to food or fashion, tastes vary from person to person. Some might look like following the trends, yet fail to appease the choice of mass; on the other hand some might still reinvent retro style and make it a huge hit.
One must have the nose for fashion, because starting fashion retail does not comprise of fabrics and dresses.
The knowledge of fabrics, designs, what suits whom the best and how to turn anything into fashionable is what a fashion retail owner must know. Knowing the number games is easy but going to the depths of the subject is not everyone’s piece of cake.
Identify Your Customers:
Different age groups, regions, occasions and professions, demand different style of clothing. Thus a thorough market study, to identify your target audience if a must; moreover the taste of your target audience should also match with your skills.
Only after knowing the taste of the customers, one can experiment with the likes of them and offer something unique and different to please them.
There are plenty of retailers, who sell the same old product with different tags, but to make the customer base strong, one has to use different styles, and present something unique on the customer’s plate.
Co-ordination Between Supplier and Storage:
Even though it is online fashion retail, one has to have sufficient space for the storage and work, which comprises tailoring, ironing, packing, delivering and accounts.
The supplier too plays a vital role in setting up a fashion retail, who will supply the fabrics, sewing tools, packaging stuffs and raw materials required for the retail business.
To set up a fully fledged fashion brand, one has to maintain a clear and strong co-ordination between the supplier as well as the staff, working for you. It should be as such that whenever the desired fabric is required he should deliver it anyhow or least arranges another supplier.
Set up Your Website:
The above mentioned points work as behind the camera, the one which needs to be on camera is your website.
Buy a domain name, set up the merchant account for payments, pictures about your work, samples to play on the website and before hitting the ‘go live’ button, make sure to run the troubleshoot to avoid future problems.
Display your best work and try to build a connection with the audience through your website and market it well in other portals as well.
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