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Starting an online fashion retail business need not be complicated

07-16-2021 04:29 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: YourRetailCoach

Online Fashion Retail Business

Online Fashion Retail Business

The problem is that of perception. There is always a needless, negative hype in the air that starting an online fashion retail business ( ) and being successful at it is a tough game and not meant for everyone. Not all industry experts or retail consultants believe in such limiting and damping conclusions. Despite the challenges, there are businesses that keep coming and are also able to hold their ground good. Now, how are they doing it in the face of all the pessimism in the air? Good businesses can grow almost anywhere. But they do not happen by fluke. It takes the hustling of entrepreneurs, the most toiling of the minds, and the brilliance of planning that sow the seeds of a profitable and sustainable business. So, what are these new-age entrepreneurs doing differently? YRC offers a perspective.

Asking the difficult questions first

All ideas begin with belief. But that does not speak for its viability. So, it is for business ideas. Good entrepreneurs scrutinize their ideas through multiple and critical perspectives.

- Is there a need for the product/service?
- Does it solve any problem or fulfil any need?
- How are competitors doing in fulfilling this need?
- What values are still left unanswered by existing players?
- Can such a value be created and delivered? etc.

For a new online fashion business ( ), the answers to these questions could help establish the strength of the business idea or provide relevant inputs to make it stronger.

Not going ahead without market insights ( )
Once the business idea has been solidified, the next thing is to assess how the idea will fare in the target market region. When we speak of the market, a wide number of variables come into play. These are customers, competitors, regulatory bodies, suppliers, state of technology, financial services, channels of distribution, supply chain and logistical infrastructure, etc. Any variable could pose an insurmountable challenge, a previously unseen opportunity, or scope of course correction. The right attitude should be to see market research as a source of improving the business idea or who knows, it could lead to the discovery of a better one.

Striving for an irrefutable digital presence

Achieving success with organic strategies in digital marketing has become an extremely tough walk. Whether the business idea is brilliant or dull, the one with better digital marketing strategies gets to walk away with ‘digital presence’. Getting better with digital marketing calls for an updated understanding of SEO and SEM techniques and the working of search engine algorithms, ability to handle various analytics tools, a creative content team, staying abreast of social media trends, robust and consistent website/app maintenance and upgradation, awareness of news and developments from around the world, steady and consistent content calendar, etc.

Planning for fail-safe operations

To avoid internal slowdown and keep delivering the intended customer experience and value offering, business operations in an online fashion retail business cannot afford to mess up with their operations by not being process-oriented. Irrespective of where the workflow gets interrupted, whether it is at a distribution centre or a lapse in last-mile delivery or delay in inventory procurement or a glitch in business IT systems, or any other business process, it passes down to the customer. That is why so many successful online fashion retail brands use SOPs ( ) to manage their routine business operations. When planned and designed right, SOPs are a powerful tool to ensure a smooth and consistent flow of business operations from start to end.

Managing agencies as part of the enterprise

A remarkable phenomenon observed since the last decade is that many contemporary entrepreneurs and businessmen now look at external agencies and service providers as functional parts of their enterprise. The same response is elicited from the other side. What it brings to the businesses at both ends is a sense of commitment to delivering to the other what has been promised. This takes them to bring clarity in their operational relationships through clear-cut policies and straightforward presentation of the expected operational standards of performance and output. Even if such approaches are not mutual, having a defined operational paradigm always puts the host enterprise in a position of command.

It will be hard to keep aside these viewpoints considering that they echo business fundamentals through a contemporary outlook. The existing online fashion retail brands may be surfing the highs and lows of the market but in no way it constitutes a deterrent for starting a new business capable of rocking the industry.
Get advise for Retail Business Consulting :

Pune, India–411016
Phone: +91-9860-426-700

YRC is a Management Consulting Company, especially for the B-C Sector.
Our expertise lies into designing of Standard Operating Procedures (SOPs), Franchise Development, Strategy & Operations services, Process Audits & Training.
We help companies to organise their operations and expand through best management practices.

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