Is the fashion industry good for business?

This communiqué from the office of Your Retail Coach is an address to all general business audiences including aspiring entrepreneurs of fashion startups. The purpose of this release is to cover the queries the company receives on the topic of starting a fashion business ( https://www.yourretailcoach.in/industries/fashion-retail-clothing-consulting/ ). Coming specific to the question in the title, YRC and its team of fashion business consulting experts maintain that a generic answer on the business attractiveness in the retail fashion industry may not be productive or useful.

Market Analysis
The present and future demand in a given market for a given product/category is a prime consideration for starting a business ( https://www.yourretailcoach.in/retail-business-plan/ ) or executing any business expansion project. The next consideration is the targeted market share. It converts to potential sales and revenue. These projections are useful for later stages in business planning.

Consumer Behaviour
The existence of good market demand does not necessarily guarantee favourable consumer behaviour. Consumer behaviour is affected by demographic factors, culture and tradition, the performance of other competing businesses in the market, prevalent trends, etc. A good understanding of consumer behaviour is helpful to develop strong value propositions.

Competition
Competition is a generic term. For business purposes, understanding the competition in detail is vital. The important parameters on which competition could be measured in the fashion business are designs, production/procurement, product mix/merchandising, pricing, channels, digital marketing, recruitment, compensation, training, etc.

Value Propositions
A comprehensive and insightful understanding of markets, segments, consumer behaviour, competition, channels, technology, expertise, and other relevant aspects is critical to arriving at an ideal value proposition. For example, if there are no stores in a market that sell athleisure merchandise, such a gap becomes a potential value proposition. It may not last long but is good enough to use it to enter that market.

Financial and Commercial Assessments
The financial and commercial assessments are no different in the fashion business. The relevance of these assessments is to evaluate the numerical feasibility of carrying out the business. It covers projecting and analysing capital expenditures, inventory purchases, sales and revenue, warehousing and logistical capabilities, salaries and wages, profit and loss, ROI and break even, etc.

YourRetailCoach
Pune, India-411016
Phone: +91-9860-426-700
Email: consult@mindamend.net
Empowering Retail & E-commerce businesses worldwide.

YRC is a Management Consulting Firm with its presence across India & Dubai.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

This release was published on openPR.