Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Opportunities in apparel e tailing
1. Opportunities in Apparel E-Tailing
Ecommerce is a buzz these days & a lot has been happening across its various
domains. From large firms, corporations to small-mid cap businesses, many have
cropped up to take the advantage of this thriving industry which is concurrent to
the latest trends.
Nowadays, people often watch over latest styles & fashion online rather than
going to a store first. The aspect of convenience; sitting back at home and
catching up on every thing new, is driving greater interest and participation
among consumers besides providing businesses an opportunity to grow and
connect.
The apparel industry is one of the most profit making sector in terms on
generating revenue, investment and trade. Due to its product variance & short
life-cycle, it makes it to the top of Ideal business models, where expected profit
margins are very high. According to a Mckinsey report, Apparel is the most
2. profitable segment of the Indian retail market (a calculated 35%-40%) followed by
Food. Similar dominance has also been observed online.
Currently, apparel is the largest segment of the Indian online retail and has
earned investment over $ 70 Million within the last two years. With growing
consumer base year on year, apparel e-tailing is surely poised for a boom.
If you’re a business involved or interested in this segment, then perhaps, you
have an opportunity to create your own niche in the market and claim a very
satisfying share of the online retail pie.
Online retail is a boon to retailers who wish to expand their business without
much of investment as a viable sales channel. Clientele is limited for those
operating physical stores but can be expanded with adoption of an online
business model which increases reach and exposure in addition to sales and
brand awareness.
According to a report by Technopak, “The Internet’s ubiquity gives online brands
the capability to reach all Indians, even those with no access to an online payment
facility, as most brands offer Cash-on-Delivery(COD)options, offering them the
luxury of seeing the product before making payment for it.”
The way it has shaped the Indian online Market
3. Competition in the look good- feel good market has intensified over the last 2-3
years resulting in an exhibition of monstrous collections of apparels and
accessories. Likewise, consumers have also thronged the marketplace to seek new
variety & discounts. Discounts and offers have remained the most influencing
factors of all of them.
Highlights:
Internet and Mobile Association of India says that “Indian ecommerce is growing
at an average rate of 70% annually and has grown over 500% in the last 3 years..”
Indian Online Apparel Industry is expected to grow tremendously from a current
$15 Million market to $200 Million by 2015, a staggering 13 fold growth within a
year.
In India, 26% of all searches over online media (Google, Yahoo, Ask, Bing &
others) are in relation to Apparel products which equals the demand in USA,
Japan and Germany.
India is one of the fastest growing tech savvy nations with over 80 Million Internet
users & 10 Million shoppers. Internet users are expected to reach 240 Million by
2015.
4. India stands at No. 2 in Social Networking. Apparel Industry to be affected
tremendously by peer recommendation and fan following on Social networking
sites.
Over $70 Million dollar investment within the last two years in the Apparel e-
tailing space.
According to PriceGrabber.com, more than 65% of online users feel comfortable
purchasing Apparel products.
Gifting has become easy through online medium where Clothes and Fashion
accessories make up a substantial portion of all gifts which are sent and received
worldwide.
Investment in terms of business expansion is considerably less compared to an
exclusive store. It saves you on physical infrastructure and headcounts.
This costs can be further diverted to obtain larger volumes with variety. Larger
volumes will in return obtain larger market share. Larger market share means
larger profit.
Operating an online store is like operating your business 24X7. It saves you time,
on the other hand, consumers get a lot of time to go through each and every
unique offerings of yours at his CONVENIENCE.
Online feedback system adopted by consumers across the world improves
chances of being noted and appreciated.
Ecommerce is the future! And E-tailing will soon occupy a market share that is
greater , far more diverse with no signs of bottle neck. It offers convenience and is
liked by more than a billion people across the world. Apparel e-tailing has
revolutionized the shopping model in India and will prove as a game changer in
the world of apparel retail businesses. Currently, huge opportunities lie ahead for
apparel e-tailing and if businesses make sure that their consumers are happy they
are sure to succeed.
Resource:
5. Ecumen consultancy is a leading Ecommerce marketing strategy, services and
solutions provider company in Ahmedabad, India. Find more information to
http://www.ecumenconsultancy.com/e-commerce-strategy/