This article aims to bring you a unique online retail business idea, which can be a tremendous success story in India. Reading this article will help you to understand why this business has good potential and how much investment is required.
Online retail business of fashion, clothing, and accessories: The contribution of premium (Premium is by default comes to organized category) apparel in the Indian retail space is 45%.
Problem statement.
The financially well-to-do and brand-loving people access Individual stores or the existing two big online retail business platform to choose from price tags or brand selections, there, the customers are not treated separately and often cannot easily navigate to the right category.
The objective is to make the segment separated from the masses and let their social connotation influence selection behavior.
Process of starting an online retail business
The purpose of the business is to create a store which will carry a tag of “all branded”, business wants to give choices of brand that are having well acceptance. An API integration with the business’s platform with premium brand stores can easily make it happen. The essence is customers can hop from design to design without going for brand selection.
- The Listing can be in two broad categories i.e. Imported & International, sub listing on types. Sorting on Brand, Price Range, Size, & Delivery Time.
- I suggest only lifestyle products, and prices start with a minimum of 3k.
- Keep the name with a maximum of five letters implying a high value.
- The unique selling propositions are premium products, clean interface, luxury looks, assured quality check, & fastest delivery.
- Brand ambassadors should be celebrity couples.
- Placement as “Brand only”: Marketing at Airlines and Airports, Branded Salons, OTT Platform, TV opera show.
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Placement is particularly important, once created you will get a listing and a client base of the affluent.
This business project will be incredibly challenging to execute as Brands are extremely cautious about placement hence convincing them for association & listing would be a big deal, also as because, kind of customer base it will deal with who are typically influenced by social connotations.
So, with this in mind we’ve set out to find the most effective ways to influence brand placement and yield the highest ROI.
Important points to remember before starting an online retail business.
To execute an effective project, you need to
- Alwas remain extremely focused on your goals and objectives
- Have effective communication with your team when crafting your plan of action
- Implement a strategy that is practical, realistic and workable
Remember before you start an online retail business.
- This project will burn a lot of cash on customer acquisition.
- Extra effort required to place the brand placement as “Premium”.
- Reaching the right audience for a product or service is not easy, or cheaper, or even faster. From the way your audience interacts with their devices to which brands they trust and what category they consume, there are many factors.
How can you get an edge on online retail business?
Brands are one of the key elements that can give you that edge, but only if you know how to make them work for you. The key is finding the right balance between product integration and brand promotion…the answer will come on the go.
Please do not confuse the segment with the super-elite category which starts from the 25K price Tag.
Hope you have understood the online retail business model in case you have any questions you may write to me, I promise to get back within a week or two.
Best of Luck!
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