Advice for New Retail Business?

Shahrukh

Hi

I am starting a clothing business. Would appreciate if anyone can give me any advice on marketing, distribution, pricing and establishing retail presence.

Thanks

Mystech

Good luck to you. I haven't been in the retail in a while, shifting back to a different industry. But I feel that lately alot of stuff are more with branding than anything. There's generally a niche market, but you have to find it. Unless of course you are a importer, then its a little hard to make yourself stand out.

So no1, Branding and marketing is very important in today's market. Steve Jobs understood this, and look where it brought him.

2>Are you establishing your own brand? If so, where are you placing yourself? everything ties into this. Even Pricing is not that impt, provided you make enough to survive. E.g. C&K. When they 1st came out, Their shoes were in the low range. I was told you can get a shoe there for 20+. Now after jazzing up their image, their shoes are min 40+ and their shares got snapped up by a international fashion house.

3>distribution again ties back into your marketing. Are you looking to just simply sell your stuff and make a quick buck? are you looking long term? who fits your client profile and where do they go? Talk to people who you want to buy your stuff, find out where they go, where they spend, etc etc.

4>As for a retail presence, are you thinking of setting up your own retail shop? Thats a massive investment, most likely costing more than your stock itself. It is a good move, provided you have enough cash and your items are special enough. Gives you full control as well as a better understanding of what your clients want.

Shahrukh

I am establishing my own brand.
Placement is what I am looking at. I dont want to increase my investment in the beginning by opening an outlet.
Also do you think that online selling is a decent enough market in Singapore.

Mystech

So, the 1st step is knowing where you want to place yourself in the market.

Runaway

Agree with Mystech that branding is especially important today.

If you are going into online selling, you need to understand that customers don't come to you just because you have set up a website/blogshop. You will need not only publicity but more importantly online engagement strategies with your target audience.

Competition is definitely very tight in the online selling industry in Singapore, and if you are looking at clothings, you have alot of online giants you will be fighting against. These people have built a substantial fan base through the years. You would need to plan long term and give yourself some time to establish your presence in the market. The fact that you have your own branding is a good start...

sbit_sg

Hi, i have a seminar on "understanding the pushcart business". It will benefit you alot.

Please refer to http://retailbx.sg/f53/seminar-...business-7038/

Thanks