Sri lanka, the pearl of Indian ocean which is booming to become the wonder of Asia is a county filled with many new market opportunities. With a population close to 21 million according to the household income and expenditure survey 2012/2013 the average house hold income per month is Rs.46, 207. Meanwhile 38% of average household expenditure is spent on food while 62% of expenditure is spent on non-food and services. Among non-food items, 5.3% is spend on clothing, textile and foot wear and indicating a spending growth from Rs.903 to Rs.1342. Hence generating a business idea around this industry would be a good opportunity. Looking into the Sri Lankan context there is a high competition in the standardize retail market with big companies such as ODEL, Cotton collection, Mondy etc. competing to attract customers to their business. But presently consumers are demanding not only for quality products but also products that meet their individual needs. Therefore the demand for customized clothing industry is growing rapidly. In Sri Lanka, there is a very high demand for fashion clothing by both male and female youth population. Today the youth generation is interested in online purchases since the local fashion industry is unable to cater to their demands which in return have created a boost in online purchasing. Finally after analyzing the market, starting up a highly customize online clothing store with affordable prices would be a good opportunity to penetrate and capture the market while earning profit.
A one stop online store which offers a highly customized offering where the customers get the opportunity to enjoy the best tailor made apparel for the perfect fit and preference. From the favorite button to the preferred neck line the customer gets the chance to select by just one click of a mouse. The online store targets on starting up with office wear and then moving on to other categories for the expansion of customer base. The online store also provides facilities for Skype customer service and live chat facilities in order to maintain high customer relation. Furthermore the store provides customers with a door to door delivery of their unique piece of fashion in and around Colombo city limits within a stipulated period of time. Our store ‘Tailor cut’ s priority will be to give the customer a whole new online shopping experience with a secured delivery process thereby providing the customers with maximum satisfaction.
Increasing employment for women. 93.8% of females are employed ( sri lanka labor forcesurvey - http://www.statistics.gov.lk/samplesurvey/Labour%20Force%20survey_Annual%20Report_2012-final.pdf Labour force participation rate by female in 2012 is 32.9%
Strength - Low overhead cost – less over head cost SWOT analysis
Window of opportunity –‘Shehi’ has the competitive edge at being the pioneers in online tailor made apparel with a highly customized offering. Thus the business can capture local female customers who are looking for customize office wear for an affordable price within the country. Feasible business idea – the online retail store provides a highly customize offering where the customers get to fill-in an online measurement form and select numerous options such as the style, fabric, button etc. New concepts of using live chat and Skype facilities will add more value to the business. Thus the idea alone is strength to the business. Business knowledge – The knowledge of business management, skills and the positive attitude of the owner alone would be a great strength to the business. Value proposition – Selling quality customized office wear at an affordable price with high customer relationship strategies and door step delivery would be a big strength to the...
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