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Last Updated on: June 6, 2022 by Joseph Muriithi
Online Clothing Retail Store is an ecommerce retail store establishment company. The company will sell whole sale vintage jeans from Glasson vintage (www.glassonvintage.com )and its own clothing brand and cloth line. The business will be located online and will feature a warehouse and office in ###. The company will feature the best fabric, designs and stylings that are on the new market trend.
This business plan has been prepared to lay forward the functional requirements of the business, implementation strategies and marketing plans that will be used to propel the growth and productivity of the business. Furthermore, this business plan will be used to source funds from investors amounting to $30,000. This amount will be used to finance business development, operation and commercialization.
Online Clothing Retail Store mission is to present consumers with designs, styling and clothes that energizes any activity. Whether it be snowboarding, running along the beach, or drifting down a river, ITP Store has comfortable, durable clothing that will look and feel wonderful.
Online Clothing Retail Store will sell a combination of widely recognized name brands as well as clothing lines from our own fashion designers. The company will closely follow generational fashion trends as well as the company’s own customers’ purchasing preferences. Moreover, we will tailor our inventory to meet the needs of our clientele. Solely focusing on the styles, colors and fits to flatter the vintage jeans taste will be the company’s specialty. While apparel, such as business clothing, casual wear, jeans and formal wear will be the main staple, the company will also offer some accessories such as belts, scarves, and hats.
Profits will be earned via the sale of merchandise. The company’s pricing structure will remain flexible, as the company will implement suggested retail pricing on common brands as well as the standard practice of key stoning prices. Additionally, the company will utilize a value-based pricing structure, which measures the value of products to customers such as easy access, quality, customer service and styles flattering to our target consumer. End of season sales, holiday and overstock sales, multi-buy savings and promotional coupons will be implemented at strategic intervals.
Global market research
There are over 7 billion persons globally. Given that there are so many of us, and clothes are one of the three basic needs, the statistics surrounding the textile and fashion industry are nothing short of staggering. Here’s a look:
- The world clothing and textile industry (clothing, textiles, footwear and luxury goods) reached almost $2,560 trillion in 2010.
- In 2010, American households spent, on average, $1,700 on apparel, footwear, and related products and services.
- The U.S. apparel market is the largest in the world. In 2015, the market was valued at approximately 343 billion U.S. dollars
Target market research
The apparel manufacturing industry in the United States employed about 89,588 people in 2014; which in retrospect seems quite miniscule for being the largest global apparel market. However, one must remember that even though the majority of these apparel conglomerates are American based, many of them have their manufacturing plants in Asia. In 2015, the United States imported close to 88 billion U.S. dollars’ worth of apparel.
The U.S. apparel market is always changing, attempting to adapt to customer trends and new technology that will allow the consumers shopping experience to be more enjoyable and ergonomic. This trend has been adapted to this Online Clothing Retail Store implementation plan to adapt to the changes in market trends and fashion. This will put the company on top of its competition league and achieve the best out of the unending and wide global market. The chart below represents the clothing ecommerce industry trend and projection for the United States. The analysis depicts overall and continued growth over the years.
The company is looking forward to sustain a growing revenue at the rate of 30% per year for the next three years. This growth will make ITP Store’s the leading clothing brand and retail store in Georgia in the next six (6) years.
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