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How to start business for Fashion Niche market?  Be the best of unique uniqueness

  

 

Shoes – Denim – Only female denim shoes – go further “denim thigh high female boot”

Reply following question

  • What does not exist in your marketplace? Do global benchmark.
  • What consumer doesn’t know but actually need? Search latent demand.
  • How can you serve them better? Do your SWOT, PESTEL, 7P & Business-FMEA.
  • How do you mingle them? Do personal offline & online survey. Do data analysis & forecasting.

A niche market is simply a very specific narrow segment of a much larger market.  It should be composed of a tight, clear range of products sold to a tightly focused on target group. For example, if your market is activewear, your niche could be clothes made especially for hot yoga.

Outline your product basics

  • What gender will you cater to? Men or Women?
  • Location/Geography
  • For what occasions: leisure, work, travel or sports wear?
  • What price segment will you like to play in – Ready-made, Bride, Diffusion, or Mass Market

Identify the key players within your niche by doing a market survey

Develop a competitor’s board/map based on consumer’s need, and then identify free zones

If all segments have been taken over by competition, go for narrower niche in which you are best.

What is the unique uniqueness of your product?

Ask yourself specific questions about the unique value of your product’s uniqueness to narrow in on what makes this product uniqueness different from the other’s uniqueness.

What are your target customer financial, social, traditional, educational, social and behavioral traits?

Before deciding your product, first know your market. In 90 % failure case this is the root cause with wrong timing. Product is good, price is good, place is good, promotion is good etc., but people cannot need it due to some unknown reason; “Cannot” because of mental boundary, faith, belief, financial trade-off etc.   

Do SWOT, PESTEL & 7P analysis of your competitor?

Preform a market analysis of your potential competition. SWOT Strength Weakness Opportunity Threat, PESTEL Political Economical Social Technological Environmental Legal, 7 P is People Process Place Price Promotion Product and Physical Evidence (Visual merchandising or UX User experience or UR User interface). For your competitor you must do this analysis to know the gap so that you can fill that gap.  

According to marketing expert Philip Kotler, a niche market is a group with a more narrow (that market segment) definition. Usually it’s a small market whose needs are not being well served. Now narrow and further narrow down your product uniqueness and try to create uniqueness option within that narrow zone. For example shoes – female shoes – only denim female shoes. Now create designer options in denim shoes for females. Be the best of that unique uniqueness.  

 

Lace Eyelet Thigh High Denim Shoes for Females between 10 to 30 year age in low price range

  

About Author

MIFT ( Mysore Institute of Fashion Technology) students, trainee and scholars study and research about fashion, makeup, forecasting, e commerce, disruptive technologies in fashion & cosmetics industry. The primary research objective is to create open industry modular ecosystem platform for fashion designers and makeup artists to work and earn in hyper personal and local market using IR 4 and 5 ( industrial revolution) technologies to disrupt connected digitalization of mass production. 

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