Post Index

Twitter Updates 2.2.1: FeedWitter

Thursday, December 25, 2008

Identifying the local independent retailer niche market

Local independent businesses, despite being independent, are not exempt from making the tough decisions of their bigger cousins. You can checkout the Plunkett Research Ltd company in Houston Texas for their analysis credentials in the area of apparel manufacturing and retail in America. You are encouraged to read the article in the website in its entirety. I have selected the following 6 key points to know about your niche market:

niche markets with special tastes and needs, such as Chico's FAS, which caters to 35- to 60-year-old women who want flattering fashions that suit their figures.

Speaking of figures, the well-documented expanding girth of Americans is placing new challenges upon fashion merchandisers as overweight people of all ages, tastes and income brackets require clothes in larger sizes. Designers and merchandisers face the task of developing and presenting larger clothes in a flattering light.

they have also developed a keen interest in sports apparel and workout gear to wear at the gym and in other leisure activities.

As more and more of these people become seniors, their tastes and needs will bring great revenues to savvy apparel sellers who learn how to cater to this market

Consumers have been trained to wait for items to go on sale before they make purchases

Meanwhile, a growing number of fashion companies, such as Worth and The Carlisle Collection, are enjoying success selling women's fashions in the home via independent reps-somewhat like the success of similar companies that sell cosmetics.

One would be truly challenged to find a business in America not affected by our current economic opportunity. Even if we assume most of those affected positively number in the minority it’s more likely the majority are affected in the negative.

The response to this has been reduction, cutting back or shutting down business operations and wait for fairer times. Those who elect to press on soon learn unless they have implemented or driving hard to implement a new way of doing business can expect the specter of failed business will show its face again.

1. Know the age of your niche market
Niche markets may be small and limited, but offer huge potential. China is a niche market, but wouldn’t you like in on that niche market! Sam Walton tapped into a niche market in discount retail as well as Michael Dell and we know how it turned out for them. The niche market of 35 – 60 year women represents such an opportunity. These are not fickle clients and would more likely favor a real, local retailer with whom they develop a relationship to deliver on their customer-made apparel orders.

2. Know the overweight shape of your niche market
This is a reality and the sooner you tap into it the better. These clients are likely not thrilled about the prospect of shopping store after store with increasing frustration and dissatisfaction with product and service.

3. Know the sports apparel and workout gear interests of your niche market
Your clients care not only about what they wear, but what they can do towards improving their health through exercise.

4. Know how to cater to the tastes and needs of your people becoming seniors in your niche market
Your clients may reminisce fondly about what they wore in their youth, but don’t assume they want to wear the same in the mature years. However, they may be open to some design variations on yesteryear’s style.

5. Know what and how you need to train your niche market
Department stores such as Nordstrom’s, Neiman-Marcus and Dillard’s have trained consumers to wait for the sale. What’s a major department store to do with a floor full of unsold apparel items, but to hold a sale. Local Independent Enterprise Networks enable independent retailers to avoid glutting the floor with apparel inventory because of the nature of order-on-demand local delivery by IE-Networks. Some areas in which to train clients include: providing Network consultants with pattern & material and subsequent repeat use of pattern, having consultants create a pattern for repeat use, also.

6. Know how to enjoy sales success in the homes of your niche market
The home is not just a point-of-sale, but a gossip table for design ideas and more sales from your niche market as well as the workshop of IE-Networks at-home operations.

Attend the next business presentation

No comments: