My collection Market Analysis
One will be required to rent the products for even a week and charging the clients some percentage of the retail price as a fee. The rental fee that will be charged will cover the services such as dry cleaning, rent and other minor expenditures that may be required. Since it's an E-Commerce when an order has been placed the product shall be dispatched from the shop to the client. My collection will be dealing with business casual and formal clothing. Formal clothing involves a formal dark suit and a tie for the male counterpart while the female has the formal cocktail length dress. This will be affected by the developed website for shopping services. It will enable my collection to have the shared of assets for many years.
With this method, it has made easier for people seeking to use assets and finding each other. People seeking to rent clothes and shoes will be able to find it online in an easy way through the web-based platforms of the shop. With this method, it will enable the business make money from underused assets. People are opting for this method instead of buying something and get rid of it within no time; there is no value in it when you are done. With this number of business in the country, it has employed more than 6,861 employees. Having been a new appreciated business, it is expected to grow over time. In 2017 it was estimated to have produced revenue worth $498 million which is expected to rise by 2023 to $ 1.
86 Billion3. People have realized that fashion trends do recycle themselves every other decade. With the recycle it costs them an extra coin. They are finding ways to which with trends that are either lasting for long-term in their wardrobe or the option of renting the type of fashion they want 6. It is becoming tiresome and costly for them to be updating their looks every season. In keeping these trends, it comes at the cost of changing the styles every three months. People are feeling more comfortable with designer clothes that have fueled online clothing rental market. There is an emphasis on sharing where owning has been created to people coveting to wear without repeating the same attire over and over. This has led to awareness on the positive impact of the environment of a sharing economy leading to the growth of online clothing market.
With the rising disposable income in many households especially in developing countries such as China has led to a stimulation of much spending in fashion. This has, in turn, led to an increase in demand for online clothing on a rental basis. The final part of the industry trends in the Greenmarket. Many people have opted for the Greenmarket which entails owning products that have been used and returned to use. With this kind of market, products are usually repaired, refurbished or even recycled by brokers and then returned to the market. It is a trend suitable for customers who have a lower cost alternative other than buying new ones from distribution channels. All the above patterns are corresponding to the business idea of using the online platforms of renting clothes and other products with my collection cloth rental.
Apart from being fashion conscious, they should be social bees. The bee social behavior is that characteristic of bees to being so social. These professionals should be people that are style conscious and social bees. They should be aware of the available style in the market having a trait to those of bees whom they have an "altruistic behavior. " They see the social lifestyle as a fulfillment, harmony, and peace. There are 66% of the online shoppers with 6% of them buying and renting of apparels online. Competitor analysis Many companies have given fashion greater attention especially for the web services containing fashion services. Having the idea of the industry, My collection Cloth rental is expecting intense competition in the future. Key competitor include U.
S Rent the Runway, Le Tote (U. Their lowest plan for their Tote starts from $59 per month. They provide clothes and accessories with different styles that fit their customers. Tailored brands are only for the men counterparts which have been in the business for 40 years now. It has been supplying with high quality, affordable designer for all men occasions. They are the leading providers of Tuxedo rental products in the country with their shop having a collection of suits, sports coat, and accessories that have been designed from top designers such as Calvin Klein, Lucky Brand Jeans, and many others more. The owner is the sent back their money after the products have been sold. With many of these competitors rely much on free delivery to their customers.
However, for my collection rental cloth will access new customers using all means that has been recommended by the customer. SWOT Analysis • Strengths ◦ Average customer lifetime 2. 5 years ◦ Customers won’t use subscription all the time ◦ ‘Piggybacking’ - less service development required ◦ Credible business model in a similar industry "Moss Bros. Threats Many of the customers may mistreat our clothes before returning them to the shop. There is the threat of administrative cost, and finally, it may taint the image of TJX. Ask My Collection cloth rental is searching for an investment of $31, 813 which will be 50% of the company’s equity. We are also seeking a loan of $32,438 that will be paid with a 10% interest rate partially during year 1 and wholly by year 2.
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