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A ‘fashion clothing business’ is truly a profitable business to venture into if you’re looking for some new low investment business ideas. The fashion segment has been on the rise in India and it has been projected to grow at a stable compound annual growth rate (CAGR) of 14.4% from 2018 to 2023
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Fashion and lifestyle industry is one of those industries that have seen rapid growth in the past, and have created an opportunity for many young entrepreneurs to enter into this space. For anything to go smoothly and in a structured way, one has to do thorough research before investing and thinking of starting a business.
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If you want to turn your creative vision into a fashion label, a well-researched business plan is what you need, and for that, you have to brainstorm your ideas and pave the way to success for your company.
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In India, we see a large market in the middle-income group of people. The target audience can be segregated from a market on the basis of needs, income, location, trends, age, lifestyle, hobbies, occupation etc. The process of identifying a target audience can vary according to the product or service that you are trying to sell.
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Social media platforms play a very important role in the growth of your business. India boasts more than 564 million internet users and almost all of them are signed up on the mainstream social media websites. Anyone who knows anything about marketing would tell you that the business is where the people are.
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Word of mouth marketing (WOMM), also called the word of mouth advertising, is the social media era’s version of simple ‘word of mouth’. In today’s hyper-connected world, a single recommendation can have far-reaching consequences, leading to word of mouth marketing (WOMM) or word of mouth advertising strategies to capitalise on the opportunity.
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We should always take competition in a healthy way; if we only talk about what other competitors in the market are doing, we would never be able to appreciate what we have in our creative mind or store. Instagram is a great platform which can give you good returns if used wisely.
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Along with digitisation, e-commerce is also on the rise with improvements in logistics, infrastructure and convenient payment channels further accelerating its adoption. Not to mention that the current scenario has led to the early digitisation of a lot of industries and this could, in fact, turn out to be a blessing in disguise for these industries.
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