business idea
CURRENT MARKET
Sri lanka, the pearl of Indian ocean which is booming to become the wonder of Asia is a county filled with many new market opportunities. With a population close to 21 million according to the household income and expenditure survey 2012/2013 the average house hold income per month is Rs.46, 207. Meanwhile 38% of average household expenditure is spent on food while 62% of expenditure is spent on non-food and services. Among non-food items, 5.3% is spend on clothing, textile and foot wear and indicating a spending growth from Rs.903 to Rs.1342. Hence generating a business idea around this industry would be a good opportunity.
Looking into the Sri Lankan context there is a high competition in the standardize retail market with big companies such as ODEL, Cotton collection, Mondy etc. competing to attract customers to their business.
But presently consumers are demanding not only for quality products but also products that meet their individual needs. Therefore the demand for customized clothing industry is growing rapidly.
In Sri Lanka, there is a very high demand for fashion clothing by both male and female youth population. Today the youth generation is interested in online purchases since the local fashion industry is unable to cater to their demands which in return have created a boost in online purchasing.
Finally after analyzing the market, starting up a highly customize online clothing store with affordable prices would be a good opportunity to penetrate and capture the market while earning profit.
BUSINESS IDEA
A one stop online store which offers a highly customized offering where the customers get the opportunity to enjoy the best tailor made apparel for the perfect fit and preference. From the favorite button to the preferred neck line the customer gets the chance to select by just one click of a mouse. The online store targets on starting up with office wear and then moving on to other categories for the
Sri lanka, the pearl of Indian ocean which is booming to become the wonder of Asia is a county filled with many new market opportunities. With a population close to 21 million according to the household income and expenditure survey 2012/2013 the average house hold income per month is Rs.46, 207. Meanwhile 38% of average household expenditure is spent on food while 62% of expenditure is spent on non-food and services. Among non-food items, 5.3% is spend on clothing, textile and foot wear and indicating a spending growth from Rs.903 to Rs.1342. Hence generating a business idea around this industry would be a good opportunity.
Looking into the Sri Lankan context there is a high competition in the standardize retail market with big companies such as ODEL, Cotton collection, Mondy etc. competing to attract customers to their business.
But presently consumers are demanding not only for quality products but also products that meet their individual needs. Therefore the demand for customized clothing industry is growing rapidly.
In Sri Lanka, there is a very high demand for fashion clothing by both male and female youth population. Today the youth generation is interested in online purchases since the local fashion industry is unable to cater to their demands which in return have created a boost in online purchasing.
Finally after analyzing the market, starting up a highly customize online clothing store with affordable prices would be a good opportunity to penetrate and capture the market while earning profit.
BUSINESS IDEA
A one stop online store which offers a highly customized offering where the customers get the opportunity to enjoy the best tailor made apparel for the perfect fit and preference. From the favorite button to the preferred neck line the customer gets the chance to select by just one click of a mouse. The online store targets on starting up with office wear and then moving on to other categories for the