Information Entrepreneurship

Business Concept: A website that specialises in plus-size quality formal female apparels (i.e. business wear, party, etc.).

Industry/Market Feasibility

Market survey in year 2010 has shown that books and clothing are the two top products bought online and it will continue to top the list. Survey also shown that Singaporeans are amongst the highest online spenders in Asia; spending average of US$3,480 online over the period of one year, ahead of Japan, South Korean and Hong Kong. Some Singapore’s top online retail sites are amazon sites, Yahoo shopping and GMARKET SG. Singaporean online shoppers like to plan their purchase rather than buy a whim.

A recently NUS study in 2010 said that Singaporeans have been getting fatter, along with people from most other developed countries. They are also taller and broader than they were about two decades ago. Larger women are growing more self-confident and financially secure and, they are also demanding equality in fashion. Even though, womenswear made up 51.8% of the apparel retail industry; plus-size clothing only make up a small percentage.

Part 1: What needs does my business satisfy?(Understand the customers)

Explicit Needs Implicit Needs Latent NeedsWhat we want fulfilled immediately and one that we can usually find someone or something to do so quite quickly.

Needs that we don’t have to an urgency to fulfil but somewhere down the road, it will become explicit.

Needs we have at the back of our minds but realise it only when the situation presents itself.

Part 2: What are my customer’s characteristics and decision-making process?(How they make their decisions.)

Buyer Characteristics Decision-Making Process Gen X and Y working adults who are

image conscious Plus-Size seeking for quality formal wear

that will flatter their figure/curves and enhance self-image

Internet savvy and information seeking Love to shop for clothes on-line

Quality is a major consideration Information on products and comparison Range of clothes must suit their taste Good Service is important… easy to pay, fast

delivery Recommendation or referral

My Customer’s “Choice” Factors

Complex Buying Behaviour Variety-Seeking behaviour

Dissonance-Reducing Behaviour

Habitual Buying Behaviour

Studies on plus-size female:

Consumer looks for clothes that will flatter their curves and enhance their self-image.

Involvement in decision may be high to certain extend. However, customer may also look for value since clothes differentiation may not differ too much

My Customer’s “CHOICE” Factors:

1. Clothes Design & Quality

2. Reviews & Feedbacks

3. Pricing

4. Online shopping Experience

My Comparative Advantage

Relative Level

Clothes Design & Quality XReviews & Feedbacks XPricing XShopping Experience X

To nearest competitorsChoice/Decision Factors

Lowest/Worst

Highest/Best

Building AdvantagesArea for Improvements: Possible New Innovations:

My Total Addressable MarketCurrent Market

Cust

omer

Pro

file

Prod

uct/

Serv

ice

Fringe Market(Timing Issue)

Fringe Market(Satisfaction

Issue)

Never Before Market

My Current & Potential Customer base

Implict Latent

UnmetProducts/Services

Satis

facti

on Fa

ctor - Plus size quality

formal apparel - Makeover services - Tailor-made apparel

Met

Explicit Implict

Met Timing Factor UnmetCustomer Needs

Plus-size consumer who searching for quality formal wearsGen Z or younger who

generally larger size

Customer who are satisfied and happy with product. Brand loyalty

Market Competitiveness

PLAYERS Potential New Entrants - New Startup - Exisiting shops selling online

Suppliers Buyers - Textiles Companies Intra-Industry Rivals - Designers Online website - Sewing services Blogs - Makeover services Spree - Server Domain Bricks & Mortar Shops

Providers of Subsitutes

Anyone particularly plus size consumer

- Textiles Companies Intra-Industry Rivals

- Designers - Sewing services Blogs - Makeover services Spree - Server Domain Bricks & Mortar Shops

Providers of SubsitutesCheck the Box Check the Box

Postive Neutral Negative Postive Neutral Negative

Check the BoxPostive Neutral Negative

Anyone particularly plus size consumerOnline website

e.g. http://www.doublespringplussize.com/?p=17http://www.maximumappealonline.com/products/top_sleeveless/1.htmhttp://www.bigonattitude.com/www.http://bab.com.sg

External Factors

The following are potential external events to notes:P E

- Singapore has enjoyed political stability - Regional Trading, manufacturing and financial hub

- Government support (e.g. spring singapore) - High economy growth

- Small domestic market

L S

E T

- Low internet cost

- Advance physical transportation infrastructure - Plenty of e-services agences and IT professional

- E-commerce security

- Strong legal foundation on regulations and guidelines to protect copyrights and intellectual properties

- Tax incentives for start up and e-commerce related direct foreign investment

- Advanced information and communication technological infrasture