Home » Services » Market Research for Fashion Industry
Add to Wishlist

Market Research for Fashion Industry

Key Takeaways

Market Size & Sale Projections
Demand Analysis
Pricing Analysis
Competitor Analysis
TG/ Customer Analysis
Sales Data/ Market Cap of Competitors
Gap & Opportunity in market for your product/ services

Objective of the service program

Market research is the activity through which entrepreneurs and businesses assess the potential of a target market for doing business. Good market research brings out meaningful information and insights for more effective planning and strategy formulation. It should be able to establish the presence of the need for an intended product/service in the target market. It should provide insights into the fundamental buying conditions and preferences, the maturity of the market, competition, and what it takes to succeed in that market.
It is natural for novice entrepreneurs and businessmen to ask – how to do market research for fashion industry in an effective and efficient manner. But market research also demands a degree of expertise and competence so that the output is meaningful. Market research for fashion industry is no exception. Data collection and processing often turns out to be a humongous task for businesses. Add to it the necessity to keep an eye on the fashion trends.
In this service program, DFX will carry out market research for its clients in the fashion business.

Why market research for fashion industry

  1. Establishing the presence of the need for an intended product/service in the target market
    We buy something when we believe that it is capable of fulfilling a need or solving a problem. Fashion goes beyond that. It is slightly more than meeting our basic needs of clothing and footwear and enters the realm of also looking chic and trendy. But to look fashionably trendy, or at least fashionably decent, has become a norm in almost every society whether the situation is formal or informal. Without holding any assumption, ascertaining whether there is a need for the fashion products/services that are intended to be offered in a target market is the first prerogative in market research for fashion businesses. Various factors that come into play here are education, age-population grouping, awareness, the impact of social media, income levels, spending patterns, employment, cultural and social expectations, etc.
  2. What are the buying conditions and buying preferences for the potential customers?
    For a given fashion wear/accessory, the buying conditions of making a purchase must be present in the target market region. These conditions are quality, affordability, distribution or delivery, product care and maintenance, weather conditions, etc. For example, in areas with poor road connectivity leading to hurdles in last-mile delivery, both customers and businesses will be reluctant to buy and sell respectively. The same is true when a physical store is located in an inconvenient location. Customers will prefer to buy it online or from another store that they can easily access.
    The buying preferences include store attractiveness, the high-end user experience of the app/website, product customization, multiple payment modes, ease of product return and exchange, etc. By nature, these preferences are pleasing or assuring and complementing customers’ shopping journey and experience. But nowadays, these features are a part of customers’ expectations from a fashion brand. A good market research should be able to shed light on these preferences.
  3. When the buying conditions and buying preferences are present or met with, are people actually buying from the existing players in the market?
    Even after the critical conditions and preferences are present, and the market is still not responding as expected, it is highly probable that there are gaps which businesses cannot fulfil for now, or they have misread the market and failed to identify the right ‘value’ for its potential customers. Sometimes a target market is not ready to embrace what a fashion business is trying to sell to them specifically. Sometimes customers prefer to buy certain fashion products from online stores and some others from physical stores. Some customers are wary of buying clothes and footwear online while there are others who get everything online.
  4. Who are the competitors? What makes them successful?
    Analyzing the competition is one of the core objectives of market research.
    The market size is always limited at a given point in time. For instance, when a customer has to make any purchase, he/she would buy it from only one store. So, of all the players in the market, it is only one store that seals the deal. From the perspective of the stores, it is that one customer at that point in time that mattered. The same principle holds at the market level. So, it is important for a business to find out the number of players operating in the market and the market share held by each.
    Successful businesses not only meet the fundamental buying conditions and preferences but also do a lot of other things right. These can include offering better quality of products, better and efficient services, discounted pricing, wider merchandising, strong brand positioning, convenient UX of eCommerce web/app, easy product return/exchange, etc. The value offered and delivered by a business enterprise in a market is responsible for the market share it holds.

Challenges involved in getting it right

  1. Lack of experience and expertise in market research
    Market research is a separate field of specialization. And every industry has its own terrain. It requires a certain level of expertise and competence in market research planning and execution that is sometimes found lacking with entrepreneurs or even experienced businessmen.
  2. Gathering data and information
    Market research entails tons of data collection and processing. But going conventionally, it often turns out to be a heavily time-consuming and burdensome activity when businesses do it in-house. Fashion enterprises often turn to the services of market research consulting companies or market analysis consultants so that they could utilize the saved resources on the broader business goals and planning.
  3. Keeping a tab on the dynamic nature of the fashion trends
    A trouser would still be a trouser but its couture, fabric, and design are subject to a steady degree of change over time. This rate of change also varies from place to place. The same principle applies to other forms of fashion including footwear, watches, jewellery, wearable, etc. Keeping a tab on these changes is an art that fashion businesses need to stay abreast of with the aid of periodical and sustainable fashion market analysis.
  4. Deriving meaningful insights
    Market research is futile if it cannot deliver meaningful and actionable information and insights for informed decision making in business. Market research must start with need/problem identification, objectives of data and information collection, and the standards for defining the solutions. While carrying out market analysis for fashion industry also, professionals do need to follow these tenets.

Why DFX for market research?

With more than eight years of experience in conducting fashion industry market research and a team of expert market research consultants, DFX (Digital Finance Experts) shall cover the market research needs of your online/offline fashion business enterprise. Running on our expertise and experience in fashion business consulting, our market research analysts shall identify the unique requirements of your business and develop the right market research plan. We follow a planned and systematic approach from planning to carrying out market research and presenting the conclusions. We deliver CTAs (Call to Action) and recommendations to help you formulate robust marketing strategies.
If you have any questions about our market research consulting services, drop us a message, and we shall be happy to reach out to you.

1
Product/ Service Research

Objective is to understand product viability in terms the following factors:

  • Product Demand Study
  • Buying pattern and preference of our TG
  • Product/ Services Categories Demand Analysis
  • Keyword Analysis i.e. Online Search Analysis of our products: No. of searches per day/ week/ month in our target location
2
Range Plan/ Merchandising Strategy Research

Objective is to define the products to be launched within the initial range plan:

  • Fast moving categories in the market within the fashion industry
  • Range Plan recommendation for your collection, as per budgets allocated for production/ inventory
3
Competitor Research

Objective is to decode competitor strategies and decode what's working for them? What strategies we can adopt and mistakes which we need to avoid.

  • Identify and benchmark the key players in a competitive set
  • Analyse the online best-sellers of your competitors
  • Competitors Policies adopted for online/ e-commerce sales
4
Price Feasibility Research

Objective is to understand the price range at which players are selling today. Which are the products where we can match the market expectations and where there is a gap?

  • Market Price Analysis (includes key competitors and market players)
  • Suitable Price Bracket (Min-Max range): as per your brand positioning
5
Marketing Strategy Research

Objective is to decode the Digital Marketing strategies of your competitors. Understand what's working for them? What strategies we can adopt and mistakes which we need to avoid.

  • Evaluate the channels which is driving traffic to your competitors
  • Determine industry trends and strategies adopted by top market players
  • Evaluate the effectiveness of how competitors are acquiring customers
  • Traffic Channels: Direct/ Referring sites/ Social Media/ email/ Paid Ads/ Organic traffic
  • identify marketing channels that drive the highest conversion rates
  • Top Referring Sites & Top visiting pages
  • Social Media Leaderboard
  • Influencers Profiling
  • Trending Online Searches related to your Industry, products & services.
6
Market Overview

Objective is to understand the overall market opportunities and threats. Also identify our TG (i.e. target group/ customer)

  • TG Demographics (Total Market size in terms of: Age/ Gender/ Cities/ etc)
  • TG Profiling - 5W Analysis: Who, Where, What, When, Why
  • Market SWOT Analysis
  • Risk & Mitigation Factors
7
Operations Strategy Research

Objective is to understand the operations strategy adopted by competitors i.e. their overall team structure, head-office/ warehouse/ business locations, IT strategy, etc.

  • Infrastructure Strategy
  • Human Resource Strategy
  • Information Technology Strategy
8
Action Plan Recommendations

Post Analysis and research, DFX team shall set recommendations for action plan which needs to be followed to achieve the desired objective.

9
Overall Duration

30 - 45 days.

Secondary research is included, wherein parameters related to research are been analysed via various research tools, real-time data, government websites and globally reputed industry bodies, libraries, local councils, research papers, academic journals, etc. The research is performed online.
DFX does not provide ready available market research report. All research reports are custom-built, as per the requirements of the client.
Yes, absolutely!! DFX shall sign an NDA Agreement and ensure confidentiality of information. We are a custom-built and personalised consulting/ service company. DFX does not sell any ready-available market research reports nor share any client information.
DFX market research consultants have numerous premium paid tools for which clients do not have to pay extra. These research tools are expensive for one-time use and needs technical expertise and training to use them, thus not recommended for clients to buy them for one-time research purpose.
DFX research experts analyse real-time data sets for research. These data sets are not created, sample data or assumptions based. DFX team has in-house research tools and software which gives an access to the real-time market data across the globe. Data related to generic market trends and analysis is gathered from government websites, globally reputed industry bodies, libraries, local councils, research papers, academic journals, etc.
Yes. Every research report is "objective-based". Objective is research is well-defined by our market research experts before starting the research project.
Will this report help to attract investors for business? Market research shall clearly define the opportunities in your business model for investors. The key results of research is advised to be included in your Investor Pitch Deck. Data-driven Pitch Deck backed by research has proven to be 10 times more effective than a normal pitch deck.
Will there be meetings with DFX Research Experts to clarify doubts? Yes. DFX market research consultants shall be conducting a "Need Analysis" and "Visioning" exercise before starting the research to define the expectations and objectives of research. After the research is completed, DFX team shall do meetings to explain the research report. Doubts/ queries related to research can be clarified during these sessions with DFX Experts.
You can make the payment online through bank transfer and digital wallets. DFX team shall guide you with the payment procedures.
It is advised to take your final decision before making the payment. Once DFX team starts working on your research project, cancellation of services shall not be possible. If cancellation is requested within 24 hours after making the payment, we assure 100% money back into your original payment account within 72 working hours of your cancellation. Please note that few banks may take longer but from our side, it shall be processed and proofs shall be submitted.
Yes. You will have to notify your target market/ country/ region to be included in research report before the research work is started by DFX market research consultants.
We have a 3-Step process to get started:
Step 01 - Request for Quote
Step 02 - Service Quote Finalization along with SLA (Service Level Agreement)
Step 03 - DFX Experts start working on your business

Key Takeaways

Market Size & Sale Projections
Demand Analysis
Pricing Analysis
Competitor Analysis
TG/ Customer Analysis
Sales Data/ Market Cap of Competitors
Gap & Opportunity in market for your product/ services

Let's Talk!

Always humans, never bots.

    • Select A Service

    Partnered as Finance Advisor at 250+ companies worldwide

    More Clients

    Market Research for Fashion Industry