Existing Market.
The next step is to offer more convenient shopping for those interested in Korean fashion.
After interviewing three people, they told me that American shipping companies should be reaching out to these Korean online shopping malls to provide international shipping; or to have an American branch for these shops. If finances are complicated, have these Korean shops provide wholesale to American shops.
In order to create a business to help the niche that is looking for Korean clothing, I think it is important to make use of the already existing market. Whether it be through establishing an extended branch of these online shops to American servers or have these online shops be open to wholesale products, it is important to be able to get these products to the customers in an accessible and easy way possible.
New Market.
My radically different market would be a B2B market. In this case, our business would not set up an online shopping mall ourselves, but be the link between Korean online shopping malls and other offline/online shopping malls in America so that they can sell Korean clothes to foreign customers.
For this new market, the interviewees suggested that in this market, our business can act like consultants to these American malls; referring them to the Korean online shopping malls that fit the American brands’ overall style (ie: cute or stylish or street-heavy or formal or casual, etc etc). That way, consumers can get the benefits of Korean fashion without having to categorize it seperate as “Korean fashion.”
What surprised me the most was about how possible this B2B idea could be. I only thought of it as a B2C market, but after considering how the business would run if it were a B2B company, I was able to see the wider spectrum of opportunities and possibilities that the business could have.
Hi, Challet! I appreciate the ingenuity of your ideas. I think incorporating B2B into your business model is a great idea. It certainly increases your diversity of income streams, thus further securing your company's cash flows. I also think it's neat that you're looking into further expanding your online marketing scheme to capture more customers.
ReplyDeleteGreat job!
Hi Challet, I like the B2B idea. I think its different but can still be extremely successful if your own clothing line does not work out for you. It can be aa way to branch into the fashion industry. Would you consider doing that first then creating your own line of clothing?
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