Impress is a business clothing fashion retailer, designed to aid millennials in finding an appropriate and optimal outfit for every occasion. Be it a job interview, school presentation or first day of work outfit – the fully trained and educated store employees will be equipped to provide the customer with the advice they need. (Please refer to Exhibit 1 for further details).
Size and Scope of the Retail Sector
The fashion apparel sector comprises a relatively small, but robust portion of the ever-growing Canadian retail industry. Of the approximately $1.1 trillion in total consumer expenditure by Canadians in 2014, 4% of this expenditure ($43.6 billion) was attributed to apparel and footwear. As of 2014, the domestic market size of this industry …show more content…
However, retailers recognize that most e-commerce solutions will not succeed without a physical counterpart, thus highlighting the primary strategic implication behind the omnichannel. With that being said, for retailers that compete on price, establishing consumer trust through physical locations is not a key portion to their strategy. Therefore, there are two high-level distribution strategies that fashion retailers capitalize on today: (1) physical stores with supporting e-commerce (multichannel) and (2) exclusively …show more content…
It wins on selection, as it sells a variety of brands and often at a discount price. Since Amazon carries other retailers’ clothing brands, it does not face the traditional e-commerce challenge of lacking consumers’ trust as they can simply visit a store to see the product before purchasing it online. Competing against Amazon on the digital landscape, are an abundant of tiny online retailers who strictly compete on price. These retailers have low brand awareness and are not particularly reputable, but are able to drive sales due to their low-priced products. Each individual retailer is not able to capture a significant amount of share, but in sum, this is a major competitor to watch out for. (Exhibit
Size and Scope of the Retail Sector
The fashion apparel sector comprises a relatively small, but robust portion of the ever-growing Canadian retail industry. Of the approximately $1.1 trillion in total consumer expenditure by Canadians in 2014, 4% of this expenditure ($43.6 billion) was attributed to apparel and footwear. As of 2014, the domestic market size of this industry …show more content…
However, retailers recognize that most e-commerce solutions will not succeed without a physical counterpart, thus highlighting the primary strategic implication behind the omnichannel. With that being said, for retailers that compete on price, establishing consumer trust through physical locations is not a key portion to their strategy. Therefore, there are two high-level distribution strategies that fashion retailers capitalize on today: (1) physical stores with supporting e-commerce (multichannel) and (2) exclusively …show more content…
It wins on selection, as it sells a variety of brands and often at a discount price. Since Amazon carries other retailers’ clothing brands, it does not face the traditional e-commerce challenge of lacking consumers’ trust as they can simply visit a store to see the product before purchasing it online. Competing against Amazon on the digital landscape, are an abundant of tiny online retailers who strictly compete on price. These retailers have low brand awareness and are not particularly reputable, but are able to drive sales due to their low-priced products. Each individual retailer is not able to capture a significant amount of share, but in sum, this is a major competitor to watch out for. (Exhibit