Running an Online Fashion Retail Business that Brings in Millions of Dollars a Year.

When budding entrepreneurs ask for my assistance in running their online fashion business, I tell them that drafting a business plan is one of the most critical steps you have to do early on.

Your business strategy does not have to be perfect, and you should anticipate modifications along the road. Here are the five key components of the business strategy that we employed to assure success:

1. Key Competitors and Your Value Proposition

It is critical to define and enhance your value proposition - this is ne of the major reasons why clients will choose to buy from you over another competitor.

Prior to launching Skirifool Apparel, I worked in the FMCG-retail industry an also did a stint with one of the 'big four' firms in the business consultancy field . I used to do internet shopping when I wasn't working my full-time job. I kept track of what I liked and didn't like about each website or online business I visited.

I discovered that there were few contemporary and economical alternatives for African streetwear especially that which resonates with millennials and Gen Z of the continent where-ever they may be based in the world, and I realized I could fill that void. Skirifool Apparel's value proposition was built on this premise.

Here are some things to think about while developing your value proposition:

• Define the product that you are attempting to offer.
• Make a list of additional brands that sell comparable items.
• Pretend you are a dedicated client for each of those businesses and take note of what you believe they are — and aren't — doing well.
• Keep an eye out for market gaps — or locations that those firms aren't covering — while you complete your investigation.

2. Your Ideal Consumer and their Persona

Next, you must define and put yourself in the threads of your ideal consumer.

The better you can immediately cater to this person's requirements, the more thoroughly you can come to know them — to the point where you have a basic grasp of their decision-making process and everyday issues.

To identify your ideal consumer, consider the following:

• Who are you attempting to reach?
• Why should people care about your products?
• What is a typical day like for them?
• What brings them joy?

• What makes them angry?
• What are their financial circumstances? What are their regular purchases, for example, and how much do they spend on such items?

At Skirifool Apparel, we understand that our consumers are looking for trend-driven designs and high-quality solutions at reasonable pricing and in a variety of sizes. They like being a part of the things we bring to market and having a say in the styles we develop.

3. The Differentiators that Set You Apart in the Market

What distinguishes you from other brands? How can you better serve your ideal consumer? You'll have the core of your business sorted out after you grasp what makes you unique.

Your differentiator might wind up being the focal point of your marketing plan and internet presence. Skirifool Apparel distinguished itself from other e-commerce firms by offering numerous goods for less than $50.

Research also on how your consumer can participate in supporting your business, let them be part of your business family and build a community around this on your social media.

4. Getting ready for quick acceptance and expansion

To establish a scalable business that keeps consumers coming back for more, you must anticipate that you will be enormously successful in attracting first-time consumers. Then, build a plan around that premise.

Consider the following:

• How will you provide consistent service to all of your customers?
• How much money will you require to do this task?
• How can you grow your business to accommodate an increasing number of customers?
• How will you capitalize on their enthusiasm and dedication to expand your audience?

5. Your Marketing Strategy for social media

Your business development and success would probably not be possible without the use of social media. Make use of sites like Instagram and Facebook to communicate with customers directly from the start.

Consider the following factors while developing a marketing strategy for your social media:

• When and on what platforms will you post? My advice is to publish at least three times each week on each site (e.g., Facebook, Instagram, TikTok).
• What kind of material will you be posting? How will it provide value to your target audience's lives or pique their interest?
• How much time will you devote to responding directly to comments? I recommend devoting as much time as possible to providing one-on-one attention to your fans.

Ask your followers on a regular basis what goods they would like to see on your website or which businesses we should collaborate with. Make real-time decisions based on their replies.

This makes customers feel like insiders. Their everyday participation has influenced our curation while encouraging us to be a better partner in how we assist our community.