In this weeks session, on the Monday, we began to think about financing as this is a huge part in any setup of a new business. We began to roughly calculate the estimate costings of the company, and followed on from this of how where we would actually get this money from.
Office: £1000 rent per month
Desks: £50 x 8 = £400
Chairs:£10 x 8 = £80
Ink: £25 per month
App Cost: £30,000
Website Domain: £1
Bills: £150 per month
We would also need to research into the price of packaging, website up-keep and the price of commission we will be taking from companies per sale, as well as the initial contract price with the brands that will be working with us.
In the afternoon session, we researched layout ideas and themes that we would like for our final zine and lookbook. after physically looking at examples of existing companies that have creative and innovative leaflets, 'year books' and info pamphlets; we all easily agreed that we would like to create both of our publications in a square paper size, and that they are packaged together in a card sleeve. We ten researched via pinterest of certain layouts, styles and typography alignment that has been used before and that we would like to incorporate into our publications too.
On the sleeve, we thought it would look very professional if the sleeve was pure white with maybe an embossed effect on the card, and the word "edeoco" would be laser cut out from the centre of the sleeve. We thought this would then become even more effective if that the book that is placed inside the sleeve had the turquoise blue or the quartz print on it so that when it is underneath the laser cut out the colour/print will show through.
Also in our afternoon session, we created our cinemagraph (previously spoke about in the last blog post.) It took a lot of fiddling around and adjusting but in the end we got there. Here is our cinemagraph for our Autumn/Winter 16 Campaign....
Thursday's session consisted of organising specific tasks for each team member to complete by Monday's session so that we will have everything we need to start collating the business plan, zine and start on the organisation of the final presentation. After this was completed, we all got on with our own sections. As I was given the task of Social Media Correspondent at the beginning of the unit, I ensured that all the logos, and images used throughout the social media accounts were all the same to create a clear continuity throughout the brand. We also set up a Youtube Channel for Edeoco, so that we can post styling videos on it, teasers for upcoming campaigns, brand announcements etc.
I then went on to write my section of the business plan. I will include this below....
We believe that our business will be successful due to the uniqueness of our product. With an increased amount of sufficient funding and support from the whole team, we will create a strong foundation for the business, for us to strongly develop our product to is highest potential. The funding is essential for us as a start-up business. The initial development of the website and app is paramount to the success of the company, as these become the identity of our business. This is how consumers, advertising companies and other fashion brands will portray us, so this is crucial.
Due to the awareness of the amount of society that have and use daily smart devices, such as tablets and mobile phones, we were originally only going to produce an app. We thought that due to the increase in other fashion retailers creating their own e-commerce apps, we would be able to directly compete with them. However, after study research, we have found out that 67% of female consumers use desktop/laptops as the device they would primarily use for online shopping. Therefore, we have chosen to create a website as well as the app, so that we can reach the maximum amount of consumers as possible.
After research from website analysis sites, such as Mintel, it shows that there is a significant gap in the market for online retailers to provide a service which allows consumers to guarantee the fit of the garment before ordering the clothing itself. In a study completed by Mintel in July 2013; 43% of consumers say that “the clothing does not match expectations as seen previously n the website” and, 53% of consumers also say that there is a “difficulty finding clothing that fits well without trying it on” (‘Barriers to buying clothes online’.) This shows that consumers would greatly appreciate and benefit from a service, like Edeoco, which will help guide the consumer to purchase clothing that not only fits them, but also suits them. The technology that we will use in our app and website will specifically select key pieces from the brands that we offer online to create a capsule collection for that consumer. This personalised service will enable our business to act as a virtual personal shopper, and due to the lack of competitors we have that offer a similar service, we believe that we will become successful in our field of work, due to this unique selling point.
Over the years, society has become more aware of the environment and the importance of buying sustainable products. Even though we feel that this is still not the main priority of most shoppers, it is definitely a future trend. A recent study; “Most important factors when buying clothes” May 2016; describes that currently, considerations around sustainability of clothing are not a high priority, and that if ethical clothing does not meet their expectation of style and price then women will be less likely to prioritise sustainable clothing over cheaper and fashionable items. In accordance to this Mintel study, it shows that 63% of women will search for style when shopping, where as only 8% will search for sustainable clothing. Therefore, as a business, we feel that it is our priority to break these stigmas that ‘sustainable clothing is not fashionable’ and ‘sustainable clothing is not affordable’. We believe that by ensuring that we provide stylish, affordable clothing, with the bonus of that brand being sustainable, we will reach a wider audience as the clothing we provide will still be suitable for what they are looking for. They will then result in buying stylish clothes at an affordable price with the subtle extra bonus that the clothing is from a sustainable brand.
BENEFITS AND NEEDS
As a niche business venture, we believe that style should last longer than stock, and that it is equally important for our consumers to feel comfortable, confident, and classy in what they wear, and buy. In order to ensure that we provide the best service to our customers we will need to be aware of our current competitors, and as team efficiently analyse how they perform within the market, as well as what they provide, how they interact with consumers and what makes us standout to society when compared to them. We will also need to ensure that our website and app is simple, easy to use, and convenient navigation.
Our aim as a business is to essentially establish a following, initially through our social media sites, but also from customers of our website and app. By posting regular and appropriate content on all our social media sites and youtube channel, we will create wide database of consumers who are interested in what we do as a business but also an extensive database of consumers who have purchased from us, and who have returned to have a further look at our website etc. By engaging with our customers on a daily basis, we believe that we will be able to provide a quality business model, that will be successful, and have the opportunity to develop in further years. As we are purely an online business, we think it is essential for Edeoco to have be simple, easy to use, and have convenient navigation. The website and app will be aesthetically pleasing, with the blue & green tone colour scheme being utilised throughout to ensure continuity between our social media, website, app and even our packaging, lookbook, and press release statement. By creating a clear brand identity, it will allow consumers to easily identify a simple logo or colour and refer back to the brand. This is what we want to create.