The internet is one of the biggest things today for everyone who has their lives dependent on it. If it’s made only for sending messages, socializing, and reading through a myriad of information in the past, it’s now used for so much more. Especially as of late when online transactions are now the norm, it’s not surprising that online businesses are also popping up like rabbits. There are many opportunities for budding entrepreneurs to sell just about anything under the sun.
Among the many business opportunities you can venture into is an underwear business. According to EBY, you can cater to a wide range of customers, young and old alike, men and women, too. You can even have a children’s line as well. Since people will always feel the need to wear underwear, you can be confident enough that your business will continue to have a steady flow of customers coming in.
To put you on the right track in your pursuit of starting an online underwear business, this article gives you a list of the things you should know.
1. Research On A Good Domain Name
One of the challenges of an online underwear business is your business name has to match your domain name. There has to be consistency, or it’ll be harder for your customers to remember your brand. Your online underwear store will also have a weak brand identity when there’s no coherence.
So, be sure both your brand name and your domain name are easy to remember and to search. Anything that’s too difficult to spell will only lead your customers to the wrong page. Most importantly, you also have to be sure your chosen brand and domain name isn’t existing already. That way, you won’t have any difficulty when it’s time for you to register your name and your trademark or when you register your online lingerie store on platforms like shop.join-eby.com, among others.
2. Having A Business Plan Is Still Important
If you think starting an online business entails less effort than it’d be with a brick-and-mortar business, you’re wrong. In fact, starting an online underwear store might even be more challenging given the inherent competition present in the online community. So, as you would with a physical business, it’s important also to begin with having a business plan.
Your business plan serves as the foundation of your online underwear business. It includes financial plans, outlooks, and even your periodic goals. With a business plan, you have something to look back to as you set a website audit, just so you can be certain that your online business will be profitable. Having one also ensures you can avoid some of the common mistakes committed to starting an online business.
3. Performing A Competitor Research Is Key
Given the competition both on the online platform as well as with physical underwear businesses, it’s all the more necessary to come up with competitor research. That way, you’ll have insights into how you can go beyond your competition. As a newcomer in the underwear industry, it’s understandable and expected to struggle as you’re still trying to make your name known.
Competitor research gives you valuable information on how you can position yourself against other brands. For instance, you’ll want information like the following:
- Inventories of your competition like what market they cater to (e.g. maternity bra, sexy lingerie, kids’ underwear, to name a few);
- Pricing scales of your competition, so you can price your products competitively;
- Any weak points your competition wasn’t able to tackle, so you can use those to your advantage;
- Chosen retail management software, customer relationship management software, and other important choices.
4. Compliance With The Necessary Permits Is Non-Negotiable
Another common misconception about starting your underwear online business, or any other online business, for that matter, is that you can do so without complying with all of the needed permits. You may be able to get away with it for a few months. But it’ll only hurt your business’s trustworthiness when you don’t have registration permits and receipts, among the many other requirements.
So, as you start your business and while you’re still in the planning phase, you have to be certain that you already meet all the needed permits to operate. Putting your business off to a good start ensures it doesn’t fall into any holes of failure due to incompliance.
5. Advertising Is Key
People need to wear underwear. So, for as long as this need exists, you’re sure to have a steady flow of loyal customers. The only challenge now comes in beating the more established brands. Because you’re new to the industry, you have to double your efforts to make it beyond the competition. This means reaching your target market and proving you’re worthy of their purchase. That way, you may be able to convince even the loyal patrons of your competitors to choose your brand instead.
As is the case with any business, a well-planned marketing strategy plays a crucial role in the development, growth, and stability of your business.
6. Perfecting Customer Experience Should Be A Top Goal
In a physical shop, customers will want to hold the underwear to ensure it’s their perfect size. The challenge with your online underwear store is that option is absent. You need to find a way to perfect the customer experience given those challenges for your customers to stay.
So, even as you’ve already launched your online underwear store, always be on the lookout for ways you can improve your customer service. This includes a friendly customer return policy and active customer service representatives through chatbots and other features.
In a nutshell, it’s safe to liken your process of starting an online underwear business to that of opening a physical business. The only difference is you have a website instead. Take advantage of how online shopping has soared to popularity as one of the most preferred means to shop. Be mindful of the tips above, so your online underwear business stays, grows, and earns.