Note: This blog on the shapewear online store has been updated for 2022. More content has been added according to the latest online store insights. Happy reading!
Shapewear is all about driving away attention from some parts of your body and emphasizing others. A global rise in beauty consciousness and influencer impact has largely contributed to the growth of this industry. Yet, many entrepreneurs are new to the world of body shapers and its exploding growth.
In this blog, TechoSquare will tell everything you need to know before starting a shapewear business online. From sale figures to business requirements, we have covered all major aspects.
First, let us put a spotlight on the market growth of the compression wear and shapewear industry:
EcommerceCEO research shows a 7.1% compound annual growth rate from 2018 to 2028. Given the US$4211.1 million in revenue that came in 2018, the shapewear market is expected to reach US$5576 million by the end of 2022. Ecommerce industry experts also believe this figure to get more than double over the next 10 years.
It's really easy to start an online store to sell shapewear garments. Here are the quick steps you need to follow to start an online shapewear store:
To successfully run an online shapewear store, you need to identify products and select a specific target market. Research clothing line manufacturers and identify the ones that best fit your goals. Research your competitors and check the price points. By doing so, you will get an idea of what products you need to focus on your shapewear store.
Once you are done deciding the shapewear products you want and touched base with manufacturers/suppliers, start drafting a business plan. It will prepare you for potential e-commerce challenges and opportunities in your market as a local or global shapewear startup. Also, go deeper into the cost aspect.
Make a note of all the costs that will come into play: production (if doing), supply chain, store development, marketing, and scaling. By considering all these factors, you will be able to determine the final cost of your shapewear project.
When it comes to buying wholesale shapewear, offline wholesalers are the most preferred medium for most shapewear store owners. From chick control briefs to high waist thigh shaper, there is a variety of shapewear products you could find in their stores. Buy and stock them in your inventory. One could also hit online stores in order to get exclusive shapewear products to sell.
Begin thinking about your online store before you source the shapewear products! Identify the right technology to build an online store that is secure, scalable, and practical. Avoid the slippery slope of pay-small-every-month. Look for a solution that charges a one-time cost to get you started since it makes more sense in the long run!
Dedicate time to gather high-quality product images and write awe-inspiring descriptions. Stay in the store development loop to make sure you get all the core features initially. The glittery ones can be added later on!
Just starting a shapewear store isn't enough. You need to invest in marketing as well. Set aside some money to invest in SEO, social media, ads, and branding to secure the future of your online body shaper store. The easiest way to automate marketing is by partnering with an experienced digital marketing agency. In case that doesn’t appeal to you, building an inhouse team is also a good idea.
Understanding how much it will cost to set up your online shapewear business will help you create the right budget and figure out if you have the resources to go ahead with the venture. Below are the cost considerations:
One-time cost: These costs do not change regardless of your inventory. It includes website development, business registration, and similar expenses.
Monthly costs: This cost majorly includes advertising, marketing, salaries, technology fees, and allowances. Make sure you take these into account before moving ahead with your shapewear business.
Production/sourcing cost: This includes the cost of getting shapewear products from the manufacturer, and also the pricing for shipping to your fulfilling center. If you plan to manufacture on your own, raw materials and factory setup also need to be taken into account.
COVID-19 has caused millions of offline business owners huge losses. At such times, investing in a growing segment like shapewear makes more sense than meddling in the saturated markets. SwiftKart is quickly emerging as a popular online shapewear store builder in 2021.
At just $499, the self-hosted e-commerce store launcher promises an online store that's:
- Highly responsive
- 100% scalable
Learn more about SwiftKart store builder
Got any queries to ask? Send them to email@example.com and have them answered by our experts.
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