Information Entrepreneurship

Business Concept: A website that specialises in plus-size quality formal female apparels (i.e. business wear, party, etc.) as well as an information portal for plus-size i.e. Wedding dresses, dinning places which are sensitive to the plus-size.

Industry/Market Feasibility

Market survey in year 2010 has shown that books and clothing are the two top products bought online and it will continue to top the list. Survey also shown that Singaporeans are amongst the highest online spenders in Asia; spending average of US$3,480 online over the period of one year, ahead of Japan, South Korean and Hong Kong. Some Singapore’s top online retail sites are amazon sites, Yahoo shopping and GMARKET SG. Singaporean online shoppers like to plan their purchase rather than buy a whim.

A recently NUS study in 2010 said that Singaporeans have been getting fatter, along with people from most other developed countries. They are also taller and broader than they were about two decades ago. Larger women are growing more self-confident and financially secure and, they are also demanding equality in fashion. Even though, womenswear made up 51.8% of the apparel retail industry; plus-size clothing only make up a small percentage.

Part 1: What needs does my business satisfy? (Understand the customers)

Explicit Needs Implicit Needs Latent Needs What we want fulfilled Needs that we don’t have to an Needs we have at the back of immediately and one that we urgency to fulfil but somewhere our minds but realise it only can usually find someone or down the road, it will become when the situation presents something to do so quite explicit. itself. quickly.

Part 2: What are my customer’s characteristics and decision-making process? (How they make their decisions.)

Buyer Characteristics Decision-Making Process  Gen X and Y working adults who are  Quality is a major consideration image conscious  Information on products and comparison  Plus-Size seeking for quality formal wear  Range of clothes must suit their taste that will flatter their figure/curves and  Good Service is important… easy to pay, fast enhance self-image delivery  Internet savvy and information seeking  Recommendation or referral  Love to shop for clothes on-line

My Customer’s “Choice” Factors

Complex Buying Behaviour Variety-Seeking behaviour

Habitual Buying Behaviour

Dissonance-Reducing Behaviour

Studies on plus-size female: My Customer’s “CHOICE” Factors:

1. Clothes Design & Quality

2. Reviews & Feedbacks

3. Pricing

4. Online shopping Experience

My Comparative Advantage