For centuries, bags have been a fashion statement and a carrier for belongings. The global market for handbags is worth around 50 billion USD. In the upcoming years, it will grow exponentially.
These statistics make bags a phenomenal product to invest your time, money, and effort in. Previously, women between the ages of 16 to 65 were the ones to carry bags around. But now, from school kids to blue-collar men tuck their possessions in different types of bags.
As the target audience is massive, using them as a business opportunity is lucrative. In this article, we’ll discuss seven steps to help you start a bags retail business.
Step 1: Make A Business Plan
When you intend to start something new, you need a strong plan. So let’s begin by answering some of these questions first:
1. Who Will Be Your Audience?
Women make a significant share of the bag market. By doing research and conducting online surveys, you get to know what they want from your bags.
2. What Do You Want To Acquire With Your Brand?
After you determine your audience, you should work on conveying a message for your brand. This takes you a step closer to your goals by creating a bond between you and the consumer.
3. What Will Be Your Pricing Strategy?
The price of your product must include the expenses you pay to deliver the products to the customers and the profit you wish to earn off it. In the beginning, you can set a low-profit margin. Once you become a familiar bag business, you increase the price.
4. Who Do You Consider Your Rival?
When you launch your product, you shouldn’t see luxury brands as your competitors. This industry is full of small and large-scale retail bag businesses.
Therefore, initially, find a distributor who provides high-quality, durable bags. Every big name that survived in the market has one thing in common: great quality. Once you become a familiar brand for people, hire designers to produce signature bags.
Step 2: Pick A Bag Niche
When you deal in bags, you can pick countless styles. There are various fabric options as well. You have the freedom to pick between different synthetic materials or go for the natural ones.
Here are the styles you can keep in your store:
Canvas Tote Bags
The functionality of tote bags makes them everyone’s favorite. Because canvas tote bags are easy to store, sturdy, and washable, many people have them. The value of the canvas tote bag market was USD 970 million last year. From grocery shopping to random DIYs, they fit in various roles.
Jute Crossbody Bags
In the fashion world, jute crossbody bags have a special place. People love to get these bags to round off their vacation outfits. Now, they come in various colors, designs, and shapes. In the year 2021, the sale of 1.94 billion USD. From Asia to Europe, jute bags are in demand these days.
Backpacks are low-maintenance items that are a necessity for many. They have ample space to lug around the essentials without feeling uncomfortable. It is possible to manufacture them with multiple fabrics.
For instance, you can offer them in nylon, polyester, leather, and canvas, among others. Experts predict that the backpack market will reach 22 billion USD in four years. And the reason is their convenience and functionality.
Every individual has a different preference when it comes to laptop bags. You can get variations in sizes, the number of pockets, padding, and so on. Nevertheless, two features are mandatory in these bags: durable fabric and lightweight. By picking the right material like canvas, leather, and nylon.
In the market, several laptop bags are obscurely expensive. People struggle to find a good quality bag with a decent price tag. You can address this pain point by delivering top-notch affordable laptop bags.
Long gone are the days when clutches were small accessories that didn’t store anything. Nowadays, clutches are available in all sizes to cater to your needs. You can make them in unique and powerful designs by using hemp, mesh, cotton, jute, or satin.
Globally, the clutch bag market might grow by 4.92 billion USD by the year 2024. As celebrities wear such bags quite often, women can’t think of abandoning them.
Step 3: Select An Unforgettable Name For Your Band
Choose a name that becomes your differentiator. Many white labels use similar names that confuse people. You can use a name that sounds fresh and interesting. But ensure that it’s not too hard to remember for the audience.
For instance, Guess is a company that produces bags. Their brand name is interrogative, hence easy to remember. Moreover, the red, white, and black in their logo show grace, integrity, and passion.
Businesses with meaningful brand names gain attraction instantly. Your job is to create the right brand impression with the name. Or, you can use your name to let people know you are accountable for the bags.
It allows the audience to see you as a credible source to purchase bags. For instance, Chanel used their name for their fashion store.
Step 4: Obtain A License
When you start a business, you must comply with the law. Without getting the required permits, you won’t be able to operate your business smoothly. The government of every state has different conditions for the seller’s license.
Wherever you are starting your retail business, inquire about the permit.
Step 5: Choose An Appropriate Platform
Depending on your budget, you can decide if you want an eCommerce or a brick-and-mortar store. As compared to a physical store, a website will cost you much less. Yet, both have their own benefits and drawbacks.
Retail storefronts can make a better connection to the users. All bag stores almost have the same layout with soft lighting, basic flooring, racks, and a theme that goes with the bags.
Nonetheless, you can personalize the user experience with the store’s décor. For instance, you can arrange the bags on color-coordinated shelves. Or use stylish wall fixtures in feminine colors.
Generally, when you start your bags retail business online, you need to set up an account. The leading eCommerce platforms to establish your bag retail business are as follows:
Step 6: Get A Reliable Bag Supplier Or Manufacturer
Developing relationships with suppliers becomes vital when opening a bag retail store. That’s when you need professionals like AvecoBaggie.
We are aware of the problems small businesses face. Hence, we make continuous efforts to solve your problems. At AvecoBaggie, we understand the importance of maintaining customer satisfaction and loyalty. As distributors, we ensure your customers don’t have negative experiences with your business.
Here are the benefits you get from working with AvecoBaggie:
- Easy on Budget
- Pay Attention To Detail
- Ensure Good Pricing For Consumers
- Give Boost To Your Brand Identity
Easy On Budget
You can order whole bags of any kind from Avecobaggie. Our custom solutions have many options for you. No matter what you choose for your bags, we will do it for you without exceeding your budget.
Pay Attention To Detail
Small details can set you apart from your competitors. Avecobaggie can help you incorporate detailing into your bags. Add pockets, buttons, shoulder straps, and more to your wholesale bags. Apart from that, we have a wide range of color choices that make your product stand out.
Ensure Good Pricing For Consumers
When you get reasonably priced bags from the supplier, you can offer a good price to your clients as well. The price you get from us is quite competitive. Therefore, you won’t suffer from financial constraints when working with us.
Give Boost To Your Brand Identity
When the quality of your product is consistently good, the clients see you as reliable. With customized logos, designs, and colors, you can boost your brand identity. Our custom options like silk, gold printing, and flocking give you a creative edge.
Step 7: Come Up With A Marketing Strategy
When you start a retail business, effective marketing strategies become integral. For your marketing campaigns, you can launch exclusive bags for your clients.
For instance, you can print famous quotes or trending hashtags on the bags in bulk. Avecobaggie is a place that can do this all for you.
Opening a retail business is never an easy feat. As mentioned above, you have to take care of multiple factors. However, a trustworthy supplier who fulfills your demands makes the process smoother. Hence, you should check out AvecoBaggie, as our offerings will help your sales go up the roof.
Moreover, custom solutions give you a new direction for designing innovative products.