Competition does matter
Why is it important that it exists and how does it benefit companies?
Competition is important for the functioning of the economy; thanks to it, companies -regardless of the sector to which they belong- can concentrate efforts on improving their proposal.
The Royal Spanish Academy defines competition as the "situation of companies that compete in a market offering or demanding the same product or service".
If you are part of the fashion industry, the competition is extremely strong. They all require the clothing industry, therefore, the recommendation to stand out in the market is to specialize: design, variety, market, product, content, brand and a long etcetera are some of the elements that can characterize your value proposition.
Once you have identified your strengths, it is more than important to know who your competition is. Yes, all companies face one form or another of competition and being aware of its existence will help you with the following points:
Your fashion company, after carrying out the analysis of its competition, must lay the foundations of its competitive advantages. Whether through a pricing strategy, service quality, post-sale follow-up, brand building, customer loyalty programs, or an emotional connection with your customers, the possibilities are vast.