Uncovering Market-Insights for Charles & Keith: Overview
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Mainland China’s fast fashion industry has been expanding rapidly, with its customer base increasing at an exponential rate. (NLambassade, 2014). With the increasing income and rising standard of living of its citizens, China potentially provides the largest consumer market in this industry (SCMP, 2015). According to Euromonitor, the forecasted growth of women’s footwear in China is expected to reach 249.3 Billion CNY by 2019, more than 50% of the entire footwear industry in China.
Having spoken to Charles (CEO), the company plans to focus on its China market by strengthening its foothold in the various cities. Hence, the forecasted growth in the women’s footwear category is exciting news for the company. Presently, there are up to 95 franchised C&K stores spread across various cities in China. Given the intense competition posed by Multinational Companies (MNCs) and the domestic Small and Medium Enterprises (SMEs), it is increasingly important for C&K to grasp a better understanding of its China market. However, the different economic, social and demographical characteristics of these China cities has made it extremely complex for the business to fully understand the local buying preferences. Hence, the application data-analytics would be especially useful for C&K to uncover local market insights, through which enable itself to strengthen its competitive advantage via the implementation of improved business strategies.
Currently, C&K does not allocate much of its resources into data analytics because much of its resources are tied down to the running of its daily logistics and operations, as well as, for its overseas expansions. The only area where data analytics is being applied is on its supply chain and inventory management. However, Charles has a keen interest in exploring data analytics in more areas of its business in the near future. Hence, our group believes that this project can serve as a good way for C&K to jump start its exploration into the field of marketing data-analytics.
