How Baby Accessory Market Is Booming?
Globally baby fashion accessories market is expected to grow at a CAGR of more than 5% between 2016 and 2020.BY Shipra Srivastava | May 23, 2018 | comments ( 0 ) |
Style as an aspect has become important to them. The kid's fashion segment is undergoing a revolution with kids becoming brand conscious and the increasing disposable income of the modern parents who want their child to be as fashion forward as them. Apart from clothing range, a fashion accessory is that category which is registering maximum boost. In fact, many big retailers such as The Children’s Place, Gap, Gerber Childrenswear, Ralph Lauren amongst others have exclusive space dedicated to kids’ accessories.
A report released by Technavio estimates the global baby fashion accessories market to grow at a CAGR of more than 5% between 2016 and 2020. The report also finds out that the importance of organized retailers carrying branded baby fashion accessories and other baby products is growing with the increase in brand consciousness among consumers. Encouraged by the growth in this segment there are many start-up companies have joined the bandwagon to tap the potential from this emerging segment. For example, there are many companies such as The Baby Bro Code, Little Tags, babychakra amongst others. Since baby fashion accessory is still at a very nascent stage in India, there are many challenges for start-up companies in order to compete with established brands. Let’s shed light on the entrepreneurial journey of few.
Challenges for start-up brands
Creating a kids’ fashion accessories brand is a challenge in itself, as the market is still largely untapped. However, the potential this segment has to offer is unbeatable, the timing is just correct and with great ideas and a hardworking team, the challenge head-on for many start-ups.
Speaking on same, Sohel Lalvani, Founders, Toniq Retail Brand Pvt Ltd (The Baby Bro Code) said, “Being a kid-centric brand, we are retaining the essence of the parent brand, to make The Baby Bro Code one of its kind kid’s fashion accessory brand. Making the styles sensitive to the age group and factoring in the global trends, we provide styles right off the runway, at great pricing.”
The Baby Bro Code is exclusively retailed on online platforms, starting from its dedicated portal thebrocode.in to the major Indian fashion e-commerce giant Myntra. The company plans to launch the brand across other major e-commerce platforms like Jabong, Ajio, Tata Cliq, Amazon and many more.
“As the category, we are targeting is niche, we plan to completely dominate the online space first, although we firmly believe omnichannel retail is the most efficient retail model,” informed Lalvani.
Started by Chandni Agarwal, Little Tags is yet another brand which also operates into kids’ fashion accessory segment. Highlighting her journey Agarwal informed, “Accessory is one of the biggest segments and it forms the major part of impulsive purchases every time be it online or offline and also the clients we cater into have a high demand for kid’s accessory.”
These days parents consider kids to be an extension of their personalities. Hence they don’t mind spending the extra bucks on accessories as long as they get the quality and the worth for their money.
“I feel penetrating this niche market is a daunting task and I am employing non-traditional marketing plans to reach out to my target audience,” said Agarwal. Little Tags is dedicated to designer fashion and for now, the brand is primarily retailed via its website and plans to open its exclusive store.
The way forward
As per the report mentioned above, the baby clothing accessories were the dominant shareholder in the global baby fashion accessories market by accounting for more than 22% of the market share. Though, product innovation is a key factor considered by retailers to set competitive advantage in this emerging segment. The target group of the most of the player operating in this domain includes a premium segment of both parents and the children.
No doubt, kids’ accessories segment is largely untapped when it comes to the online retail space especially in the male segment. Kids’ exclusive e-commerce sites like First Cry do offer some categories but largely it is an untapped market. Clearly, there is a huge opportunity for every entrepreneur to carve out a niche in this unexplored market.
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