I want you to write the Total Addressable Market (TAM), Serviceable Available Market (SAM), Service Obtainable Market ( SOM), and how to preserve the intelluectual property of in the UAE and in case that the project got extended in the GCC.
Regarding the Total Addressable Market (TAM), Serviceable Available Market (SAM), and Service Obtainable Market ( SOM), there are already some infos just elaborate more on them and analyize in depth.
Background about the project: Executive Summary
Artistich is a new platform that aims to assist designers in the UAE especially if they are new and determined to publish their work but do not have the connections to do so. Hence, by enabling designers to submit their designs for production and distribution, the platform reduces the obstacles faced by designers in entering the fashion industry. Moreover, our services consist of manufacturing, marketing, and sales. This procedure gives designers more time and resources to concentrate entirely on producing creative designs, and it also gives those who don’t have the resources to launch their businesses the opportunity to do so, which gives an inclination that this project proposal will work.
The business plan is interesting since it gives young, ambitious designers who do not have the means or expertise to launch their own brand the opportunity to do so. Additionally, the way it runs is convenient for us, the business owners, as well as the artists. Additionally, this concept opens doors for the next generation of designers, enabling them to succeed without the burden of looking after a brand and handling complex issues from a young age.
We are seeking support in our vision with a 500,000 AED investment. This funding will cover app development, marketing, initial manufacturing costs, and operational expenses over the first 24 months. Investors will benefit from the large profits that this project plan has the potential to generate. Furthermore, investors already involved in the fashion industry may be able to strategically expand with this investment, consolidating their market position and opening new growth and diversification opportunities. Additionally, it’s expected that the investors will form agreements with the new artists that the business would develop and promote.
Business Background and Company Overview
Company Name: Artistich
Location: Dubai, UAE
Type of business: Fashion and Retail
Ownership: Partnership
Mission: Artistich aims to empower designers by providing a platform where creativity and entrepreneurship merge. We offer a seamless process for designers to bring their clothing visions to life, ensuring high-quality manufacturing and a user-friendly sales platform.
Vision: Artistich envisions a world where every designer, regardless of background, has the opportunity to share their unique creations with a global audience.
Business Background
Artistich was created to resolve a significant gap in the fashion design industry. Limited platforms recognize the opportunity to fill a gap in the fashion industry; hence why we aim to bridge the gap between inputs and outputs. It should also be noted that the fashion industry entails decentralized processes with the designer being independent from the production and sale of clothes. These issues can result in inefficiencies, high costs, and lost opportunities as a result of poor communication. Artistich tends to improve this process by tying all these aspects into one application and making the whole process of designing clothing for its sale as smooth and non-complex as possible. (Perry, 2014).
Company Overview
Product Offering
Artistich provides an opportunity to explore unique solutions designed specifically for fashion designers. Our product integrates several key functionalities: Our product integrates several key functionalities:
1. Designer Profiles: Designers keep a record of their portfolios, and previous work, and specialize in specific fields by having detailed accounts with particular specifications. This plays an essential role in the development of professional reputation amongst the community members of fashion (Frings, 1987).
2. Design Upload and Review: The website allows the creators to incorporate the designs, including detailed descriptions of their models, the specifications of the description, and 3D pictures that, if provided, would add to the description of the designs. This makes it easy for manufacturers and retailers to review them without having to carry out a complex process that would be time-consuming.
3. Manufacturing Services: It deals with executing the submitted designs to complete the production flow. While marketing our manufacturing capabilities, customers can find detailed information about our equipment, available materials, and minimum order quantities on our platform.
4. Sales Integration: This is because, as in the case of Artistich, the company directs its efforts towards the right consumers to achieve increased sales. We also ensure that we give the designers a feedback and rating system so that the manufacturers and the buyers give the designers feedback on the designs which they will have provided to them so that they can be able to improve the designs to fit the market standards. (Chae, 2016)
Target Audience
The main consumers of these services are fashion designers who are looking for a more seamless and consolidated way of getting their creations to the consumer. Additional stakeholders include those manufacturers who seek to enter new collaborations with designers and retailers who want to obtain new exclusive appealing garments to meet customers’ demands.
Market Potential
Today’s fashion industry is much bigger and constantly growing with more and more demands for new and special designs. Since Artistich would be more efficient in handling a problem that currently has no efficient solution, then it stands to reason that the market for this product is enormous. Continuous management focuses towards friendly design, complete manufacturing solutions, and strong sales incorporation guarantees that we satisfy requirements of the contemporary fashion designers and market requirements (Hines & Bruce, 2007).
Competitive Landscape
Artistich works in a competitive environment in which several dominant players exist, providing partial solutions connected with difficulties encountered by designers. However, being a unified design and manufacturing, as well as the sales platform, we do offer a more comprehensive solution. Competitors may include pure-play fashion entities, manufacturing service providers, and other design services devoid of the level of system interconnectivity as well as solutions provision.
The Market
The United Arab Emirates presents a growing market for fashion and clothing. The country has an increased cosmopolitan population, high income per capita, and rising tourism. They, especially Dubai, are a fashion-forward culture with a vast market demand for luxury brands and, more so, fashion events. This is an opportunity for Artistich to venture into a market that is not only lucrative but also diverse and dynamic.
Target Market
The target market for Artistich will be mainly independent fashion designers and small to medium design firms in the UAE. Typically, these designers need more manufacturing partners and sales channels. We will build an integrated platform of manufacturing and sales so that designers can focus on creativity and leave everything behind the scenes to us. We will also seek those fashion-focused customers who would love to buy one-of-a-kind products from the designers. This group is generally well-off who are highly fashion-conscious and interested in helping up-and-coming designers.
Market Growth Potential
The fashion and apparel market in the UAE is huge, and it is still growing. According to Statista (n.d), with revenue predicted to expand at an annual rate of over 8%, the market is estimated to reach an estimated volume of over US$3 billion by 2029. Therefore, over the following five years, because of growing disposable incomes, the more excellent expatriate population, and vital tourism that enhances spending by retailers. Added to that is the strategic location of UAE as a global trade hub, where there is easy access to international markets, which does not limit Artistich to serve the local market, instead, this places it to expand more into the Middle East and beyond.
Competitive Landscape
Artistich has to contend with quite several established players in the fashion and apparel industry, ranging from local manufacturers to international fashion brands to online marketplaces. Though many local manufacturers have offered bespoke manufacturing services to designers, integrated sales platforms have often needed to be present in these services, helping Artistich further facilitate its end-to-end solution with little disruption. The strong presence of international brands in the UAE caters only to high-end consumers, and the brands need to provide platforms for independent designers to manufacture and sell their products. Online markets like Etsy and Amazon provide spaces where designers can sell their goods, but they do not offer integrated manufacturing services. This is Artistich’s unique value proposition that it streamlines production along with sales.
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