Exploring All Saints' Market Prospects in Singapore

19 Pages
Published On: 08-11-2023

Executive summary

The report aims to analyze the prospect of All Saints in the global market especially if it decides to venture out in Singapore. The introductory part described the backdrop along with the objectives and rationale of the report to depict the prospects of All Saints if it starts marketing in the Singaporean platform with relevant surge in the customers and market revenue. For students interested in marketing dissertation help, understanding such global market dynamics and strategic expansions could provide valuable insights.

From the STP analysis it was found that psychological segmentation was based on impulsive as well as planned buyers according to the psychological theories, 25-40years customers were targeted and it have good brand position and brand name.

On the other hand, using the framework of SWOT, it was recognized that the brand had prospects and opportunities to expand its market in the Singapore fashion industry and also had threats regarding extensive competition in the global market as elucidated in this report.

In the principle marketing and the promotional strategies marketing mix of 4Ps had mentioned particularly stressing on different promotional aspects such as the push and the pull strategy and from that it was evident that a strong promotional approach could create a huge shift in their business prospects. On that basis, recommendation measures were stated to be implemented by All Saints for better position in global market.

Introduction

Backdrop

The British fashion retailer All Saints established in the year 1994 with its headquarters in London have been doing extremely well in the field of fashion despite tough competition with 232 stores in 27countries worldwide. The regions where they serve include France, USA and Canada. Other places comprise Ireland, Russia, Taiwan and South Korea. Despite its high demands in the global market All Saints have yet not opened any stores in the Singapore fashion market and this report analyses the prospect of the brand in the Singaporean market through various strategies and models, if it sets its foot into their fashion world (Allsaints.com. 2020).

The brand has its image in European regions like France, US and Canada and UK locations, along with its creative brand strategy and end-to-end packaging solutions across borders in partnership with marketing agency SUM (SUM, 2020).

Rationale behind Choosing Singapore Location

E-commerce market value in Singapore from 2014 to 2020

The rationale behind choosing Singapore as the location where All Saints could launch its new ventures lies in the fact that Singapore has become one of the most leading fashion rich countries in the south-eastern Asia. In the year 2018, Singapore’s apparel industry generated revenue of €516million. It has been estimated that the annual growth rate from 2018-2022 in the market volume of the fashion industry would be approximately 11.4% making a revenue of almost €790million (Statista. 2020).

On the other hand, user penetration in Singapore apparel market from 2018 to 2022 has been predicted to rise from 31.2% to 37.1% (Craft Driven Research. 2020). Even despite being a small country with almost 5.8million population, Singapore has turned into fashion conscious regarding following the latest styles and statements. Based on this, Singapore has been considered to be the most updated apparel industry hubs has become a lucrative place for global brands entry like All Saints.

1. STP Analysis:

According to the market analysis, it can be identified that Singapore fashion has been well aware of aesthetic value of products and eco-friendly wearing and designs (Female Singapore, 2020). Geographic proximity to fashion in Singapore is more likely to have interest on wearing premium brands and mostly from neighbouring nations like Malaysia and Indonesia.

On the other hand, in terms of E-commerce is concerned, the country is highly demanding from all segments (Craft Driven Research. 2020). However, there is availability of behavioural segments as well, as there are competitive players in the common market in other brands.

Competitors in Singapore:

Victoria Secret is one of the popular brands having its fashion show in the last week began to promote its lingerie through plummeting sales as well as with their brand models in fashion shows (Insider. 2019). However, they have somehow decline to do so, which could be taken as an advantage by All Saints here using its innovation and style statement in different genre.

On the other hand, Agent Provocateur is an iconic brand always trying on transformation and iconoclasm that is creating intimate creations as well as timeless luxury in the business world (trendlifemagazine.com 2019). In relation specific to the brand, All Saints, it has been recognised with major focus on Demographic and Psychographic in terms of valuable and sustainability is concerned.

From an online review, Retailgazette.co.uk, (2019), the style has been termed as chic and roll and also the sport more of a presaged look. In order to succeed in Singapore All Saints need to consider both the demographic as well as the psychographic conditions of the product end users. The demographic part would mainly assist the targeting market while the psychographic condition would better help in understanding the needs of the local operating markets.

Psychological theories:

Psychological theories like the theory of reasoned action, Hawkins stern impulse buying theory and motivation-need theory help in understanding the requirements of the consumers better.

Factors that influence the consumer behaviour

Psychological Theories of analyzing customer needs

Targeting

Singapore revenue in fashion from 2017 to 2020

The general target market of All Saints has been the majority of the Gen Y and covering up the minority of the Gen X. In the case of Gen Y the age groups being in between 20-40 years has more trendy choices like the high fashion styles and thus have been targeted more (Market Business News. 2020). According to an online review, All saints (2020), the older ages that belong to the Gen X have also been included but to a certain level. In Singapore, it has been witnessed that people more precisely women aged between 25-44 years constitute most part of the fashion brands consumer segment and thus All Saints target customers have been perfectly suitable.

Positioning

Elements crucial for the fashion industry in 2020

Brand positioning forms an important part in establishing itself in the fashion market. In the UK-based market, All Saints have been perceived as one of the high class fashion brands that have quite a premium pricing mechanism. With a distinct fashion brand and edgy brand image and design, the customers pay a bit higher price than the others in the market (Fibre2fashion.com. 2020). With the increase in competitors like ZARA, H&M, next, PRIMARK, Forever 21, GAP and so on, it requires constant improvement in various strategies like the promotional segment, cost management, innovation, planning and implementation, tools and technology to create the competitive advantage in the highly saturated market especially in the global platform and in launching new ventures globally like that of the Singaporean market (The Business of Fashion. 2020).

2. SWOT analysis of the chosen brand

This analytical tool is simply utilized to determine and focus on the opportunities and fragilities open to the concerned brand, All Saints in the fashion market of Singapore (Gurel and Tat, 2017).

3. Principle marketing and strategy

An excellent and impactful marketing strategy is a crucial obligation for a company and especially to penetrate a new market of a new country (Kearney, 2016). The concerned brand All Saints can opt for 4Ps strategy of marketing matrix. The particular principle includes elements as follows:

Product strategy

The brand could launch new products considering the demand of Singapore citizens. The quality of products and after sale services should be up to the mark.

Pricing strategy

The price of the goods would decide the rate of sales. The brand could design products for middle-class people that are affordable and can enhance customer base.

Place strategy

Location is an essential factor for a business regarding their market operations (Market Business News. 2020). The concerned brand can focus on a few major and populous cities of Singapore as a new entrant namely Woodlands, Yishun, and Tampines and so on. They can even target the whole nation through the online platform.

Promotional Strategy

Promotion of the brand can be considered as the most important element of a marketing plan especially for a brand that intends to initiate its operation in a new country, in some new cities with new customers and culture (Yasa et al. 2020). The concerned brand can take regular elements of Omni-channel promotional strategy like sales promotion, advertising, direct marketing, and public relations into consideration in order to have competitive advantage.

Promotion Mix Strategy

To create a demand among new consumers the brand may apply the Push Strategy. According to Mitterfellner (2019), this would include promotion of products through wholesalers and retailers to reach out the customers. The other would be Pull Strategy that includes strong advertising and client promotion.

Advertising

This may include promotion of products through media, social platforms, television and so on. They can also opt for brand ambassadors, popular faces of Singapore origin (Mitterfellner, 2019). They can strongly promote their goods and ideas by popular magazines, fashion sponsors, online fashion retail brands and more (Market Business News. 2020). To engage the customers the brand can utilize the formula of photography at various platforms. Yuan et al. (2018), opined that technical and creative photography skills would help to enhance the branding image of All Saints in the new fashion market.

Magazine Advertisement for All Saints in Singapore

Conclusion

From the overall discussion of the report it has been identified that the concerned life-style brand has strong potential to extend their market internationally through the usage of effective promotional strategies. All Saints has already gained popularity for their innovative approaches like All Saints studio project, strong cultural influence on products, collaboration with various music brands, strong data collecting habits and many more. They can even penetrate the growing fashion hub of Singapore as both target an overlapping population and the new chosen market offers appropriate opportunities to the concerned brand.

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Possible Recommendations and opportunities

Considering the current trend in the fashion industry of Singapore it can be recognised that the leading fashion hub has a potential to increase user penetration by 7 to 8 % by 2022 (Craft Driven Research. 2020). So the rapid development can be utilized as a significant opportunity by the concerned brand. Despite of this, the brand can be suggested to use some additional aspects:

Technological Advancements:

The brand needs to incorporate technological and digital means to promote their products in a more effective way. As the apparel industry of Singapore has a huge demand for lingerie they can launch that as a new product segment to reach out to the customers easily.

Omni-Channel Online promotion:

Online presences of international brands are highly appreciated in Singapore, which can be utilised for Omni-channel promotion, so that it can offer their products through online platforms to satisfy consumer demands. Such approaches would definitely help All Saints to secure a distinct position in the new fashion market and maintain a competitive edge.