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  Identification & Understanding of product/service A.   Providing intangible service, i.e., an e-commerce platform for the students of NIFT to sell their art work, self-made accessories or garments, and consumers to buy innovative products made by the NIFT students. We will be the intermediary between the students and the consumers. B.   This kind of service comes under Shopping product/service category as the consumer has to put in extra efforts and will compare the products available through such a service to others and do a good research before the actual purchase. The consumer would also like to have such a product in the best possible quality at low price. The consumer will take sufficient amount of time in analysing of the service is worth availing and will gather information related to the same. C.   Concept    Offer higher quality and more attention to detail    Work done by hand takes less energy than a mass production assembly line, which makes it more environmentally sustainable.    People value an object more highly when they are led to believe it contains an “air of authenticity,” for example, if they were told it was a work of art. This means that artisan products are perceived to have more value in society. Even just the knowledge that a product was handcrafted contributed to the feeling of a better experience because there is a relatable, knowable back-story.    The nature of such goods means that there are fewer of them, so whate ver you’re wearing or eating or adding to your home is as unique as you are. Usually, handicrafts are unique because creativity plays an important role in this business. Due to the uniqueness factor, the designs and craft works really amaze many buyers all around Variations in colour, shading, texture, shape and grain are inherent. No two items are alike, so that every single one is one-of-a-kind.    It’s important to keep hand -making goods a financially feasible career choice. The economic growth can also be achieved by employment generation and proper transformation of local raw materials into useful products.    It provides in numerous opportunities to explore the skills and talents. The business completely depends on individual skills and ordinary raw materials. Therefore, there is no need for big industry or wasting machines. When you buy something someone else made, you yourself are reflected in that purchase. Whether it’s the colour, the texture, the shape, or just the mood you happen to be in, an item that has been crafted as an expression of the creative spirit person who made it is  treasured and valued far beyond an item that was made for worldly mass consumption. Identification & Understanding of Industry A. History and evolution of this industry:    Ecommerce became possible in 1991 when the Internet was opened to commercial use. Since that date thousands of businesses have taken up residence at web sites.    1995: Jeff Bezos launches and the first commercial-free 24-hour, internet-only radio stations. EBay is founded by computer programmer Pierre Omidyar as AuctionWeb.    1996: IndiaMART B2B marketplace established in India.    1999: Alibaba Group is established in China.    1999: Global e-commerce reaches $150 billion.    2001: achieved profitability in December 2001.    2012: Zalora Group was founded and started operations around Asia.    2014: Alibaba Group has the largest Initial public offering ever, worth $25 billion.    2015: accounts for more than half of all e-commerce growth, selling almost 500 Million SKU's in the US.    2016: aided more than 10,000 sellers to generate more than $1 million of annual sales.    History of ecommerce is unthinkable without Amazon and EBay which were among the first Internet companies to allow electronic transactions.      History of ecommerce is a history of a new, virtual world which is evolving according to the customer advantage. It is a world which is being built together brick by brick, laying a secure foundation for the future generations.    With the increase in awareness about the benefits of online trading, there has been a significant rise in investment in E-commerce business. Hand in hand with offline trading, many established businesses, e.g. Shoppers Stop or Lifestyle, have setup online transaction channels.    Indian E-commerce industry is in a position to sustain itself. B.   Size of the Industry    According to a report 'Internet in India' by the Internet and Mobile Association of India (IAMAI), Number of Internet users in India was estimated to be 432 million in December 2016 and the users are expected to grow to 450-465 million by June 2017.       The e-commerce retail market is estimated to be worth US$ 12 billion in gross merchandise value (GMV) terms as of 2016.    Currently, there are 1-1.2 million transactions per day in e-commerce retailing.    Propelled by rising smartphone penetration, the launch of 4G networks and increasing consumer wealth, the Indian e-commerce market is expected to grow to US$ 188 billion by 2025.    Electronics is currently the largest segment in e-commerce in India with a share of 47 per cent and is expected to grow at a CAGR of 43 per cent by 2020.    The apparel segment has the second highest share of 31 per cent in the e-commerce retail industry.    E-commerce is increasingly attracting customers from Tier 2 and 3 cities, where people have limited access to brands but have high aspirations. C.   Structure of the Industry All of the e-commerce companies selling garments and crafts are Private Ltd such as Flipkart, Craftsvilla, AfDay, etc. Most of the companies are functioning under partnership such as Flipkart, proprietorship like Amazon as well as acquisitions, for e.g., Craftsvilla. There are also certain MNCs such as Amazon, e-Bay etc. D.   Lifecycle of Industry Growing According to reports published by International Monetary Fund (IMF) and Central Statistics Office (CSO), India is among the fastest growing economies of the world. Among several factors, a conscious patronization of online commerce, and an emergence of retail as a dominant market segment have contributed to the unprecedented growth of eCommerce in India. For the financial year 2016-17, eCommerce sales reached the US $16 billion with a projection of a seven fold growth within the next two fiscals as estimated by Morgan Stanley. By 2020 online commerce sales is expected to cross $120 billion. Hand in hand with offline trading, many established business houses have set up online transaction channels. Online retailing is the ‘in - thing’ in today’s commerce. Every other day a new company is being set in the online retail segment. E.   Major players Craft e-Commerce Companies    CraftsVilla     AfDay    ItsHandMade    SaffronArt    The Idia Craft House    Craft Shops India    Craft Furnish    Bonanza International e-Commerce Craft Companies    Etsy    Folksy    E-Crater Indian e-Commerce companies    Flipkart    Snapdeal    Myntra    Zomato    HomeShop18    Yebhi    Jabong    Olacabs Identification & Understanding of Customers A.   Qualitative description of customers a.   Who are the potential customers? i.   Students of National Institute Of fashion Technology ii.   Parents/ Relatives of students who are currently studying in NIFT or are pass outs iii.   Faculties of NIFT iv.   Fashion conscious individuals v.   People interested in student made product(artworks, accessories, garments, etc) b.   Which brand they buy?
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