Development strategy

The company's goal is to maintain its position as one of the leaders in the on-line sales of clothing, footwear and accessories in the CEE region. In order to do so, it is crucial to develop in the following 4 strategic areas:

 

EXPANSION OF THE PRODUCT RANGE

A wide range of products directly influences the growth in the Company's revenue. In particular, premium brands, which are characterized by a high unit price and thus increase the average value of the basket and transaction profitability. 

Answear intends to increase the number of products available in the assortment of the on-line store by as much as 100 per cent by 2024, by introducing new brands and expanding the range of available brands. This should also lead to an increase in the conversion rate, increase in the frequency of purchases and acquiring new customers.

 

DEVELOPMENT OF PRIVATE LABEL

The company has its private label - ANSWEAR LAB. It complements the offer with products from the economic price category. Thanks to the extensive experience and flexible model of cooperation with suppliers, the private label allows to quickly supplement the offer with the missing elements of the collection during the season. ANSWEAR LAB products give the possibility to generate relatively high margins, which positively influences the profitability of the Company. Additionally, the collection offered by ANSWEAR LAB is available only on the Answear platform, which allows to attract new customers and increase the repeatability of purchases. 

 

INCREASE IN SALES ON THE EXISTING MARKETS

Answear's sales are geographically diversified and no market represents more than 30 percent of total sales. Thanks to the first player's strategy, the Company managed to gain a large group of customers and gain a good position on each of the markets. Answear wants to gain new customers by intensifying marketing campaigns to build brand awareness and expanding its product offer.

 

DEVELOPMENT OF NEW MARKETS

Answear plans to continue its foreign expansion in the coming years. The development plans include the entry of the platform into: Serbia, Moldova, Bosnia and Herzegovina, Slovenia, Lithuania, Latvia, Estonia, Russia and Kazakhstan. All these markets will be able to be served on the same basis as the others, i.e. from the central warehouse near Cracow.