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Silver lining is a new company that will join a pool of many other institutions that provide online trading services. However, the company is unique in its own way as it will be offering services that have not yet been given out by other online businesses. The company’s vision is to offer quality and comfort to the active sportswear market. It will attain this through its mission statement which will involve cultivating a network of different designers to incorporate shoes and other accessories into their product portfolio. The company also intends to have the shoes infused with silver particles in a collection of sizes and styles to accommodate all types of body shapes and sizes.
Background: History of Online Trading
For more than a decade now, trading over the internet has seen tremendous growth especially when it comes to online shopping. Amazon and E-bay were among the first companies to trade in the e-commerce industry during the nineties. Many other companies have joined the online trading sector owing to its infinite growth potential and opportunities. This has resulted from the introduction of innovative technologies that minimized issues of security concerns. Several years ago, hackers were able to access most of the websites and end up destroying very crucial and classified information concerning a given organization (Schaeffer and Wasendorf, 2007, p 10). This created a threat to the e-commerce industry since private information about customers and businesses was at risk. However, introduction of innovative data encryption techniques has gradually reinstated the trust that people had while dealing with online transactions.
Theory of Nanotechnology
Nanotechnology is a technique that involves applying tiny metallic substances such as silver particles on the fabric in order to create various desirable characteristics. It entails manipulation of fibers at the atomic and molecular levels to change their properties and qualities (Karkare, 2008, p 107). The production of fused fabric with nano-sized particles helps to enhance the properties of the fabric. This does not necessarily have to increase the weight and stiffness of the fabric (Drexler, Eric, Chris Peterson, and Gayle, 1993, p 56). For instance, such fabrics become water and stain repellant among other advantages. Currently, most of the clothing that is made with this kind of technology comprises of undergarments and socks.
One of the major applications of nanotechnology in fabrics is to develop stain and water resistance. In order to attain this, the fabrics are implanted with many particles that are water proof and increase the compactness of the fabric. They are also able to repel stain due to the formation of a cushion of air around the fibers (Karkare, 2008, p 107). Corollary finishing on the fabric allows dirt to rinse off easily especially when the surface of the garment is splashed with water or while raining.
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Another added advantage of using nanotechnology in fabrics is that it helps to increase the ability to soak up dyes without deteriorating the quality of fabric. Besides, nanotechnology in fabrics has some antibacterial effects (Drexler, Eric, Chris Peterson, and Gayle, 1993, p 56). The tiny particles of silver embedded on the fabric help to eliminate odors normally found in clothing due to their antibacterial effect. Other benefits include durability of fabric color, protection from ultra-violet effects and wrinkle resistance.
Preliminary Market study: Proposed approach
Nanotechnology in sportswear category remains an unexploited endeavor and therefore, this will provide a great business venture for Silver Lining Company. The company will in no doubt fill a void in the marketplace. Study has shown that most of the textile processes are in their developmental level. This implies that most of the people have not yet heard about it besides creating an online presence for such a business venture. It is an opportunity that provides consumers with something new and exciting.
Silver Lining seeks to establish a Website that will help to create a platform for linking consumers to the business. Customers will be required to place orders for their clothing at the business’ online portal (Ferrell and Pride, 2008, p 28). The most interesting thing about this whole phenomenon is that customers will be required to provide their measurements so that clothes that match their sizes are generated for them to see. Online shopping has its own limitations such as lack of physical access to the items being bought. The person has only virtual access to the items, which limits options for choices. Therefore, the practice of requiring customers to provide their measurements before placing their orders will help them to match their tastes and preferences to a great deal.
In addition, there will be other measurement criteria will be used apart from the standard measurement points used conventionally. Therefore, they will not only be required to provide conventional measurements but also use other non-conventional measurements such as calf, height and arm length. This will help to reduce instances whereby customers had to return what they had already purchased due to wrong and un-matching sizes (Ferrell and Pride, 2008, p 29).
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SWOT Analysis: Strengths
Silver Lining has a number of strengths that it boasts of while executing its operations. For instance, it employs high and up-to date technology in processing of its products. This allows the company to produce cutting edge products that are above their competitors’ range (Tondare and Naresh, n.d, para. 12). Furthermore, the approach used by the company in its relationship with the customers provides a good platform for them to enjoy while shopping and making their orders.
Despite the above strengths, the company still faces some weaknesses. One of them involves the fact that when such garments are washed, they wear off gradually.
One of the greatest opportunities for this company is that it will be venturing in an area that has not yet been exploited. Nanotechnology in fabrics is a new venture that is yet to be exploited and even more opportunities lie in the future.
The major threat originates from competitors who sell closely related products. Although the competition is not very stiff, Silver Lining keeps itself abreast and ready for any other business enterprise that may pose as a threat to them.
There are other companies that sell active sportswear with other advanced technologies. These businesses pose as the major competitors to Silver Lining. However, they do not pose stiff competition to Silver Lining since its products are a cut above the rest. It produces competitive products whose quality cannot be attained by its competitors. Furthermore, Silver Lining produces eco-friendly products which save on water usage since they require little washing even after wearing them for a long time (Drexler, Eric, Chris Peterson, and Gayle, 1993, p 58). Its stain repellant quality allows it to reduce wear and tear that results from rubbing while cleaning.
Some of the fabrics that will be used by Silver Lining in its operations include polyester spandex, polyester mélange, Lycra and polyester jersey, Lycra and rayon jersey, Italian nylon and Lycra tricot. Other innovative materials include spandura nylon and Lycra knit, cotton and Lycra jersey, wicking Lycra as well as waffle fleece. All these items have been selected for use in the production process owing to their respective functionality in the active sportswear sector (Drexler, Eric, Chris Peterson, and Gayle, 1993, p 60).
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Silver Lining is totally equipped to make its entry into the e-commerce market. The company has confidence in its capabilities which gives it’s an edge and a cut above the other players in the market. Through its mission and vision statements, the company hopes to enter the market and create a well established market segment.