An Overview of Hair Accessories Business in India

Market Overview

By 2028, the Indian market for hair accessories is anticipated to reach a value of USD 31.6 bn, expanding at a CAGR (compound annual growth rate) of 7.7 %.

A growing number of consumers are opting for products that perform a practical function in addition to enhancing their sense of style, which is driving the expansion of this industry. The market has been negatively affected by the COVID-19 pandemic.

Markets in the nations hardest afflicted by the pandemic, such as India, Brazil, and Italy, were first disrupted. Many international manufacturers have relied on China as a source of vital raw materials and ingredients for producing a wide range of hair accessories.

Market Trends

Some of the factors that have contributed to the growth of the market include the quick development of cutting-edge manufacturing technologies, the proliferation of a wide variety of fashion trends, haircuts, and the increased availability of appealing accessories. Market expansion is anticipated on account of factors including the rising popularity of contemporary hairstyles and the rising demand for fashionable products that fulfill practical objectives.

There are a few large companies and many small and medium-sized businesses operating in this industry. Manufacturers all around the world have started releasing brand-new products in response to the surging demand.

Players

Wona Trading
Wigsbuy
ULTA
ManBands
Hairera

New Consequences

Claire's began offering same-day click & collect in the UK and US in January 2022.
During the month of May 2022, H&M Group stores in the United States piloted a new, tech-enhanced shopping experience.

Pros of starting a hair accessory business

1. Ability to launch a company from within one's own house

In order to launch a hair accessories manufacturers business, a storefront or office space is not required. At least at the outset, you can get everything done without ever having to leave your house.

2. Easily attainable construction time

Your product can be built in a relatively short amount of time, usually around 8 months. Consequently, you'll have a shorter time to get your goods to consumers.

3. You are your own boss!

When you're first getting your business off the ground selling hair accessories, you're the one making most of the calls. Being the one to make the decisions may be quite freeing and gratifying.

4. Several venues exist for the sale of your product

You can sell your goods in a number of other markets, expanding your potential customer base and income.

5. Higher earning potential

The potential earnings of such an enterprise are unlimited.

6. Now you can indulge in a pastime that you've always wanted to undertake!

When you launch a business selling hair accessories, you get to do what you love. To ensure the company's success, you'll find yourself dedicating a lot of time and effort to it.

7. This job is completely mobile

The hair accessory business is one that can be started and managed from the comfort of one's own home and then expanded to other locations across the world. The ideal situation for a business owner.

8. It's Not Hard to Get Into Business

There is a wealth of information available on the internet to help you get your hair accessories business off the ground (Facebook groups, YouTube videos, Starter Story etc). This will assist you in launching your company and allay any fears, uncertainties, or worries you may have.

Establishing a Retail Outlet for Hair Accessories (Formation and Legal)

It's possible that you'll need to make certain fiscal and legal choices as you establish your company.

Choose between a limited liability company, a stock corporation, or a corporation as the initial step.

Commonly used when launching a small firm, these three structures can shield you from liability and provide you with tax breaks.

LLC: The LLC's personal income tax return serves as the primary means of disclosing financial information relating to the firm.
S corp: Salary and dividends are paid to the owners.
C Corp: C corporations are treated as independent taxpayers and must submit their own tax returns (Form 1120). There is no corporate income tax, and all tax obligations are shouldered by the company's proprietors.

Permits, licenses, and liability insurance may also be required from you, depending on the location of your firm.

Also Read: Top Hair Straightener Manufacturing Companies in India

Which types of people are most likely to buy your hair accessories?

First, you must decide whether you will be selling to businesses or to individual consumers.

Products in hair accessories for women in this sector are typically sold to business-to-consumer markets (business-to-consumer).

Look at the implications for your hair accessory business:

"B2C" refers to business dealings in which one company sells directly to another company's end user.

As a result, it is crucial to know your target demographic and their purchasing habits before you begin developing your product or service in today's market.

This is the benefit:

One advantage of business-to-consumer (B2C) marketing is the greater reach it provides in terms of potential clients. There could be a wide audience for your goods, or it could appeal to a narrow one.

Where to Look for Vendors of Hair Accessory Products?

Here are some things to keep in mind when you search for a supplier or manufacturer:

1. Be familiar with your blueprints.

Having a rough concept of your design or product's appearance is an important first step in locating the best provider. One of the quickest and easiest methods to begin the design process is with a sketch. One of the best things about drawing is how easily it can be done in almost any place, down to the back of a napkin.

2. Make a decision on the kind of vendor you want to work with.

The first step in finding the right vendor is figuring out what kind of vendor you need. Consider asking yourself the following questions before beginning your search for a provider.

To Whom May I Direct My Inquiry Concerning the Manufacture of My New Product?
To what extent are you interested in locating a vendor from whom you may directly get products?
Do you need a supplier and fulfillment service for drop-shipped orders?
To what extent are you willing to go to meet a supplier, and where in the world would you want to do business Learn the benefits and drawbacks of each option here.

Where to start?

You can start with Trade India

Launching strategies for Hair Accessories

You may get your hair accessories for girl's businesses offering hair accessories off the ground in a number of different methods.

A variety of approaches are outlined below that can be used to pique the interest of potential clients in your line of hair accessories.

1. Build hype with a landing page

Waiting lists, price cuts, a countdown timer, etc., all work well for this purpose.

2. Create a teaser video

Your hair accessories business could benefit greatly from even a 30-second video going viral.

3. Attempt to contact influential people

If you find the proper influencer for your product, they may spread the word about it to their followers with a single post, and you may see a significant increase in sales as a result.

4. Release on high-traffic websites

If you want people to know about your new hair accessory business, submitting your launch to major startup sites is a terrific idea.

Earning money from hair accessories business

These are some things to think about when you're trying to get your firm off the ground with no outside funding:

To "bootstrap" your business, you can use your own savings as initial funding. You can start out without having to use your own credit or the credit of a business entity if you do this.
Find out how much money you'll need and how much you already have so you can launch your firm. If you're trying to get your firm off the ground with little to no funding, you should probably go into business for yourself.
You should think about beginning a bridal hair accessories business that will bring in cash quickly so that you may reinvest the profits.
Be as frugal as possible, which means minimizing wasteful spending like salaries, flashy software, pointless trips, expensive office space, etc.
If you're just starting out, it's possible that you won't need to bring on a full-time employee just yet. Outsourcing to a freelancer and then hiring them permanently can save a ton of money.

Conclusion

I hope you have got the market overview of hair accessories in India. I have also shared some interesting methods to accelerate the hair accessories business. It's possible that selling on Trade India will help you reach a larger audience and bring in more business than just selling directly on your website. Finding a memorable and powerful slogan name is essential since it serves the purpose of educating customers about the value of your product or service.

FAQs: Hair Accessories

Q. What is the name of a hair accessory?

Ans. Hair accessories also known as hair ornament include crowns, tiaras, aigrettes, combs, barrettes, and bandeaus.

Q. Can Hair Accessories Harm Your Hair?

Ans. Using pins and clips can harm your hair so be careful while using them.

Q. How do you keep hair accessories in place?

Ans. Keep your hair accessories in an acrylic drawer and organizer. It is the best way to keep ornaments in the right place.

Q. How many different kinds of hair accessories are there?

Ans. Peal hair bands, Knot hairbands, Hair clips, hairpins, Combs, Hair chains, Hair strings, Bow ties, Barrette, and others are the types of hair accessories.

An Overview of Hair Accessories Business in India

Market Overview