Original Idea
In the dynamic and competitive environment of the streetwear market in Vietnam, Local streetwear brands are almost always under the stress of releasing new trendy products. As a result, some of the local streetwear organizations are “inspired” too heavily from the global fashion trend and release their product with identical design. According to HypeBeast Survey in 2019, half of the consumers said that they are likely boycotting if the brand behaves inappropriately.
Therefore, it is critical for the streetwear brand in Vietnam to stay fresh and relevant by providing their original works.
Another concern for the local streetwear brands, especially starting up brands, is to establish a set of core values and cultures. This element is extremely important in later projects because it will define the specialty of the brand to be relevant as well as their success.
The unique style of the brands in the creative process where the streetwear brand’s owner need to immerse themself in the mindset of their consumer while coming up with the distinctive idea to build their identity
Every authentic idea starts from the exploration in the art such as Movie, Painting, Music or Traditional Culture, the researching process not only help shop owner to understand themself, their business but also sending a positive message to their customers.
Limited Products
It is understandable that streetwear brands sometimes urge to manufacture a large quantity for a certain design to quickly regenerate profit and return their investment.
However, there is a drawback to this strategy. According to Josh Luber, the CEO and Co-founder of Stocks, the demand for streetwear products is highly impacted by the availability of that product. Specifically, “A 17 teenager doesn’t want to wear the same shoes as my mother wear” - said Josh.
The main reason is that in the longterm, mass production products gain value over quantity, which lower customers’ perception of brand quality.
It is understandable that streetwear brands sometimes urge to manufacture a large quantity for a certain design to quickly regenerate profit and return their investment.
Right Marketing Campaigns
As much important as having a physical store, social media channel is essential as it contains the cultural effect no other channel could have. In fact, there are 96% of consumers responded to Instagram while, 42% other rely on Youtube. As a result, local streetwear brands can reach a hundred thousand users on social media and rely on it as a profitable sales channel.
Pricing Strategy
Different from the product strategy that intends to repositioning the brand perception by limit the product release to the market. Most of the consumers in the streetwear market are a student and freshly graduated who are under 25 years old. Despite the fact that there are Hypebeast customers who ready to hunt exclusive products with premium prices, a majority of the market can only afford commodity products.
One factor that alternates the pricing strategy is versatility. Meaning streetwear brands should be able to provide a wide range o product lines such as shirts, T-shirt, Hoodie, Bags, Jacket, etc.
In addition, one feature of the Vietnam streetwear market is that the demand of consumers is a resonance from the community and streetwear online groups. This resonance effect mostly from the global streetwear brands. An obvious example of this effect is the sneaker. Consumers who afford to buy a trending boot from Nike, Addidas, Supreme, Balenciaga, etc will find local streetwear brands that provide them other pieces of outfit to match their shoes.