Whether you are starting your journey with a custom sock business or have been in the business for a while now – you may wonder if it is still a profitable business model in 2022. As the industry is going towards saturation and the eCommerce growth is slowing, some murmur that making money by selling custom socks is not a hot topic anymore. Many even feel like the market is dead. But, is it? In this blog, we are going to find out.
What are custom socks? A quick recap.
On-demand socks with unique designs or materials are custom socks. People produce them on a much smaller scale than the regular ones. You sell the socks in your online store because retailing is not worth the hassle.
If you are managing everything on your own, it can get expensive and risky business. Monitor your stock, new designs, marketing, production, etc. You get left with too much inventory and lost investment if they do not sell.
Why did custom socks become so popular?
Socks were necessary accessories and not more. But, with the growth of social media, people trying to show their individuality and make a statement skyrocketed its popularity. During the pandemic, people were sitting at home, which forced many to think of ways to make a living. The custom socks business is a low-cost business model; it attracted many. You need little knowledge about design, materials, production, etc., to start. A good manufacturer will provide a wide range of options and valuable advice to run the business worry-free. For example, EverLighten, help business owners create their sock design and offer lovely insights on materials, trends, and promotions.
Advantages of custom sock business:
- You do not have to spend much money on socks at once. Start with 3-4 designs, and when the first batch clears out, then produce the second batch.
- You will not be stuck with much inventory because of small batches.
- Operational costs are low since you rely on third-party manufacturers to handle the production cost.
- You can choose from various unique designs, materials, niches, etc.
- Focus on the most exciting parts of the business, like creating designs, marketing, and building a brand.
To be sure it is still worth it, let us look at some critical data:
- The global market size of socks was $48.5 billion in 2021.
- They project it at $92.7 billion in the next decade.
- We expect the market to grow at 6.7%, and the demand for custom socks is much higher.
- It projected the market share of the big players to remain at 28%, the rest from smaller businesses, including custom sock makers.
Potential downsides to custom socks business:
Even though the market is thriving, it has several challenges. However, there is no need to worry; you can overcome any roadblocks with accurate information and strategy. Check out the common issues and ways to tackle them.
Too much competition: Most people think there is too much competition in the custom socks business, and it is challenging to survive against the industry giants. Look at the data carefully, and you will see that the industry is growing fast. So, it will need more and more entrepreneurs and businesses to meet the demand.
All the niches are saturated: It is a logical concern; however, the market is fluid, and new opportunities emerge. Check out the online universe to come up with new ideas and trends. If you spot a movement, jump on it, and be the first to offer something novel. E.g., there is a growing demand for sustainable custom socks.
Making good product choices: Choosing the right supplier or manufacturer is crucial for a successful custom sock business. You want to offer a variety of quality products that wow customers. Before settling for a manufacturer, ensure you get samples and try various designs and materials.
What will sell? Think about the socks from the customer’s perspective. Is the design beautiful, and is it providing value to their lives? Create a long-lasting relationship by keeping your customers happy, and the sales will come.
Value of customer service: One of the easiest ways to separate your custom socks business is to provide exceptional customer service. Keep them informed about their order and respond to inquiries or complaints fast. You do not have to hire a customer service person initially; you can do it yourself. It will show you care about customers and are professional and trustworthy.
Starting a custom sock business:
Now that it is clear, a custom sock business is still worth it, and from the looks of it, for the next decade. So, how do you start now? Here are four simple steps:
- Do market research: one of the most critical parts of the custom sock business is thorough market research. If you are researching after starting a business, it will be challenging. Where are they sourcing their items, what are the hot products, and what do customers want – note all these things and implement them into your sock business.
- Find the manufacturer: as you know, many manufacturers and suppliers operate differently. Ensure your research and read about them. Find out the type of materials, sizes, colors, design, shipping, etc., they offer. Look into their product quality control steps and the type of customers they serve. The key to success is ensuring your chosen supplier provides everything you require.
- Add products to your online store: this is the fun part. Create an online store – use a freelancer/ agency if you do not have technical knowledge – and add all the custom socks. Ensure to add catchy product descriptions, high-quality images, and well-researched competitive prices.
- Work on marketing: you can have the best items and a well-designed store, but without good marketing, you can not expect consistent sales. Focus on social media – it will provide the boost you need. The best part: it is free. Start with different platforms and concentrate on the ones that give the most results.
We hope we have convinced you it is worth starting a custom sock business in 2022. It is never too late to follow your entrepreneurial dream. Produce high-quality custom socks by partnering with an experienced and reliable manufacturer. EverLighten has helped hundreds of entrepreneurs and startups to run their businesses for over eighteen years.
Evelina Edens, founder of the custom sock brand, Wear Your Snacks, was looking to start her entrepreneurial journey with a unique idea – custom athletic socks with people’s favorite food and beverage images. She contacted many manufacturers without success. Printing intricate details on athletic socks were challenging, and the batch size was small. Fortunately, she found EverLighten and communicated her requirements. Our team helped her understand the technical aspects of production and provided every required help. We delivered the order before the website launch; the socks sold out fast. Evelina is 100% satisfied and running her business.
Read the complete story https://everlighten.com/blogs/success-stories/evelina-edens.
Benefits of partnering with EverLighten:
- Best pricing: We are a dedicated factory for producing custom socks and not intermediaries; customers always get the best price.
- Quality without a compromise: We use premium-quality materials and the latest processes.
- Fast turnaround time: We provide the quickest delivery for every order.
- 24*7 support: you can contact us anytime; our team provides round-the-clock support.
- Real people, phenomenal service: EverLighten loves helping and offers various options for every sock.
- Free design help and unlimited customization: the custom socks will look as you imagined; we provide endless customization.
- No MOQ requirement: you can order as many socks as you need; we accept orders without a minimum limit.
- Worldwide shipping: we deliver worldwide; customers can track their orders anytime with an order tracking tool.
Embark on your custom sock journey by visiting https://everlighten.com/collections/custom-socks.