WhAT DOES LAB BAGS HAVE TO OFFER?
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Lab Bags mainly offers a unique service wherein customers are able to customize their own bags according to their preferences. This allows the customers to be their own artists and designers of bags. The overall experience of designing the bag is the value proposition of the company.
Lab Bags competes in an intense competitive market. Euromonitor (2014) shows that the current value of the bag industry continues and will continue to grow in the next few years. The strong growth can be a cause of the increasing income earned by Filipinos which boost their purchasing power or can also be a cause of the increasing tourist arrivals here in the Philippines. Today, not just “bag producer” competes in the bag industry but international apparel producers have already entered the market such as Nike, Uniqlo and Lacoste. Also forecasted by Euromonitor is the ability of bag producers to use e-commerce or Internet retailing will make the competition tougher. It is therefore important for Lab Bags to continue to innovate and attract customers not just for short-term but for long-term as well.