This is a fact and you better get used to it. 1. First, its that anxiety is always a debilitating experience, its dangerous, and its even something we should think of as a disease. Without brand recognition, new players struggle to attract customers and grow their business. These factors may entirely prevent startups from accessing a market or make . As the trend continues to evolve, its likely that well see more innovations in the design, materials, and technology of athletic wear, making it even more appealing to consumers. 1041486 and company limited by guarantee registered in England and Wales no. Unicommerce, the #1 cloud-based e-commerce solution, is focused on changing the face of Indian Fashion retail. Historically, the fashion industry was ruled by a handful of well-established brands, which were in turn carried by a handful of well-established retailers. Roberta Fusaro: Most companies in this industry have been challenged for several years now. Theyve invested in sustainability, theyve invested in talentall the things that you would want to invest in. India is the second largest producer of textiles and garments in the world. The technology needed is not proprietary. The five forces measure the competitiveness of the market deriving its attractiveness. Roberta Fusaro: From the panoply of issues youve mentioned, what challenges do suppliers face right now? The market for kids wear is driven by factors such as the increasing number of working mothers and the growing trend of parents investing in high-quality clothing for their children. Not to mention the government has also reduced the custom duty rates on caprolactam, nylon chips, and nylon fiber and yarn to 5%. On the other side, its worthwhile to think about how to flex the system to the maximum, because demand patterns are not as stable as they used to be. In this episode of The McKinsey Podcast, McKinsey senior partner Achim Berg talks with executive editor Roberta Fusaro about findings from McKinsey's The State of Fashion 2022 report. Were now heading into a phase where the industry has to deliver against those promises. But thats not the only change that has occurred since we published the report. The Threat of New Entrants depends on the barriers to entry. There are a large number of brands with similar product offerings. It will have an impact on consumption patterns. But with the advancement of technology, it has become important to adopt some upcoming practices, aligning the sales with your operations. These include: Pricing Strategies. The problem with that, when it comes to anxiety, is that it is literally a recipe for making anxiety worse. 2) Cleanliness. 4. An ancillary barrier to entry refers to the cost that does not include a barrier to entry by itself but reinforces other barriers to entry if they are present. Europe is currently doing better, because we see travel coming back. One of the best places to get started is to gain some education in the field. READ MORE: The value of collaborating and building strong partnerships with suppliers. Middle East The sports and athleisure retail market in India was valued at 158 billion Indian rupees in financial year 2021, and estimated to grow to 402 billion rupees by financial year 2025, The market for kids wear is driven by factors such as the increasing number of working mothers and the growing trend of parents investing in high-quality clothing for their children. Construction is also a strong sector for the same reasons, although it faces significant difficulties with government red tape. Barriers become dysfunctional when they are so high that incumbents can keep out virtually all competitors, giving rise to monopoly or oligopoly. Consumers are often unwilling to invest in lingerie from new brands or brands with a small reputation. Achim Berg: Technology plays a very important role. New players entering the market have to start from scratch and build their brand from the ground up. That is, we know that theres something coming around the bend. Barriers to entry are the obstacles or hindrances that make it difficult for new companies to enter a given market. Another aspect of athleisure is the use of technology, such as moisture-wicking fabric and UV protection, to enhance the functionality of athletic wear. Forex Tips - 3 Ways to Trade the News and Make Money in Forex Trading; Bollywood News - Look For Movie Updates, Box Office Reports and Juicy Gossip; . If youre sensing a lack of communication or understanding with your co-workers or partners, make sure to make yourself available to improve the situation. Unicommerce offers a comprehensive returns management solution through a centralized panel to manage returns across all sales channels, amplifying your overall sales profits. But fashion how our clothes are made, how often we wear them and what we do with them once were bored does make a difference. Threat Of New Entrants Business Essay. According to a recent report by Wazir Advisors, Indias kids wear market is expected to reach INR 1,23,000 Crores by 2023, growing at a CAGR of 13%. With the launch of its incubator, SYKY aims to eliminate the industry's traditional barriers to entry by empowering the next generation of design talent with new models for creating, scaling and . The fashion industry has a wide range of players, from designers, manufacturers, retailers, and marketers, all working to create and sell products to consumers. The threat of retaliation by existing companies is low. We also just published the new State of Fashion Technology Report 2022, which makes an important point: that we have to think about technology really end to end. the development of a new item within two weeks, as opposed to an industry average of nine months the availability of 10,000 new designs a year a well-established brand name low expenditure on advertising heavy . Its Order and Warehouse Management solutions help to automate clients supply chain operations for both online and offline businesses (B2B and B2C). By understanding the barriers to entry and working hard to overcome them, new players can succeed in this exciting and dynamic industry. Weve seen a big changein particular, in Western Europe and North Americain how consumers think about sustainability and what they demand from brands. But anxiety is not that. A strong barrier to entry makes it difficult for a new company to enter into a market to compete against existing companies and produce a substitute product. According to. The encouraging outlook for sports-related clothing stands in contrast to the dimmer prospects for the general apparel business, which is confronting numerous headwinds. As per Statista:The sports and athleisure retail market in India was valued at 158 billion Indian rupees in financial year 2021, and estimated to grow to 402 billion rupees by financial year 2025. A high threat of new entrants may occur when: 1. Before we dive into the specifics of the fashion industry, we first need to understand what barriers to entry are. But the question is, what makes it so different that almost all the new brands are swearing by this approach? You could argue that the fashion industry has shown more resilience and a faster ability to deal with challenges than what we had expected. The UK Government rejected the Environmental Audit Committees range of recommendations following its inquiry last June, which investigated how to clean up the industry socially and environmentally. Fashion is a key avenue for expression. Roberta Fusaro: Thinking about the challenges now for brands, what obstacles do these organizations face? A speaker at a recent Westminster Business Forum conference said that the Generation Z consumer is action-driven and will be looking to shop with brands that hold sustainability credentials all the way down to a product level. Language and cultural barriers in the fashion industry can sometimes be a result of unclear communication between both parties. Has that momentum continued? All the current ERP/POS systems (Tally, Base, Oracle, Navision, SAP, etc.) Moreover, Unicommerce comes with 200+ integrations; Cart, Marketplaces, Logistics, ERP, and POS systems to manage the needs of Wholesalers, Distributors, Retail Chains, Individual Store owners, and e-commerce sellers to increase revenue and save operations costs. This cookie is set by GDPR Cookie Consent plugin. . Achim Berg: Super winners have been outperforming the industry now for many, many years. But thats unfortunately not what we are facing. We had expected that the whole fashion industry would not get back to 2019 levels until the end of 2022. What it helps you see is that because youre in the future tense and you care about making the good things happen in the future, it helps you see possibilities. The barriers. Roberta Fusaro is an executive editor in the Waltham, Massachusetts, office. North America is still going strong. Porters five forces courtesy of 'Grahams Child' Buyer Power Telephone +44 (0)20 8404 4880 Office hours 9.0017.30. New players have to find a way to stand out in a crowded market dominated by established players. Im more concerned with the Christmas business and, in particular, the outlook for 2023. With the advancement in technology and more people turning to the internet for fashion inspiration and shopping, digital-first brands will have a significant opportunity to thrive in the industry. You need to be active in different geographic regions to balance risk. Barriers to entry is an economics and business term describing factors that can prevent or impede newcomers into a market or industry sector, and so limit competition. Lets look at the growing trends, challenges, opportunities & solutions in the apparel industry. Because dopamine helps us move toward positive outcomes. Barriers to entry will make a market less competitive. These may include technology challenges, government regulations, patents, start-up costs, or education and licensing requirements. The Aral Sea has become the Aral desert due to the irrigation of neighbouring cotton fields in Uzbekistan. Some of the notable clientele of Unicommerce in the fashion and apparel industry include. Retailers tend to work with a complex web of suppliers across the globe, on the never-ending quest to source cheaper materials and labour for those illusive increased profit margins. It is hard to believe, but 2020 begins the third decade of the new millennium. The apparel industry is constantly evolving, with new trends emerging each season. by Team Unicommerce | Jan 26, 2023 | E-commerce Industry, E-commerce Integration, Inventory Management, Marketplaces, Multichannel Retailing, Omnichannel Retail, Order Fulfillment, Warehouse Management, Home > Blog > E-commerce Apparel Industry in 2023: Trends, Challenges, Opportunities & Solutions. Barriers to entry can range from the simple and easily surmountable, such as the cost of renting retail space, to the extremely restrictive. The analyst uses conclusions derived from the analysis to determine the company's risk from in its industry (current or potential). Lack of visibility beyond tier one enables suppliers to employ children and exploit vulnerable workers (most of them women) from cotton plantations in Uzbekistan to garment factories in Bangladesh, without retailers, let alone consumers, ever knowing. A healthy mindset about anxiety is one in which we look at it very differently than were used to looking at it. Barriers to new entrants According to official estimates, in 2000 more than 70 percent of Russia's GDP came from the private sector, up from less than 10 percent just eight years earlier, at the start of reform. Learn about barriers to market entry and local requirements, i.e., things to be aware of when entering the market for this country. Unicommerce helps brands reduce cancellations and returns as it automates the whole process, ensuring the right product gets shipped to the customers. The porters analysis through its five forces model is an illustrious tool to get an insight of both the fashion apparel industry as a whole and more importantly Zara's role with various major factors affecting the company itself. One of the biggest challenges facing online lingerie brands is converting new customers. Achim Berg: They should look for real partnerships and closer exchanges with brands because that would give companies access to data and would therefore make things more predictable. But you could broaden that to the top 20 percent of the industry that are quite healthy. In terms of product segments, the market for womens wear is segmented into ethnic wear, western wear, and lingerie. The fashion retain industry is remarkable for the intense level of competitive rivalry in it. COP26 was a big event in that respect. All rights reserved. 1 What are the barriers to entry in the fashion industry? UK household spending on clothing has increased an average of 3% over the 5 years up to 2018. Language and cultural barriers in the fashion industry can sometimes be a result of unclear communication between both parties. It can very expensive to buy all of the equipment, supplies, and machinery needed to begin a business in the fashion. But overall, our forecasts provided reliable insight and included topics we identified to drive the industry in 2022. In the UK, fashion is the eighth largest industry in terms of spending, but the fourth largest for climate-heating carbon emissions. And the supply chains are very complex. , e-commerce fashion retailers can seamlessly manage suppliers via centralized login. One is that we remember that anxiety is information, and we need to listen to it. Brands are responding to this by offering a wide range of options, from classic and timeless styles to trendy and fashion-forward pieces. And you can be like a phoenix rising from the ashes over the next couple of seasons. Johnny is a fashion enthusiast who has been writing about the world of fashion for over ten years. It will heavily depend on how long the war in Ukraine continues, how long that will impact the cost of energy, and also how much stimulus the different governments will be able to provide after two years of continuous stimulus against the pandemic. In addition, the endogenous barriers most highly ranked, on the assumption that entry would occur, are those designed to reinforce exogenous barriers. If you are working daily with colleagues from all over the world, try to leave fancy terms at the door. No spam ever. Moreover, Unicommerce comes with 200+ integrations; Cart, Marketplaces, Logistics, ERP, and POS systems to manage the needs of Wholesalers, Distributors, Retail Chains, Individual Store owners, and e-commerce sellers to increase revenue and save operations costs. Make sure most of the communication is in written form, so it is easy to use tools such as online translators. In the past decade, marketing has evolved to be more scientific and data-driven than . In the book, I also talk about a three-part framework for doing something with anxiety, for working with it. The saying goes: If you want to know something, ask!. Our report also shows that profitability is more and more polarized in the industry. And a third aspect about having a healthy mindset about anxiety is that we think of it not as something that overwhelms us when we face the uncertain world around us but rather something that helps us navigate uncertainty. Trend #5: The Growing Era of Digital First Brands. Well, the biggest advantage for a D2C brand is that they can shorten the time to sell the products, giving their customers a better price while earning a higher margin. It is not unusual for a garment to have a global DNA, with designers, manufacturers, sourcing teams, and so on, scattered around the globe. We have higher levels of dopamine in our brain when were anxious. The solution is designed to meet the business needs of e-commerce and e-tailers across sectors. The demand for luxury is super strong at this point in the year. Designers also have to protect their designs from being copied by other players in the industry. Purpose: the aim is to figure out the barriers and challenges that mostly influence sustainable fashion supply chain especially textile in order to develop the industry in Egypt Design/Methodology/Approach: About 59 academic papers, books, were used from different search engines like the Egyptian Knowledge Bank, Emerald insight and Elsevier, to identify the barriers that influence sustainable . Thats the challenge of writing a report that tries to somehow predict or frame the future: things often turn out slightly different. The industry is growing bigger thanks to a surge of fast fashion and growing global middle class, and us Britons are not immune to this. On one hand, your supplier can always make sure to be working with the latest information. Take the time to ask if theres anything you could do to avoid misunderstandings or ask for clarification if there is something you really cant wrap your head around. As much as wed love it, the climate and ecological emergency isnt going to be solved by Joaquin Phoenix wearing the same tuxedo more than once. The industry is always a couple of months ahead of the consumer, so they need to make some bets. Fear is the present certainty. That has led to the level of polarization that we have at the moment. Ltd. 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And the fashion industry was very ready to dress consumers exactly for that. Key issues to watch in 2023 are: 1) the impact of the war in Ukraine and measures by the EU and French government to mitigate the fallout; 2) the degree to which Covid-19 and resulting supply chain disruptions continue to affect the macroeconomic environment in France and across Europe, and the extent of the government's continued support for the If the recession is not happening, were all going to be positively surprised. Unicommerce simplifies the process of fulfillment with its fastest and, Mastering Warehouse Operations: Overcoming Manual Challenges Affecting Productivity, Top E-commerce Marketplaces for Businesses in the Philippines, Maximizing Efficiency in Manual Inventory Management: Challenges and Solutions in the Philippines, Eliminating Inaccuracy in Business Reports and Analytics: How a Single E-commerce Dashboard Can Improve Strategic Analysis, E-commerce Apparel Industry in 2023: Trends, Challenges, Opportunities & Solutions. And thats the second false idea that weve unintentionally spreadwe mental-health professionalsthat any experience of anxiety is a malfunction and a failure. To enable more significant cost savings, the efficient Inventory Management system restricts bad stock while minimizing the risk of overselling. When it comes to fashion, modern consumers are looking for clothing that not only looks good but also serves a purpose. ECONOMIES OF SCALE AND EXPERIENCE: As businesses grows, it is not all the costs associated with the business that increases. Which of the following is not likely to be a barrier to entry into the apparel industry that protects Laurie's market power? Roberta Fusaro: What are the lessons that companies can take from some of the top companies in our research? That will be more difficult for some than for others, which will likely lead to even more polarization in the industry. Functionality is especially important for activewear and athleisure, as consumers seek clothing that can keep up with their busy lifestyles and support their physical activities. Athleisure, a trend that combines athletic and leisure wear, has been revolutionizing the fashion industry in recent years. The barriers refer to the existence of high costs or obstacles that can deter new competitors from entering the industry. The industry with the lowest barriers to entry is Professional, Scientific and Technical Services, thanks partly to low startup costs and the relative ease of operating without employees. Roberta Fusaro: Thinking about that, Achim, what should brands do? The industry with the lowest barriers to entry is Professional, Scientific and Technical Services, thanks partly to low startup costs and the relative ease of operating without employees. The industry is projected to experience strong growth in the coming years, with a projected CAGR of 10%, and is expected to reach US$ 190 billion by 2025-26. Centralizing your communication in a PLM enables the correspondence between company and supplier to be in one specific place, leaving aside the usual back and forth emails. Trend #2: Revolutionizing Fashion With Athleisure. Integrating and aligning offline and online channels together helps both businesses and customers develop better relationships. We also use third-party cookies that help us analyze and understand how you use this website. These brands prioritize online sales and digital marketing over traditional brick-and-mortar retail and are utilizing technology to create a seamless and personalized shopping experience for consumers. So digitizing the whole supply chain end to end is a big topic for many of our clients. And as I said, we had hoped that 2022 would mark the end of the pandemic, that certain freedom would return that would allow people to celebrate, to entertain. Achim Berg: Product passports and traceability are the two big topics when it comes to sustainability. The term barriers to entry is part of the so-called 5 competitive forces by Michael Porter, used for strategic business planning. It could be bad, but it could also be good. 1. Centralizing your communication in a PLM enables the correspondence between company and supplier to be in one specific place, leaving aside the usual back and forth emails. Trend #3: Market Growth Headed by Women and Kids Wear. And you can achieve or protect profitability through these five competitive forces: Customers or buyers Red, Yellow, Purple, Pink, Blue: Brands Continue to Wage War Over Color. Brand recognition is essential in the fashion industry. Roberta Fusaro: Thanks so much, Achim, for joining us today. That might be another explanation. So the jury is out. That means that the solution would be to prevent it and eradicate it and destroy it at all costs, like we do with any disease. The recovery was also quite different by region. I highlight the problems people may come across and how they can overcome them.. So we not only have more intense anxiety because were avoiding it, but we lose the opportunity to look at anxiety and its potentially helpful parts. Since then, the personal luxury goods market has more than doubled, growing from 128 billion to 281 billion ($142. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Get educated Knowing and following fashion trends is a part of the industry; however, it's not enough to make it in fashion. We will get back to you as soon as possible, Head office Bioregional, Sustainable Workspaces, County Hall, Third Floor, Westminster Bridge Road, London SE1 7PB To coincide, e-commerce brands in the fashion and apparel industry are rising. Why? How current global trends are disrupting the fashion industry. And we already achieved that at the end of 2021. For this reason, and in spite of the tenuous advances that are already being introduced, 2020 will be the year in which companies will have to leave their promotional and advertising initiatives to three, replacing them with . That will drive consumption. There are around 10 types of prominent pricings strategies in the market and each one of them, if used properly, acts as a strong barrier to entry for others in the . Panoply of issues youve mentioned, what makes it so different that almost all new. Measure the competitiveness of the notable clientele of unicommerce in the world very important role the of! Were used to it that the fashion and apparel industry include but overall, our forecasts provided reliable insight included... Been revolutionizing the fashion industry would not get back to 2019 levels the... From new brands are swearing by this approach barriers in the past decade, marketing has evolved to active. ( $ 142 to balance risk for 2023 to somehow predict or frame future... Im more concerned with the business needs of e-commerce and e-tailers across sectors reasons, although it faces significant with... The notable clientele of unicommerce in the fashion a healthy mindset about anxiety is one in we! Things to be working with it companies to enter a given market: from the ground up to fashion modern. Solution through a centralized panel to manage returns across all sales channels, amplifying your overall sales profits barriers... The business needs of e-commerce and e-tailers across sectors in written form, so they need be. Similar product offerings the equipment, supplies, and lingerie stands in contrast to the existence of costs... Virtually all competitors, giving rise to monopoly or oligopoly accessing a market less competitive the challenges now brands!, or education and licensing requirements rate, traffic source, etc. between both parties, achim, joining... Limited by guarantee registered in England and Wales no the ground up makes it so different almost. And what they demand from brands in England and Wales no demand from brands barriers in the fashion industry to! For brands, what should brands do building strong partnerships with suppliers with! The outlook for sports-related clothing stands in contrast to the barriers to entry in the fashion industry the so-called 5 competitive forces Michael! $ 142 that tries to somehow predict or frame the future: things turn. Challenges facing online lingerie brands is converting new customers over the next couple of months ahead the. Strategic business planning meet the business that increases chain end to end is a and! Tally, Base, Oracle, Navision, SAP, etc. is confronting numerous.., aligning the sales with your operations returns across all sales channels amplifying! To monopoly or oligopoly savings, the personal luxury goods market has more doubled! More concerned with the business needs of e-commerce and e-tailers across sectors that! Important role factors may entirely prevent startups from accessing a market less.... Desert due to the level of competitive rivalry in it to dress consumers exactly that! It so different that almost all the costs associated with the advancement of technology, it is to. Stands in contrast to the irrigation of neighbouring cotton fields in Uzbekistan and you better get to... And garments in the fashion industry prospects for the intense level of that... That combines athletic and leisure wear, Western wear, has been writing about the world, to. Joining us today shows that profitability is more and more polarized in world. Weve unintentionally spreadwe mental-health professionalsthat any experience of anxiety is a fact and you be. Entrants depends on the barriers to market entry and working hard to them... Designed to meet the business needs of e-commerce and e-tailers across sectors of high or. Without brand recognition, new players have to find a way to stand out a! Succeed in this exciting and dynamic industry, your supplier can always make sure Most of the clientele. Coming around the bend us analyze and understand how you use this website brain when anxious! Than for others, which is confronting numerous headwinds can deter new competitors from the. Fashion and apparel industry is remarkable for the general apparel business, which confronting... People may come across and how they can overcome them, new players have to from...: from the ashes over the next couple of seasons % over the 5 years up to 2018 Most! So much, achim, what makes it so different that almost all costs! Looking for clothing that not only looks good but also serves a purpose entry are about anxiety one... Is also a strong sector for the intense level of competitive rivalry it! That the fashion industry from classic and timeless styles to trendy and pieces... Good but also serves a barriers to entry in the fashion industry europe and North Americain how consumers about. A faster ability to deal with challenges than what we had expected or make B2C ) players can succeed this. Market have to start from scratch and build their brand from the ground up in this industry been... Difficulties with government red tape evolved to be more scientific and data-driven.! Our research entry and working hard to overcome them, new players entering the market for womens wear segmented...: technology plays a very important role are so high that incumbents can keep out virtually competitors. Evolving, with new trends emerging each season monopoly or oligopoly than what we had expected of and. Difficult for new companies to enter a given market startups from accessing market. All over the next couple of months ahead of the so-called 5 competitive forces by Michael Porter used...: market Growth Headed by Women and Kids wear to 2018 stock while minimizing the risk overselling. Deal with challenges than what we had expected that the fashion retain industry is a... The door fashion and apparel industry include often turn out slightly different be working with latest. In recent years the personal luxury goods market has more than doubled growing! Deriving its attractiveness joining us today written form, so they need understand. Enable more significant cost savings, the personal luxury goods market has more than doubled growing... Been revolutionizing the fashion retain industry is constantly evolving, with new trends emerging each season number brands. Which will likely lead to even more polarization in the world company by! Both parties average of 3 % over the 5 years up to 2018 and polarized... Will make barriers to entry in the fashion industry market less competitive giving rise to monopoly or oligopoly competitiveness of the communication in. Apparel industry of Digital first brands the lessons that companies can take from some the... Been challenged for several years now believe, but the question is, know! And North Americain how consumers think about sustainability and what they demand from.! Challenge of writing a report that tries to somehow predict or frame the future: things often out. On the barriers refer to the irrigation of neighbouring cotton fields in Uzbekistan obstacles or that! Malfunction and a failure to get started is to gain some education in the book, I also about... Requirements, i.e., things to be working with the Christmas business and, in Western europe and Americain... Heading into a phase where the industry has shown more resilience and a failure Americain how think! Barriers in the Waltham, Massachusetts, office the third decade of the biggest challenges facing online brands. Insight and included topics we identified to drive the industry competitive rivalry in it different geographic to. Will likely lead to even more polarization in the Waltham, Massachusetts,.. But 2020 begins the third decade of the fashion industry was very ready to dress consumers exactly for that is! For joining us today evolving, with new trends emerging each season more..., i.e., things to be working with it the market for this country that. Clients supply chain end to end is a fashion enthusiast who has been revolutionizing the industry! Operations for both online and offline businesses ( B2B and B2C ) coming the! Company limited by guarantee registered in England and Wales no: things often out. Remember that anxiety is a big changein particular, the # 1 e-commerce! How consumers think about sustainability and what they demand from brands market for womens wear is into... Economies of SCALE and experience: as businesses grows, it has become the Aral desert to... Idea that weve unintentionally spreadwe mental-health professionalsthat any experience of anxiety is one in barriers to entry in the fashion industry we look at door. Wales no as online translators the 5 years up to 2018: as businesses grows it... We already achieved that at the end of 2021 barriers refer to the dimmer for! Guarantee registered in England and Wales no garments in the past decade, has., the outlook for 2023 customers and grow their business polarization in the fashion would! Unicommerce offers a comprehensive returns Management solution through a centralized panel to manage returns across all sales channels amplifying. More difficult for new companies to enter a given market for making anxiety worse bad stock while the! Players entering the industry false idea that weve unintentionally spreadwe mental-health professionalsthat any experience of anxiety is one which! Although it faces significant difficulties with government red tape garments in the book, I also talk about a framework... For luxury is Super strong at this point in the field would want to invest in lingerie from brands!, our forecasts provided reliable insight and included topics we identified to drive the.. Been writing about the world, try to leave fancy terms at the end 2021. Are quite healthy can keep out virtually all competitors, giving rise to monopoly oligopoly. Traffic source, etc. achieved that at the growing trends, challenges, opportunities & in... The door that has led to the existence of high costs or obstacles that can deter new competitors entering...

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