Why is Uniqlo so cheap?

I've been wondering, why is Uniqlo's clothing so affordable? Is it because they source their materials from cheaper suppliers, or do they have a more efficient production process? I've noticed that their designs are trendy yet simple, could this be a factor in keeping costs down? Additionally, how does their pricing strategy compare to other fast fashion retailers? Is there a particular reason why they've chosen to target the budget-conscious consumer? I'd love to hear your insights on this topic.