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BUSINESS PLAN REPORT

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BUSINESS PLAN REPORT

 Summary of the business plan

The business venture includes starting up a new e-commerce website and business where different handmade accessories and designers clothing, apparels will be available from different brands as well from different local designers. The company is going to operate in B2C (Business to Customers).The name of thee-commerce site is going to be Vanity.com. The business will include the ideas. As per the requirements of the resources, needs to be plan a business model is done. The business will include partnering with the logistic of the different regions. The partnering with the brands will be done. The brands that are chosen initial are few from the clothing, apparel and etc. The focus will be more on the designer accessories to go with the apparels. A mobile app will be developed that will include order, delivery, tracking orders like all other e-commerce sites. We are going to provide the users with the expert advice through the app only that will give the user the suggestions of matching the accessories. An e-commerce site will be created with the domain name that will be not free in order to be more established within the e-commerce retail industry. Online tools like KartRocket will be used for setting up the online store. Vanity.com will start with marketing campaigns and other strategies. The graphic presentation of the varieties of products that will be sold for which online digital marketing will be done that will be presented in the business plan hereafter. 

The business opportunity

 

One of the major reason behind the choice of online e-commerce retailing is that venturing this constitutes absolute low cost, unlike the other business, be it offline or online (Einav et al. 2014). The requirements of any property in the initial stage are not mandatory and best suitable for startups. The business opportunities are presented hereafter:

Low Investment and High returns: This particular business is very challenging but the challenge that is faced by entrepreneurs while starting any business is that a considerable amount of capital is required. The investment in starting up an online business is minimal (Turban et al. 2018). It requires an inventory and then the selling business may be started. Other than this resource what is required is that of internet and computer unlike the other business here, owing to is space is hugely cost and rent is required to be taken. Other requirements in any other type of business are the requirement warehouse, staffing where again monetary resources are required. Therefore, in this business no huge manpower and financial resource is required. An efficient logistics network is required. The chances of return in comparison to the investment are much higher.

Benefits:

Managing business is very helpful in e-commerce platform since one does not need a shop which has maintenance issues. This is because the issues related to the business are handled by the e-commerce company. The benefits include expansion of the business with the supportive e-commerce market that is online. The more the company has marketing tactics and customer handling ethics the more the retail site is into the benefit.

Fastest growing:

The growth potential of online e-commerce retail is high and dynamic as well. From the year 2007 to 2012, this particular type of business has growth 10.4 % that is giving the huge competition to the shop retailers (Einav et al. 2014). According to the IBISWorld, 8.8 % more growth is expected in the upcoming year which is going to be supportive of the business venture Vanity. com. This particular section of the industry is also contributing to the economy of the country that makes it more acceptable at the national level as with the increase in employment.

Competition: there is considerable competition within this business with global giants like Amazon, e-Bay but again e-commerce retailing is not associated with big business (Laseteret al. 2017). Even local businesses are going for online retailing. In order to cope up with the competition, the vision of the company is going to be the convenience of the customer's ad giving them the unique experience with their choice of brands as well as unique local accessories.

Reaching the customers: Reaching the customers is very easy in the online e-commerce retail venture, with advertisements in cross-media. The communication between the customers and the brands is done through this type of e-commerce platform. The promotion of the brands of other companies will be provided by Vanity.com. The pay per click is yet another source of revenue through advertisement.  However, that may not be successful enough to bring in customers. The need to make this an opportunity is dependent on the marketing capabilities.

From the above analysis of the opportunities, it quite evident that most of the opportunities are positive in terms of venturing for this online business Vanity.com owing to the chances of high returns and low investment in the initial stage. Moreover, the benefit of establishing own brand name and owe a household name is also possible in the long run.

The sales and marketing strategy

 

The sales and marketing strategy for Vanity.com is going to be following:

·         Targeting the customers who are not using the products

·         Giving the customers high-quality experience: This includes the development of the app in a way that is more user-friendly and not complicated at all.

·         Both traditional and online marketing tactics will be used but the focus will be on different types of digital marketing that includes the following:

1.    Content marketing:  Written content with graphics on the products and brands as well as the locally designed products needs to be done. The posts must be engaging one and consistent that is targeted to the segmented customers in order to achieve optimal frequency. For this both the social media sites, Twitter and Facebook will be used. Anaverage of 4 to 5 times a day on Twitter and once a day on Facebook. The content will definitely be micro as there is no time for reading time consuming ones. This is going to engage the customersslowly towards the retailer who was initially less interested (Laseteret al. 2017). This must be done with research on the frequency of the posts of the competitors. There are different types of tools for automating the marketing through this that will be usedimageswill be used for attracting customers in Facebook.

2.    Exposure of the e-commerce platform with more social buttons: The more social buttons are available on the platform and the site, the exposure for getting accessibility to more customers and communities will increase. Therefore, this is going to be another marketing tactics included strategized for this business.  The placement of the buttons will be in the footer of the website.

3.    Launch rock Campaign: These particular marketing tactics will be involved that will include collecting email addresses. The integration of the social with that of the subscriptions process is a very powerful way of promotion that isevident to channelize the marketing of the site to get into the viral channel that is going to drive the traffic and consequently thesales of Vanity. com (Turban et al. 2018).

4.    E-mail marketing will be done that will include direct sales as well. Launching offers in the initial of the business for 1 week will give trial offers will be also provided. Further in the next month, the offers for the ones who are the newcustomers will be given in order to retain the customers. The offers that are given by particular brands will be informed personally to the users of the brands or the ones who went for the purchase.

5.    Getting the reviews of the customers: This is required in order to identify the demands of the customers, there notions about the retail site and suggestions of any. Feedback system will be there on. In order to save time, we are going to use the tool that is helpful in generating the view of the customers automatically. Review apps like Yotpo or any other will be used for automatically generating 8%iofthe customers' review that is going to help to identify the drawbacks and then improvisation will be done as convenient experience top the customers is the motto of Vanity.com

6.    Cross-selling: This will be done in order to increase the sales of Vanity.com Suggestions and offers on buying best suitable as per any combos will be planned in the sales strategy of this business. Likewise upsell will also be implemented.

7.    Shipping cost is going to be strategized as per the purchase amount. Initially, free shipping on a particular amount of purchase will be made available for retaining customers. This is crucial for making cross selling and up selling more working and profitable (Akter&Wamba, 2016).

The operational strategy of Vanity.com

 

The operation strategy needs to be aligned with the organizational objectives and mission and vision as well. The organizational objectives of Vanity.com include the following:

·         The high quality of customers' experience

·         Reasonable Rate of the products

·         Opportunities for comparison of the price of the products

·         Easy return policy

·         After purchase customer relationship.

The operational strategy that is chosen for the company is that of functional strategy. This is appropriate for this online e-commerce retail business because the functional level strategy is related to the management of different functional areas of any business. This business includes different functional areas where the operations are required to be managed and executed. The different functional strategies of the different functional areas of Vanity.com are mentioned hereafter:

·         Farming mission and vision statement for Vanity.com. Matrix evaluation of the services will also be done.

·         Marketing operations: This will include a research on the market and the demand of the customers in relation to the products and brands that will be uploaded to this e-commerce site. Customers’ demographics will be prepared with the specifications: age, gender, income, purchasing power, family status. Then the marketing tactics mentioned above will be implemented. No much is required in relation to the geographic location since this is going to be an online shop. As per the age and gender, the different types of products and brands will be uploaded.

·         Situational analysis: This will include scrutinizing all the essentials in running this business. The working of the inventory is dependent on the situational analysis. This will be done through research on the attributes of the selected products, the pricing of the products after buying them fromthe different brands defining the profit percentage. The pricing will be as per the different distribution levels that will include the wholesale buyers, the logistics, the final users, the incentives and the like.  This is crucial for positioning of the retailers in terms of providing the products

·         Distribution: This will include the choice of the different channelsincluding distributors from whom major benefits will be achieved, the shipping channels of the products and handling the orders.

·         Promotion: The different ways are mentioned above will be monitored for implemented. This will be including advertisements in the cross-media social media platforms, personal selling, and public relation.

·         Completive analysis of the rivals within the industry will be done as well as per the 4Ps (product, price, promotion, and place) of marketing mentioned above.

Through the functional level strategy of Vanity.com the proper management of the resources will be possible which is crucial for getting established within the market.

The Financial plan of Vanity.com

The financial plans for starting the e-commerce business of Vanikty.com include the following particulars. The strategies that are mentioned above in relation to the new business include the following for which monetary resources ate provided. These are anticipated where the profits from the revenues are not anticipated as the revenue generation and its utilization for the expansion will be strategized only after the achievement of the targeted revenue in the three year business plan that should be 12% of the capital budget for the first two years and 18% for the third year from this online business market. As mentioned earlier, the investment in this business is going to be minimal. We aim at generating revenue through providing a high level of customer service and achieving the loyalty of the customers. Current sales analysis for each year will be done as well.

References

Dollars R. (2018). Global retail e-commerce sales 2014-2021 | StatisticStatista. Retrieved 30 March 2018, from

https://www.statista.com/statistics/379046/worldwide-retail-e-commerce-sales/

 

Laseter, T. M., Rabinovich, E., Rungtusanatham, J., Lappi, T., Heckel, K., &Laseter, T. M. (2017). eBags: Managing Growth. Darden Business Publishing Cases, 1-16.

Einav, L., Levin, J., Popov, I., &Sundaresan, N. (2014). Growth, adoption, and use of mobile E-commerce. American economic review104(5), 489-94.

Turban, E., Outland, J., King, D., Lee, J. K., Liang, T. P., & Turban, D. C. (2018). Business-to-Business E-Commerce. In Electronic Commerce 2018 (pp. 123-166). Springer, Cham.

Akter, S., &Wamba, S. F. (2016). Big data analytics in E-commerce: a systematic review and agenda for future research. Electronic Markets26(2), 173-194.

 

 

 



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