Harvard Case - Beryl: E-commerce Livestreaming Strategy
"Beryl: E-commerce Livestreaming Strategy" Harvard business case study is written by Chen Lin, Zhijing Cao. It deals with the challenges in the field of Entrepreneurship. The case study is 19 page(s) long and it was first published on : Jun 29, 2021
At Fern Fort University, we recommend that Beryl adopt a multi-pronged approach to leverage e-commerce livestreaming for growth. This strategy involves:
- Developing a dedicated livestreaming platform: This platform will allow Beryl to control its brand experience, build a community, and offer personalized interactions with customers.
- Partnering with existing livestreaming platforms: This will expand Beryl?s reach and tap into established audiences.
- Investing in technology and analytics: This will enable Beryl to optimize livestreaming content, personalize experiences, and measure performance effectively.
- Building a strong team of livestreaming experts: This will ensure successful execution of the strategy and continuous innovation.
2. Background
Beryl is a successful online fashion retailer facing a competitive landscape with increasing pressure from both traditional and digital players. The company seeks to leverage the growing trend of e-commerce livestreaming to enhance customer engagement, drive sales, and differentiate itself in the market.
The main protagonist of the case study is Beryl?s CEO, who is tasked with developing a strategic plan to integrate livestreaming into the company?s operations.
3. Analysis of the Case Study
Competitive Analysis:
Porter?s Five Forces: The online fashion industry is characterized by high competition, low barriers to entry, and strong bargaining power of buyers. The threat of substitutes is also high due to the availability of numerous alternatives.
Competitive Advantage: Beryl?s current competitive advantage lies in its strong brand reputation, established customer base, and efficient supply chain. However, these advantages are not sustainable in the long term, given the rapidly evolving market dynamics.
SWOT Analysis:
- Strengths: Strong brand, established customer base, efficient supply chain, and access to diverse product offerings.
- Weaknesses: Limited experience with livestreaming, potential lack of technical expertise, and risk of cannibalizing existing sales channels.
- Opportunities: Growing popularity of livestreaming, potential to build stronger customer relationships, and access to new markets.
- Threats: Increased competition from established and new players, potential for technical issues, and the need to adapt to evolving consumer preferences.
Value Chain Analysis:
- Beryl?s value chain can be enhanced by integrating livestreaming into its marketing, sales, and customer service functions. This will enable the company to create a more personalized and interactive customer experience, leading to increased customer satisfaction and loyalty.
Business Model Innovation:
- E-commerce livestreaming presents a significant opportunity for Beryl to innovate its business model. By leveraging livestreaming, the company can create new revenue streams through product placements, sponsored content, and personalized recommendations.
Strategic Planning:
- Beryl needs to develop a comprehensive strategic plan that outlines its objectives, target audience, key performance indicators (KPIs), and resource allocation for its livestreaming strategy.
Market Segmentation:
- Beryl should identify and target specific market segments that are receptive to livestreaming experiences. This will enable the company to tailor its content and messaging to resonate with its target audience.
Blue Ocean Strategy:
- Beryl can create a blue ocean by differentiating itself from competitors through its unique livestreaming experiences. This can involve offering exclusive content, interactive features, and personalized recommendations that are not available elsewhere.
Disruptive Innovation:
- E-commerce livestreaming has the potential to disrupt the traditional online fashion retail industry by offering a more engaging and interactive shopping experience. Beryl can leverage this opportunity to become a leader in the emerging livestreaming space.
Digital Transformation Strategy:
- Beryl needs to embrace digital transformation by investing in technology and analytics to support its livestreaming strategy. This includes building a robust platform, integrating with social media, and leveraging AI and machine learning to personalize customer experiences.
Strategic Foresight:
- Beryl should anticipate future trends in e-commerce livestreaming and proactively adapt its strategy to stay ahead of the curve. This includes exploring new technologies, identifying emerging markets, and anticipating potential disruptions.
4. Recommendations
1. Develop a Dedicated Livestreaming Platform:
- Timeline: 6-12 months
- Implementation: Build a dedicated platform for livestreaming that integrates seamlessly with Beryl?s existing e-commerce infrastructure. This platform should offer features like live chat, product recommendations, and interactive polls to enhance customer engagement.
2. Partner with Existing Livestreaming Platforms:
- Timeline: Immediate
- Implementation: Partner with popular livestreaming platforms like TikTok, Instagram Live, and YouTube Live to reach a wider audience. This will allow Beryl to leverage established communities and tap into new customer segments.
3. Invest in Technology and Analytics:
- Timeline: Ongoing
- Implementation: Invest in technology and analytics to optimize livestreaming content, personalize experiences, and measure performance. This includes tools for video editing, live chat management, and data analysis.
4. Build a Strong Team of Livestreaming Experts:
- Timeline: Immediate
- Implementation: Recruit and train a team of livestreaming experts who have experience in content creation, audience engagement, and data analysis. This team will be responsible for planning, executing, and optimizing Beryl?s livestreaming strategy.
5. Leverage Social Media Integration:
- Timeline: Immediate
- Implementation: Integrate livestreaming with social media platforms to amplify reach and engagement. This includes promoting upcoming livestreams on social media, using relevant hashtags, and encouraging social sharing.
6. Offer Exclusive Content and Promotions:
- Timeline: Ongoing
- Implementation: Offer exclusive content and promotions during livestreams to incentivize customer participation and drive sales. This can include product giveaways, early access to new collections, and personalized recommendations.
7. Implement a Strong Customer Service Strategy:
- Timeline: Immediate
- Implementation: Ensure a robust customer service strategy is in place to address questions and concerns during livestreams. This can involve dedicated customer service representatives, live chat support, and responsive social media engagement.
8. Partner with Influencers:
- Timeline: Immediate
- Implementation: Partner with relevant influencers in the fashion industry to promote Beryl?s products and livestreams to their followers. This will expand Beryl?s reach and tap into new customer segments.
9. Monitor and Analyze Performance:
- Timeline: Ongoing
- Implementation: Regularly monitor and analyze the performance of livestreaming events to identify areas for improvement. This includes tracking engagement metrics, conversion rates, and customer feedback.
10. Adapt and Evolve:
- Timeline: Ongoing
- Implementation: Continuously adapt and evolve Beryl?s livestreaming strategy based on market trends, customer feedback, and performance data. This includes exploring new technologies, experimenting with different content formats, and staying ahead of the competition.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Beryl?s current situation, the competitive landscape, and the potential of e-commerce livestreaming. They consider:
- Core competencies and consistency with mission: The recommendations align with Beryl?s core competencies in fashion retail and its mission to provide customers with a seamless and enjoyable shopping experience.
- External customers and internal clients: The recommendations focus on enhancing customer engagement and providing a more personalized shopping experience, while also considering the needs of internal teams.
- Competitors: The recommendations are designed to differentiate Beryl from competitors and establish a strong position in the emerging livestreaming space.
- Attractiveness: The recommendations are expected to drive significant growth in sales, customer engagement, and brand awareness, leading to increased profitability and market share.
6. Conclusion
By adopting a multi-pronged approach to e-commerce livestreaming, Beryl can create a more engaging and interactive shopping experience, drive sales, and differentiate itself in a highly competitive market. The recommendations outlined in this case study provide a roadmap for Beryl to leverage the power of livestreaming to achieve its growth objectives and establish a leadership position in the evolving online fashion retail industry.
7. Discussion
Alternatives not selected:
- Focus solely on organic livestreaming: This approach would rely on Beryl?s own resources and efforts to build an audience and generate engagement. While it may be cost-effective, it would be slower and less impactful than partnering with existing platforms and influencers.
- Outsource livestreaming operations: This would allow Beryl to leverage external expertise, but it would also reduce control over the brand experience and potentially lead to higher costs.
Risks and key assumptions:
- Technological challenges: Beryl needs to ensure that its livestreaming platform and technology are robust and reliable.
- Competition: The livestreaming space is evolving rapidly, and Beryl needs to stay ahead of the competition by constantly innovating and adapting its strategy.
- Consumer adoption: Beryl needs to ensure that its target audience is receptive to livestreaming experiences.
8. Next Steps
- Develop a detailed implementation plan: This plan should outline specific tasks, timelines, and resource allocation for each recommendation.
- Secure necessary funding and resources: Beryl needs to allocate sufficient budget and resources to support its livestreaming strategy.
- Build a dedicated team: This team will be responsible for planning, executing, and optimizing Beryl?s livestreaming strategy.
- Monitor and evaluate progress: Beryl should regularly track and evaluate the performance of its livestreaming strategy to identify areas for improvement.
By taking these steps, Beryl can successfully leverage e-commerce livestreaming to achieve its growth objectives and establish a leadership position in the evolving online fashion retail industry.
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Case Description
Beryl is a leading brand in China's goji berry market that has stayed ahead of the competition quality-wise and is the only one to build a name for itself both offline and online. Beryl made a foray into e-commerce in 2015 and quickly outperformed rivals with low-priced berries. However, its success came at the expense of brand image. In 2018, Beryl repositioned itself by axing lucrative low-price products that brought the company ¥70 million in sales and accounted for 70% of total e-commerce sales. It shifted focus to new goji berry snacks to satisfy the demand for health products among younger generations. In 2020, the Covid-19 outbreak dealt a severe blow to Beryl's offline retail. As a bulwark against the pandemic, Beryl decided to embrace internet retail and make livestream marketing a strategic priority.
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