Harvard Case - Meesho (A): Exploring Hyperlocal Fashion
"Meesho (A): Exploring Hyperlocal Fashion" Harvard business case study is written by Srivardhini K. Jha, Jacqueline Gomes, Suresh Bhagavatula. It deals with the challenges in the field of Entrepreneurship. The case study is 3 page(s) long and it was first published on : Dec 9, 2021
At Fern Fort University, we recommend that Meesho focus on hyperlocal fashion as a core growth strategy, leveraging its existing platform and expanding its reach through strategic partnerships with local manufacturers and retailers. This will involve a multi-pronged approach encompassing product development, marketing, and technology to cater to the unique needs of the Indian market.
2. Background
Meesho, founded in 2015, is a social commerce platform that connects small-scale entrepreneurs and retailers with consumers across India. The company has experienced rapid growth, fueled by its entrepreneurial spirit and innovative business model that empowers individuals to start their own online businesses. The case study focuses on Meesho?s exploration of hyperlocal fashion, a market segment with significant potential in India.
The main protagonists of the case study are:
- Vidit Aatrey and Sanjeev Barnwal: Founders of Meesho, driving the company?s vision and strategy.
- Meesho?s team: The dedicated team responsible for product development, marketing, technology, and operations.
- Local manufacturers and retailers: Key stakeholders in the hyperlocal fashion ecosystem.
3. Analysis of the Case Study
Meesho?s success can be attributed to its disruptive innovation in the Indian e-commerce landscape. It has successfully leveraged the power of social networks and mobile technology to reach a vast audience, particularly in rural areas. The company?s lean startup methodology and focus on customer discovery have been instrumental in its rapid growth.
However, Meesho faces several challenges:
- Competition: The Indian e-commerce market is highly competitive, with established players like Amazon and Flipkart.
- Supply chain management: Ensuring consistent quality and timely delivery of products from local manufacturers is crucial.
- Marketing and branding: Building brand awareness and trust among consumers is essential for long-term success.
To analyze Meesho?s hyperlocal fashion strategy, we can utilize the Porter?s Five Forces framework:
- Threat of new entrants: High, due to the ease of entry in the online retail space.
- Bargaining power of buyers: Moderate, as consumers have a wide range of choices.
- Bargaining power of suppliers: Moderate, as Meesho relies on local manufacturers.
- Threat of substitute products: High, due to the availability of offline retail options.
- Rivalry among existing competitors: High, with numerous players vying for market share.
4. Recommendations
Meesho should implement the following recommendations to capitalize on the hyperlocal fashion opportunity:
1. Product Development:
- Focus on local tastes and preferences: Conduct thorough market research to identify specific fashion needs and trends in different regions.
- Partner with local manufacturers: Establish strong relationships with local manufacturers to ensure high-quality products at competitive prices.
- Offer customized product options: Leverage technology to enable personalized product customization and tailoring.
- Develop a curated selection of local brands: Promote and showcase the work of talented local designers and brands.
2. Marketing and Branding:
- Leverage social media and influencer marketing: Utilize Meesho?s existing social commerce platform to reach a wider audience.
- Run targeted advertising campaigns: Utilize data analytics to target specific demographics and regions.
- Develop a strong brand identity: Create a unique brand image that resonates with the target audience.
- Partner with local influencers and celebrities: Collaborate with local personalities to promote products and build brand credibility.
3. Technology and Analytics:
- Invest in advanced analytics: Utilize data to understand customer behavior, preferences, and trends.
- Develop a robust logistics platform: Optimize delivery routes and ensure timely deliveries.
- Implement a seamless online shopping experience: Enhance the user interface and user experience on the Meesho platform.
- Integrate with local payment gateways: Facilitate convenient and secure payment options for consumers.
4. Partnerships and Collaborations:
- Form strategic alliances with local retailers: Partner with existing retailers to expand reach and distribution channels.
- Collaborate with fashion incubators and accelerators: Support local entrepreneurs and designers.
- Engage with government initiatives: Partner with government programs promoting local manufacturing and entrepreneurship.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Meesho?s core competency lies in its social commerce platform and its ability to connect small businesses with consumers. Focusing on hyperlocal fashion aligns with its mission of empowering entrepreneurs.
- External customers and internal clients: The recommendations cater to the needs of both consumers seeking local and affordable fashion options and local manufacturers and retailers seeking new markets.
- Competitors: By focusing on hyperlocal fashion, Meesho can differentiate itself from larger e-commerce players and gain a competitive edge.
- Attractiveness - quantitative measures: The hyperlocal fashion market in India is estimated to be worth billions of dollars, offering significant growth potential.
6. Conclusion
By embracing a hyperlocal fashion strategy, Meesho can unlock significant growth opportunities in the Indian market. The company?s existing platform, combined with its focus on entrepreneurship, innovation, and technology, provides a strong foundation for success. By leveraging these strengths and implementing the recommended strategies, Meesho can become a leading player in the hyperlocal fashion space.
7. Discussion
Other alternatives not selected include:
- Expanding into new product categories: While this could offer growth potential, it may dilute Meesho?s focus on hyperlocal fashion.
- Acquiring existing fashion brands: This could provide immediate market access but may be expensive and risky.
Key risks and assumptions:
- Competition: The hyperlocal fashion market is likely to attract more players, increasing competition.
- Supply chain management: Ensuring consistent quality and timely delivery from local manufacturers can be challenging.
- Consumer acceptance: Consumers may not readily embrace hyperlocal fashion brands.
8. Next Steps
Meesho should implement the following steps within the next 12 months:
- Phase 1 (3 months): Conduct thorough market research and identify key local fashion trends.
- Phase 2 (6 months): Develop a pilot program with selected local manufacturers and retailers.
- Phase 3 (3 months): Launch a dedicated hyperlocal fashion section on the Meesho platform.
- Phase 4 (ongoing): Continuously monitor performance and adapt strategies based on data and feedback.
By taking these steps, Meesho can effectively capitalize on the hyperlocal fashion opportunity and achieve sustainable growth in the Indian market.
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Case Description
Meesho is a three-part case that highlights the ups and downs, and the twists and turns, of a typical entrepreneurial journey. It follows the experiences and decisions of Vidit Aatrey and Sanjeev Barnwal, two IIT Delhi graduates, as they build their venture - Meesho. The idea that they begin with, morphs substantially as they go through the process of finding a product-market fit. Each time they face a hurdle, they dig deeper into the needs and challenges of their customers, until they arrive at what could potentially be product-market fit. Even then, they struggle to monetize and decide to pivot yet again, in order to unlock the value created by their venture. The case provides rich material to discuss the iterative, non-linear nature of venture building. It reinforces the importance of continuously measuring and responding to metrics.
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