Harvard Case - Shoes of Prey: Managing the Dark Side of Value Co-creation
"Shoes of Prey: Managing the Dark Side of Value Co-creation" Harvard business case study is written by Sanjit Kumar Roy, Gaganpreet Singh. It deals with the challenges in the field of Marketing. The case study is 8 page(s) long and it was first published on : Mar 31, 2020
At Fern Fort University, we recommend Shoes of Prey adopt a hybrid business model that leverages its core value proposition of personalized footwear while mitigating the risks associated with its current "dark side" of value co-creation. This model will involve a strategic shift towards product customization with a focus on mass personalization, streamlining manufacturing processes, and enhancing customer experience through digital marketing and CRM.
2. Background
Shoes of Prey, an Australian startup, disrupted the footwear industry by offering customers the ability to design their own shoes online. This unique value proposition, based on value co-creation, empowered customers and offered a seemingly limitless variety of options. However, the company faced challenges with manufacturing complexity, inventory management, and customer expectations, leading to operational inefficiencies and financial strain.
The case study focuses on the company's struggle to manage the 'dark side' of value co-creation, where the benefits of customer empowerment were outweighed by the complexities of fulfilling individual orders.
The main protagonists are Michael, the CEO, and the company's leadership team, who are grappling with the need to balance customer satisfaction with operational efficiency and financial sustainability.
3. Analysis of the Case Study
We can analyze Shoes of Prey's situation using a combination of frameworks:
1. SWOT Analysis:
- Strengths: Unique value proposition, strong online presence, customer engagement, innovative technology.
- Weaknesses: Complex manufacturing, inventory management challenges, high production costs, limited scalability.
- Opportunities: Expanding to new markets, leveraging AI and machine learning for customization, building a strong brand identity.
- Threats: Competition from established players, changing consumer preferences, economic downturns, potential for manufacturing disruptions.
2. Porter's Five Forces:
- Threat of new entrants: Moderate, as the footwear industry has high barriers to entry due to manufacturing and distribution complexities.
- Bargaining power of buyers: High, as customers have access to a wide range of options and can easily switch brands.
- Bargaining power of suppliers: Moderate, as the company relies on a network of suppliers for materials and manufacturing.
- Threat of substitute products: High, as customers can choose from a variety of footwear alternatives, including mass-produced and custom-made options.
- Competitive rivalry: High, as the footwear industry is highly competitive, with established players and emerging brands vying for market share.
3. Value Chain Analysis:
- Inbound logistics: Challenges with sourcing materials and managing inventory due to the complexity of customization.
- Operations: Complex manufacturing processes with limited scalability and high production costs.
- Outbound logistics: Efficient distribution network but susceptible to delays due to customization.
- Marketing and sales: Strong online presence and customer engagement but limited reach beyond niche markets.
- Service: High customer satisfaction but potential for delays and issues due to customization.
4. Marketing Analysis:
- Target Market: Fashion-conscious individuals seeking unique and personalized footwear.
- Marketing Strategy: Focus on digital marketing, social media engagement, and influencer marketing.
- Branding: Strong brand identity centered around customization and empowerment.
- Positioning: Positioned as a premium brand offering a unique and personalized experience.
4. Recommendations
To address the challenges and capitalize on the opportunities, Shoes of Prey should adopt a hybrid business model that balances its core value proposition with operational efficiency and financial sustainability. This model involves three key elements:
1. Mass Personalization:
- Offer a curated selection of customizable shoe designs: This approach reduces manufacturing complexity while still offering a wide range of options.
- Develop a modular design system: This allows for efficient production by using pre-designed components that can be assembled in various combinations.
- Utilize AI and machine learning: This can help optimize design options, predict demand, and personalize customer experiences.
2. Streamlined Manufacturing:
- Partner with established manufacturers: This leverages existing infrastructure and expertise to reduce production costs and improve efficiency.
- Invest in automation: This can streamline manufacturing processes and increase production capacity.
- Explore 3D printing technology: This could offer a more efficient and sustainable manufacturing solution for highly customized orders.
3. Enhanced Customer Experience:
- Develop a user-friendly online platform: This should provide a seamless and intuitive design experience, clear product information, and easy order tracking.
- Leverage customer relationship management (CRM): This can help understand customer preferences, personalize marketing messages, and improve customer service.
- Offer a loyalty program: This can incentivize repeat purchases and build brand loyalty.
5. Basis of Recommendations
These recommendations are based on:
- Core competencies and consistency with mission: The hybrid model leverages the company's core competency in online customization while addressing the challenges of manufacturing complexity.
- External customers and internal clients: This approach caters to the needs of both customers seeking unique footwear and internal stakeholders seeking operational efficiency and financial sustainability.
- Competitors: By offering a curated selection of customizable designs, Shoes of Prey can differentiate itself from both mass-produced and fully bespoke footwear brands.
- Attractiveness ' quantitative measures: The hybrid model offers the potential for increased sales, reduced costs, and improved profitability.
6. Conclusion
By adopting a hybrid business model that balances customization with operational efficiency and customer experience, Shoes of Prey can navigate the 'dark side' of value co-creation and achieve sustainable growth. This approach will allow the company to maintain its unique value proposition while mitigating the risks associated with its current model.
7. Discussion
Other alternatives not selected include:
- Continuing with the current model: This would maintain the full customization experience but would likely continue to face operational and financial challenges.
- Shifting to a fully bespoke model: This would offer complete customization but would likely be too expensive and time-consuming for most customers.
Key risks and assumptions:
- Customer acceptance: The hybrid model relies on customer acceptance of a curated selection of designs.
- Technological advancements: The success of the hybrid model depends on the availability and affordability of technologies like AI, 3D printing, and automation.
- Competition: The footwear industry is highly competitive, and competitors may adopt similar strategies.
8. Next Steps
To implement the hybrid business model, Shoes of Prey should:
- Phase 1 (6 months): Conduct market research to assess customer preferences and develop a curated selection of customizable designs.
- Phase 2 (12 months): Partner with established manufacturers and invest in automation to streamline production.
- Phase 3 (18 months): Launch the hybrid model with a strong marketing campaign focused on the curated selection and enhanced customer experience.
By taking these steps, Shoes of Prey can navigate the 'dark side' of value co-creation and achieve sustainable growth in the footwear industry.
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Case Description
Launched in 2009, Australian-based Shoes of Prey allowed potential customers to design every detail of a pair of shoes. The co-creation strategy offered customers a sense of ownership and increased their perceived value of the shoes. The company initially focused on niche customers; however, as a result of increased business investment, it decided to scale its business to the mass market. This mass customization and co-creation strategy brought numerous challenges. The company's inability to succeed in the mass market led to the co-founder suspending business operations in August 2018. Should she reboot the business with substantial changes, or was it time sell out?
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