Harvard Case - Tashn.com: Developing Merchandising for a Competitive Advantage
"Tashn.com: Developing Merchandising for a Competitive Advantage" Harvard business case study is written by Ritu Srivastava, Anupama Prashar, Punit Bhardwaj. It deals with the challenges in the field of Marketing. The case study is 10 page(s) long and it was first published on : Feb 20, 2018
At Fern Fort University, we recommend Tashn.com implement a multifaceted strategy focused on brand positioning, product development, and digital marketing to establish a strong competitive advantage in the online ethnic wear market. This strategy will leverage consumer behavior analysis, market segmentation, and data-driven marketing to drive customer acquisition, engagement, and loyalty.
2. Background
Tashn.com, a start-up founded by three Indian-American entrepreneurs, aims to cater to the growing demand for ethnic wear in the US. The company faces challenges in establishing brand awareness, differentiating itself from competitors, and navigating the complexities of online retail. The case study highlights the need for a clear marketing strategy and product development roadmap to achieve sustainable growth.
3. Analysis of the Case Study
SWOT Analysis:
Strengths:
- Strong team with entrepreneurial experience and industry knowledge.
- Focus on a niche market with growing demand.
- Online platform allows for efficient reach and cost-effective marketing.
- Opportunity to leverage social media and influencer marketing.
Weaknesses:
- Limited brand awareness and recognition.
- Lack of a clear product positioning and value proposition.
- Dependence on third-party vendors for manufacturing and logistics.
- Limited resources for marketing and advertising.
Opportunities:
- Growing demand for ethnic wear in the US.
- Increasing adoption of online shopping and digital payments.
- Potential for partnerships with designers and influencers.
- Expansion into new product categories and international markets.
Threats:
- Competition from established online retailers and local boutiques.
- Fluctuations in fashion trends and consumer preferences.
- Challenges in managing inventory and logistics.
- Potential for counterfeiting and quality control issues.
Market Segmentation:
Tashn.com can segment its target market based on:
- Demographics: Age, gender, ethnicity, income level.
- Psychographics: Lifestyle, values, interests, fashion preferences.
- Behavioral: Purchase frequency, online shopping habits, brand loyalty.
Brand Positioning:
Tashn.com should position itself as a modern and accessible platform offering high-quality ethnic wear that caters to the evolving needs of the US market. The brand should focus on inclusivity, affordability, and convenience, emphasizing its commitment to ethical sourcing and sustainable practices.
Product Lifecycle Management:
Tashn.com should implement a product lifecycle management system to ensure timely product launches, inventory management, and efficient product development. The company can leverage data analytics to identify popular trends and customer preferences, informing its product development decisions.
4. Recommendations
Marketing Strategy:
- Brand Building: Develop a strong brand identity and messaging that resonates with the target market.
- Digital Marketing: Leverage social media, influencer marketing, and search engine optimization (SEO) to increase brand awareness and drive traffic to the website.
- Content Marketing: Create engaging content, such as blog posts, videos, and social media campaigns, to educate and inspire customers.
- Email Marketing: Build an email list and use it to nurture leads, promote new products, and offer exclusive deals.
- Customer Relationship Management (CRM): Implement a CRM system to track customer interactions, personalize communication, and build loyalty.
Product Development:
- Product Diversification: Expand product offerings to include a wider range of styles, sizes, and price points.
- Collaboration: Partner with designers and manufacturers to create unique and exclusive collections.
- Product Innovation: Introduce new product categories, such as accessories, footwear, and home d'cor.
- Quality Control: Implement rigorous quality control measures to ensure customer satisfaction and brand reputation.
Pricing Strategy:
- Competitive Pricing: Research competitors and set prices that are competitive but also reflect the value of the products.
- Value-Based Pricing: Emphasize the quality, craftsmanship, and ethical sourcing of the products to justify higher prices.
- Promotional Pricing: Offer discounts and promotions to attract new customers and encourage repeat purchases.
Distribution Channels:
- Online Marketplace: Leverage existing online marketplaces, such as Amazon and Etsy, to reach a wider audience.
- Direct-to-Consumer (D2C): Build a strong online presence through its own website and mobile app.
- Wholesale Partnerships: Explore partnerships with brick-and-mortar retailers to expand distribution channels.
Technology and Analytics:
- Website Optimization: Ensure the website is user-friendly, mobile-responsive, and optimized for search engines.
- Data Analytics: Utilize data analytics tools to track website traffic, customer behavior, and marketing campaign performance.
- AI and Machine Learning: Implement AI-powered tools for personalized recommendations, inventory management, and fraud detection.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Tashn.com's current situation, market trends, and competitive landscape. They align with the company's core competencies and mission to provide high-quality ethnic wear to a diverse customer base. The recommendations consider the needs of both external customers and internal clients, focusing on building brand equity, driving customer acquisition, and achieving sustainable growth. The recommendations are supported by quantitative measures, such as return on investment (ROI), customer lifetime value (CLTV), and market share growth.
6. Conclusion
By implementing this comprehensive strategy, Tashn.com can establish itself as a leading player in the online ethnic wear market. The focus on brand positioning, product development, and digital marketing will enable the company to attract and retain customers, build brand loyalty, and achieve sustainable growth.
7. Discussion
Alternatives:
- Focusing solely on a single product category: This could limit market reach and growth potential.
- Ignoring the importance of digital marketing: This would hinder brand awareness and customer acquisition.
- Over-reliance on third-party vendors: This could lead to quality control issues and supply chain disruptions.
Risks:
- Competition: Established online retailers and local boutiques could pose a significant threat.
- Fashion Trends: Fluctuations in fashion trends could impact product demand.
- Technology Changes: Rapid advancements in technology could require constant adaptation.
Key Assumptions:
- The demand for ethnic wear in the US will continue to grow.
- Consumers are willing to pay a premium for high-quality and ethically sourced products.
- Tashn.com can effectively leverage digital marketing channels to reach its target market.
8. Next Steps
Timeline:
- Month 1-3: Develop a comprehensive marketing plan and brand strategy.
- Month 4-6: Implement digital marketing campaigns and social media strategies.
- Month 7-9: Launch new product lines and expand product offerings.
- Month 10-12: Analyze results, adjust strategies, and continue to grow the business.
Key Milestones:
- Increase website traffic by 50% within the first year.
- Achieve a 10% market share within the next three years.
- Build a loyal customer base and generate positive online reviews.
By taking these steps, Tashn.com can successfully navigate the competitive online retail landscape and build a thriving business that caters to the evolving needs of the US ethnic wear market.
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Case Description
In October 2016, the assistant director for buying and sourcing apparel at Tashn.com (Tashn) was examining his team's readiness for the upcoming End of Reason Sale, scheduled for January 3 to 5, 2017. The assistant director was contemplating a few crucial merchandising decisions: Was Tashn's merchandising plan effective? Was its buying model sustainable for large orders? Were the seller selection and evaluation processes efficient to ensure quality? The assistant director was also concerned about an increase in customer complaints and dissatisfaction with product quality in the general market.
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