The Iconic Retail Markrting Report
The Iconic Retail Marketing Report
Retail marketing is employed by the retailers to increase awareness about their products or services, gain customers interest, and/or improve sales. Retail marketing strategies are implemented at several operations or processes of a business to select the retail channels available in the market, to set prices for the products, and to manage the display of products in a retail store. This study provides marketing strategy report of The Iconic , an online fashion retail store in Australia.
Background and History
The Iconic is a leading online fashion and sports retail store in Australia, which has been running its operations since 2011. It is based in Sydney, and has developed into the largest destination for customers looking for latest fashion designs, and sportswear as well as kids-wear delivering the latest trends. It has links to more than one thousand local as well as international brands and be able to offer its customers access to a wide range of brands. The Iconic makes use of the latest technology for getting this unrivalled access to brands and provides more than sixty thousand products for men and women. Since it has been operating business for almost eight years, the company has well established itself in the online retail fashion and sports market. The Iconic has more than thirteen million visitors per month. As they claim, The Iconic launches around two hundred new products every day. This implies that the company has a huge network of business and the number of employees, processes, and activities is great. The company has succeeded a huge customer following by offering its great service and products to them through all these years.
The Iconic declares that the purpose of the company is to offer complete customer liberation. It implies that they want to offer their customers such a seamless experience that they feel a sense of utmost liberty of shopping. This could happen if the company is allowing the customers to select from a range of goods, services, and other related facilities. Therefore, the company s mission is to turn shopping into a seamless and inspiring experience. The mission of the company indicates they focus on the quality of service and value delivered to customer for interacting with their company. A seamless experience the customers can have if the company offers the right products that the customers want or demand, facilitate the customers in placing orders on their website, and deliver goods to customers with best possible channels ADDIN ZOTERO_ITEM CSL_CITATION citationIDcHNITWKt,propertiesformattedCitation(Parsons Descatoires, 2016),plainCitation(Parsons Descatoires, 2016),noteIndex0,citationItemsid48,urishttp//zotero.org/users/local/wreEcalP/items/RJ6GTZLD,urihttp//zotero.org/users/local/wreEcalP/items/RJ6GTZLD,itemDataid48,typearticle-journal,titleRetail marketing A novel research agenda,container-titleAustralasian Marketing Journal (AMJ),page102-107,volume24,issue2,authorfamilyParsons,givenAndrew G.,familyDescatoires,givenEllie,issueddate-parts2016,schemahttps//github.com/citation-style-language/schema/raw/master/csl-citation.json (Parsons Descatoires, 2016). An inspiring experience will be guaranteed if the company surpasses its customers expectations in offering, dealing, and delivering goods.
Target Market and Positioning
The Iconic delves into offering the latest fashion trends of the industry to its customers. The company focuses on targeting customers who are looking for fashion and innovation. These customers may belong to diverse demographic backgrounds. However, customers who are most likely to be attracted by the companys products on sale are the youth and the children. Therefore, the company has designed its procurement, marketing, and distribution units in a way that best deliver the customer experience to these fashion-craving children and young people. The research figures also reinforces this fact, as the age-range of customers mostly come online to shop at the companys store lies between 25 to 35. These customers not only appreciate the goods available on the companys store, but also like the fast delivery service of the company.
One of the Iconic executives speak of the targeting and positioning strategies of the company and reveals that initially, they developed their website with no emphasis on any specific group of customers ADDIN ZOTERO_ITEM CSL_CITATION citationIDah33lLCY,propertiesformattedCitation(Ward, 2017),plainCitation(Ward, 2017),noteIndex0,citationItemsid49,urishttp//zotero.org/users/local/wreEcalP/items/UCAXWZTK,urihttp//zotero.org/users/local/wreEcalP/items/UCAXWZTK,itemDataid49,typearticle-journal,titleTarget marketing,container-titleThe balance small business. The,authorfamilyWard,givenSusan,issueddate-parts2017,schemahttps//github.com/citation-style-language/schema/raw/master/csl-citation.json (Ward, 2017). The website did not address specific needs of different groups of customers. However, the website was tailored with time according to the specific needs of customer groups. This implies that different sections on the website were designed in a way that every group of customers having their specific wants and preferences can search their required items in a single section, saving their time to a considerable extent. Further, the Iconic has successfully positioned itself as the first option of youngsters to buy clothes, footwear, sportswear, etc. of latest fashion with maximum ease in the buying process as well as the fastest delivery with minimal charges.
Competitors and Competitive Advantage
The company s main competitors are ShoeDazzle and GOAT. The Iconic has developed effective marketing strategies to cope with the competition it faces in the market. The Iconic takes advantage of its wide network of suppliers and vendors whose products are displayed on the website for selling and delivering to customers. The Iconic has access to the brands that are latest in the market and products that cover the needs of selected groups of customers with full competency ADDIN ZOTERO_ITEM CSL_CITATION citationIDlbNXERac,propertiesformattedCitation(West, Ford, Ibrahim, 2015),plainCitation(West, Ford, Ibrahim, 2015),noteIndex0,citationItemsid50,urishttp//zotero.org/users/local/wreEcalP/items/X8TYLAFC,urihttp//zotero.org/users/local/wreEcalP/items/X8TYLAFC,itemDataid50,typebook,titleStrategic marketing creating competitive advantage,publisherOxford University Press, USA,ISBN0-19-968409-X,authorfamilyWest,givenDouglas C.,familyFord,givenJohn,familyIbrahim,givenEssam,issueddate-parts2015,schemahttps//github.com/citation-style-language/schema/raw/master/csl-citation.json (West, Ford, Ibrahim, 2015). Another competitive advantage the Iconic has over its competitors is the fully responsive website that gives the customers the best experience of online shopping with liberty of choice, access, and delivery.
The company s focus on the range, service, and technology applied in completing the activities is the main competitive advantage the company has over its competitors. The range of goods offered is very wide, as mentioned above. The additions to the current goods delivered by the company also increments the range of companys services. Further, the Iconic promises to deliver orders to customers within three hours maximum after placing the order. If a customer has a delivery order of more than fifty dollars placed on the Iconic website, and the company will charge no fee for delivering the order to the customers location. There will also be imposed no charges for bringing the sold goods back from the customers in case they decide the purchased goods are not their perceived products or due to some other reasons as well. Moreover, the company uses state-of-the-art technology in running its operations and activities. It has a well-acclaimed iSO app for transacting the business activities. The Internet sites designed for the Web and the mobiles are fully interactive and engage the customers to the full extent. The shopping experience offered by the company to its customers is fully personalized ADDIN ZOTERO_ITEM CSL_CITATION citationIDuvNISXCH,propertiesformattedCitation(Herrera, 2015),plainCitation(Herrera, 2015),noteIndex0,citationItemsid51,urishttp//zotero.org/users/local/wreEcalP/items/LEJBDMRE,urihttp//zotero.org/users/local/wreEcalP/items/LEJBDMRE,itemDataid51,typearticle-journal,titleCreating competitive advantage by institutionalizing corporate social innovation,container-titleJournal of Business Research,page1468-1474,volume68,issue7,authorfamilyHerrera,givenMaria Elena Baltazar,issueddate-parts2015,schemahttps//github.com/citation-style-language/schema/raw/master/csl-citation.json (Herrera, 2015). The customers can complete their purchasing transactions in all of their synchronized devices. Finally, the company boasts of its working team that demonstrate tremendous expertise, talent, and relevant job skills combined with their commitment, enthusiasm, and professionalism.
Retail Sector Description and Environmental Factors
The company runs its business online, that is, it interacts with the customers through the website. However, the company has to indulge in field activities as well as related to businesses of this kind. This implies that the company has arranged competitive facilities for running its business activities. The procurement division, the marketing and sales support, and the distribution system all are managed with expertise of the competent team of company executives. The Iconic operates in the retail sector of Australia, which is a very competitive market place, especially for the new emerging companies. The efficient website and the exquisite operational structure of the company enables it to excel in the industry where fashion and latest trends are in high demand.
The retail industry has flourished to great extents with the advent of the Internet revolution. The customers today prefer buying and transacting goods online. This is because it saves time, money, and effort. The environment of the companys business is supportive and favourable. Australias infrastructure, especially the infrastructure of Sydney, is very favourable for the businesses to carry out operations with ease and cost-effectiveness. That is why the company has been able to offer valuable services to its customers. The regulations of Australia, which govern and make policies for businesses have made it convenient to do business through any channel smoothly.
The company s website is interactive, responsive, attractive, well designed, and well-structured. There are different sections of products, and within each section of products, there are options for choosing goods from various groups, each presenting goods with some common attributes. The company offers goods for both genders, different demographic groups, and children. People can search among clothes, shoes, accessories, kids collections, and sports items. Each of these categories has been further subdivided into smaller categories of items. The company facilitates further the use of its website by incorporating extra tabs or links that lead to specified group of items only, such as shop men , shop women , and shop kids .
Benchmark against a Competitor s Website
ShoeDazzle is one of the major competitors of the company. However, the range of categories offered by ShoeDazzle is narrower than that of the Iconic. The Iconic s website design is more user-friendly, elegant, and elaborative. The segregation of target customers is more evident in the Iconic s website. They have given more emphasis on providing the specific needs of different groups of customers in a time-saving and easy-surfing way. The imagery used in the Iconic s website aims at conveying the marketing message of the company more forcefully. The website is more comprehensive overall based on the thematic content, look, and the dominating trends. The website offers visitors an opportunity to follow their favourite brands as well.
The Men s Shoe Page on The Iconic
The Iconic s website, as mentioned above, offers the customers a convenience in shopping online by categorizing the goods into three main broad groups, i.e., shop women and shop men. These broad categories further entail many links to pages that offer certain sets of items grouped as per their features. The page of this website selected for the current study is men s shoe page. Since it would lie under the main broad category of shop men , the discussion will proceed accordingly.
Items displayed in the general outlook of categories in men s shoes is given in the picture below
This is the top part of the page dedicated for shopping of men s items. The page shows categories of shoes on one side and the top brands featuring in the website s portfolio of goods on the other side. This figure shows that the company s website has addressed needs of men and women separately. This approach causes ease of use, as well as an impression on the visitor s mind that the company specializes in offering its products or goods. A special recognition has been given to men and women while placing items on the website s display. The captured image shows that The Iconic shoe page displays a wide variety of shoe categories for men. They include sneakers, boots, dress shoes, style shoes, casual shoes, sandals, thongs, ankle shoes, and so on. Moreover, the brands available are almost all those that prevail in the market with majestic sales shares and brand impacts. These are Nike, Adidas, Lacoste, Timberland, and others.
The areas of improvement on this section of the page under discussion are the visuals involved, the position of some distinguished categories among the displayed items, and the uniformity of presentation. This implies the visuals are too simple and dull, which is not as attractive as it should be for a retail store targeting the youth. The text colour needs to be more intensified. This is important so that the visitor does not find any difficulty in reading and searching items. Further, the distinguishing categories like all shoes , new arrivals , all brands , etc. should not be placed where they are now. This is because these are more generalized categories and these should be placed in another column or row. It would increase the convenience of navigating between the related searches. In their current place, they look like some misplaced objects, giving them an alien-like appeal. Moreover, the colour uniformity is missing in the text. Some items are in bold while most of the items are not. All the words do not have the same colour, which reflects a lack of update work on the website.
The following picture is the men s shoe first page that starts giving samples of shoes delivered by the company.
The Iconic having a large collection of goods demonstrate these items on different pages numbered to get referenced easily. The customer can scroll through these pictures of mens shoes and subsequently place the order of the choice. The page displays on the left side of its different categories of shoes, several preference criteria to refine searches, and other attributes that differentiate these shoes.
The main thing missing here is that the focus of target marketing has not been addressed in the left navigation bar. There is no option where some specialized searches can be made such as the youth s priorities and preferences. The page is void of depicting vividly any emphasis on the marketing strategy of the company. The criteria setting options on the left side of page needs to add more options in their subcategories.
The following picture gives the categories of shoes offered to men.
The picture displayed above shows the list of categories for men, but it lacks certain categories that need to be added on this page. Although on other pages the missing categories are available, yet it seems imperfect to not mentioning those categories on this page. This is because the company s marketing strategy requires to focus on these particular aspects. For instance, the categories of latest trends , best-selling , innovative creations , trend-settlers , choice of the youth , and similar others are not included in the category list of shoes. This kind of missing items will weaken the impact of marketing strategy adopted by the company.
The company specializes in the fast-paced industry of providing the best solutions to customers at their doorstep. The customers do not have to put more effort in finding the right solution to their needs and issues. The marketing strategy of the company is narrowed to a retail perspective. However, the major implementation of its strategy is only possible in the precise representation of strategic priorities of the company on the website. The website lacks the glamour, visuals, and layout that attracts, engages, and urges customers to keep on navigating the website. Further, the display of shoes pictures on the pages is simplistic, non-prioritized, and infinite. The visitor will find it cumbersome to scroll through so many options that never tend to come to an end.
The problems with the text font size and colour are evident. The background of shoe pictures is not harmonious with the required look of the website. The website page is short in innovation, creation, and the marketing foresight. The companys focus looks to be more on creating feasibility and convenience in delivery of items, as evident in the navigation bar when going down to the delivery options. However, the same focus is missing on the marketing strategy implementation level, which indicates a certain lack of concentration to this end.
Recommendations with Justifications
The company has succeeded in positioning itself as a dynamic, competent, and advanced organization that strives for becoming the top organization in its particular industry. It operates business and interacts with customers online through its website. The website is user-friendly, simple, and responsive. However, there are certain flaws and imperfections in the website that come in the way of its marketing efforts and do not align with its marketing strategies. These flaws, shortcomings or the imperfections have been discussed above. This section provides recommendations for removing the aforementioned and making the webpages as per the companys goals.
The company has focused on providing customers with the latest trends and products. The webpage should display this focus in the layout, presentation, and content. The webpage should be more user-friendly in the sense that it can engage customers for more hours. The user should feel no simplicity in the development of pages. All the elements constituting the shoe page of men on the website should be in harmony with the strategic goals of the company.
The font colour on a particular section on the page should not mismatch among different words. All words should be displayed with the same font colour and same font size within a section. This is to increase credibility, improve impression, and enhance customers visual experience. The layout of the different sections should be symmetrical on a page so that all sections get their respective importance on the page. The important thing to be noted is that all the items mentioned under a selection of major group title should align with the overarching approach of marketing being presented in that particular area.
The missing items on the mens shoe page should be added to increase the impact of marketing done by the company. The missing categories needed to add on the website have been mentioned in the previous section of this study. These should be placed on the website to make the thing effective in full extent. The categories showing innovation, trends, and others must have their proper place on the page. The companys marketing strategy relies on efficient delivery of products to customers. It should be combined with extra emphasis on the presentation of materials on the pages of the website. The sections of groups of customers can be increased to show a wide range of target customers. This is important because today s market trends speak of the need of an online store that is capable of providing all products about a particular industry on a single platform. The company can add options of navigation through these suggested add-ons in their webpage.
The web page is simple, and it needs to get more heavily designed. However, for this particular study, it is suggested that the pictures should be made bigger on the pages. The display of prices is not clear or easily identified because they use the same font style and colour as do the other fonts have. Therefore, the price tags must be made more highlighted. The picture backgrounds are very plain. The website pages are categorized efficiently. They only need to be presented in a better way so that the customer can feel the impact of companys marketing in the very first sight. People buy what they see. Hence, the layout should be as per the visual needs of the targeted group of customers of the company.
ADDIN ZOTERO_BIBL uncited,omitted,custom CSL_BIBLIOGRAPHY Herrera, M. E. B. (2015). Creating competitive advantage by institutionalizing corporate social innovation. Journal of Business Research, 68(7), 1468 1474.
Parsons, A. G., Descatoires, E. (2016). Retail marketing A novel research agenda. Australasian Marketing Journal (AMJ), 24(2), 102 107.
Ward, S. (2017). Target marketing. The Balance Small Business. The.
West, D. C., Ford, J., Ibrahim, E. (2015). Strategic marketing Creating competitive advantage. Oxford University Press, USA.
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