Blog Entry 4b

YESSTYLE – Business and Revenue Model

For this blog I would like to discuss about YESSTYLE Business and Revenue model. Before we talk about this case, so what is business and revenue model?

A business model describes, in a model-like and holistic manner, the logical connections and the way in which a company generates value for its customers. A company can operate several business models at the same time.


A revenue model describes the structure of how a company generates revenue or income. Each customer segment can contain one or more revenue streams


https://www.lead-innovation.com/english-blog/business-model-versus-revenue-model-what-is-the-difference
source : https://www.yesstyle.com/en/women.html

BUSINESS MODEL

YesStyle (Ex.YesAsia) is an online shopping that generated in United States as well as in France and the United Kingdom launched July 2006 and selling beauty, fashion and lifestyle products. YesStyle’s headquarters is located in Kwai Chung. There are premium brands on there across Asia, including Cosrx, Mizon, Memebox, Some by Mi, innisfree, 3CE, chuu and Dear, Klairs. Their shipping reached the worldwide shipping.

YESSTYLE Vision :

To provide customers with an exciting shopping experience, superior service and a fine selection of affordable, high quality Korean beauty products, and Asian fashion and lifestyle products.”

https://www.yesstyle.com/en/about-us/company-overview.html

YESSTYLE Target Customer:

YesStyle is available for over than 200 countries and especially they offer the product for woman and young girls but some skincare could use for man also.

VALUE Proposition

  • Accessbility

In my opinion, YesStyle has a website that user friendly .They offer and have a product segmentation which is a good thing because they offer many product over than 100 product in 1 type of product.

  • Customization

YesStyle offer the premium Asia brands that worldwide customer could bought it. The good experience of this is I bought some of Korea brand that there is not sold in Australia. This customization product for worldwide customer is helpful and could reach more customer.

  • Convenience

YesStyle has “Our Promise” section for their customer. The one of it is about Shipping. There are estimated delivery time in their website after you did the transaction.

 If you do not receive your order within the estimated delivery time, please contact our Customer Service Team. Lost shipments will be reshipped to you without extra handling or shipping fees.

https://www.yesstyle.com/en/about-us/company-overview.html

Besides that, YesStylealso offer the Returns and Exchanges. For customer who dissatisfied with their product from YesStyle, customer could call their customer service to get the return or exchanges.

If you’re dissatisfied with a purchase from YesStyle, you can send it back to us within 14 days for an exchange or return. The issue can be size or color or anything at all. Your satisfaction is our concern, so if for any reason you’re unhappy with a product, you can talk to us.

https://www.yesstyle.com/en/about-us/company-overview.html

In the YesStyle transaction, there are Store Credit for the loyal customer. Store Credit is like a credit card for your account and everything you do the transaction, you can use your credit. The good things of YesStyle is they offer the Store Credit Refund. This is a convinience things for online customer because if they want the refund, they will got it as a credit and could applied for next purchase.

For convenience, we issue refunds in YesStyle Credit, which will be credited to your YesStyle account immediately. YesStyle Credit can be applied on your next purchase.

https://www.yesstyle.com/en/about-us/company-overview.html

Customer Relationship

In YesStyle Website, they have a 3 inquiry for their customer to reach YesStyle. The first one is Customer service itself. We could send them email or click on the Message icon. Even though there is business peak season such as holiday, they will reply your messages in 2 business days.

The second one is order tracking. The customer could track their transaction in their website. In my opinion, this part is helpful for worldwide customer. Sometimes customer got curios about their product and not be patient to know where their product is.

source : https://www.yesstyle.com/en/about-us/company-overview.html

Last is email their CEO. It is unique part, because it is rarely, we found the online shopping that could message their CEO.

source: https://www.yesstyle.com/en/about-us/company-overview.html

KEY ACTIVITES, PARTNER, RESOURCERS

For their key activities, they have an Instagram account for their promotion. They use the YesStyle influencer as well to create the content creative for their main account.

Maintenance with their business partner such as premium brand is another their activities in this business. Their main resource is a website or database itself. Because they are an online shopping, the IT jobs is a main thing that they should taking care of it. This is important, because they handle the data from other business partner also, they have a customer data from the payment transaction and the shipping as well. The safety of the website should be has a good maintenance and not become the scam for customer.

REVENUE MODEL

How they could get the revenue? Based on e-commere revenue analytis, in the 2018, YesStyle.com got US$399,6M . YesStyle claim that they are one of the fastest growing e-commerce businesses worldwide, with an average year-on-year business growth of 35%. They are using the “virtual merchant” like everyone use.

Product revenue is the main revenue for YesStyle. The other things is investing from investor and partnership with other business partner such as the premium brand and Korean News Website.How they could get the revenue? Based on e-commere revenue analytis, in the 2018, YesStyle.com got US$399,6M. YesStyle claim that they are one of the fastest growing e-commerce businesses worldwide, with an average year-on-year business growth of 35%.

That’s all of my analysis for business and revenue model from YesStyle! How about it guys? Have you tried it? Please share it with me!

References:

Ecommercedb. (2019). Yesstyle Analytics [ONLINE]. Retrieved from: https://ecommercedb.com/en/store/yesstyle.com

Emprechtinger, F. (July 22,2019). Business Model versus Revenue Model – what is the difference? [ONLINE]. Retrieved from: https://www.lead-innovation.com/english-blog/business-model-versus-revenue-model-what-is-the-difference

Wikipedia contributors. (2019, September 3). YesAsia. In Wikipedia, The Free Encyclopedia. Retrieved from https://en.wikipedia.org/w/index.php?title=YesAsia&oldid=913907527

YesStyle. Available at : https://www.yesstyle.com/en/home.html

Blog Entry 5a

Evaluation the impact of the internet and digital technologies on the marketing mix element – Travel Industry case

The one of largest service industries in the world is travels industry. Travel industry is different with tourism industry. Travel industry is a service that providing services related to travel from one location to another including hotels, airplanes while tourism is about act of travelling to a different location, either for business or pleasure (https://www.revfine.com/travel-industry/#what-is-the-travel-industry)

What’s the impact of the internet and digital technologies on the marketing mix element?

In this blog I would like to discuss about the impact. In 1960, marketing mix is referred as 4PS consist of Price, Place, Product and Promotion and purposes by Jerome McCarthy (Chaffey&Ellis , 2019). But in 1980s, the marketing mix extended to the 7PS and the additional is people, process and physical evidence (Chaffey&Ellis , 2019. p.191). In my opinion, there are many evaluations the impact of the internet and digital technologies in the travel industry and dealt with below.

Source :
Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Retrieved from https://ebookcentral-proquest-com.ezproxy.canberra.edu.au
  • Product

According to Chaffey and Ellis, the industry could offer the core product, digital product, extend product, and create the branding (Chaffey&Ellis, 2019, p.193). The good example of this is Flight Centre website. The digital technologies help the customer to made the booking for their traveling without come to the offline store. This action probably helps the industry as well to offer many services just in one website. In one website, customer could get many information about the services that industry offers to the customer, and of course this action makes the industry easier and save a lot of time to introducing their product

Source: https://www.flightcentre.com/
  • Price

Digital technologies and internet help this section to price transparency, pricing level, innovative pricing, and alternative pricing (Chaffey & Ellis, 2019, p.204). Customer will knowledge all of the price from Travel industry by Internet and technologies. Currently, there are the apps name Skyscanner.com . This technology helps the customer to find the best price of airlines, hire car and hotel in several times.. The industry could use this application to find their competitor’s price and could know about the averages market price.

Source : https://www.skyscanner.com.au/airlinefees
  • Place

This segment talked about place of purchase the product itself (Chaffey & Ellis, 2019, p.213). The travel industry is a A – Seller Controlled which mean home site of organization selling product or services. In this segment, digital technologies and internet help the Travel Industry to has channel such as Website, Application to meet the needs of the customer. In this century, people tend to use their mobile phone than going to the offline store, so digital technologies and internet really help the Travel industry.

  • Promotion

Digital technologies and internet would be really help and become the main source of travel industry to do the promotion in the online and could reach a lot of customer without worrying place and time. According to the Chaffey & Ellis (2019, p.220), there are the main elements in promotional mix. It is clearly to see, that those elements will help the travel industry to promote their product. Search Engine Optimization is a one of product from Internet could help the travel industry to do the promotion in Internet and Digital technologies.  

source : Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Retrieved from https://ebookcentral-proquest-com.ezproxy.canberra.edu.au
  • People, process and physical evidence

Last but not least is 3 additional P of marketing mix. These 3 factors are talking about the service mix in the marketing e.g. individuals in the marketing activities, customer focus, sales ‘staff contact experiences and online experience. Travel industry could consider this 3P to optimizing their online services. In my opinion, the easy user interface of their website could give the best online experiences for customer. Some of website from travel agency and airlines has a same function and format but the simple user interface could made the organization stand out than their competitor.

So, this is the end of my evaluation! How about you guys? Do you have any favor or opinion to this industry? Share with me your experiences! Xoxo, El.

References:

Chaffey, D., & Ellis-Chadwick, F. (2019). Digital marketing. Retrieved from https://ebookcentral-proquest-com.ezproxy.canberra.edu.au

Blog Entry 5b

Social Media Marketing Strategies – RECOMMENDATION!

“El, how I can use the social media to promote my business? My business is selling the sporting gear & equipment. Thanks for your help!”

Hi guys, welcome back to my blog! So, my friend asks me about the social media strategy for their business. I will try my best to give a good recommendation for them and this is my recommendation!

1.What’s the purpose? What’s your planning to your social media? How about the goal?

The first step before you set up your social media is planning and purposes. What kind of social media that you will use? How about the content? How about the timeline? How many engagements that you want to get? That’s the example question before you set up your social media strategies. Based on research by Gail Matthews from Dominican University, for those who wrote their goals will be accomplished more than people who did not write their goals (https://www.forbes.com/sites/ellevate/2014/04/08/why-you-should-be-writing-down-your-goals/#4c7b19d43397).

source : https://www.linkedin.com/pulse/why-only-few-super-successful-people-naveen-raju/

2. Who is your market?

What’s next? Of course, your market! By identifying your target market, you can develop your marketing strategies more effective without spending a lot of money (https://smallbusiness.chron.com/identifying-target-market-important-company-76792.html)

3.What kind of social media site that you want to use?

In this century, there are many social media that you can use to promote your product! Based on Influencermarketinghub.com, there are 50+ social media sites. In 2019, 2,77 billion people will be using social media (https://influencermarketinghub.com/50-social-media-sites-you-need-to-know/). This achievement supported by cheap smartphone, fast internet connectivity and easier to access. But, still depend on your market and geography. In this picture, different region could get different result of popular social media site.

4.Plan your content! Be Creative!

Your content is your social media marketing spearhead but be careful of the plagiarism content. We should know about our social media purposes. For example, if we use Instagram, the content should be picture and video. Or if we use Twitter, we could use the narrative content.

Source: Kylie Instagram

5.Maximum the function of social media site!

Explore the function of social media site! For Instagram, there are InstaStory, Instagram Shopping. For Facebook, there are marketplace or group function that will help you to reach your market!

source : https://www.searchenginejournal.com/instagram-shop-now/177869/#close
source : https://www.adweek.com/digital/facebook-marketplace-is-celebrating-its-second-birthday-with-new-ai-features/

6.Don’t forget of word of mouth!

Beside the social media site is important in this century, the traditional marketing should be not forgotten. Always keep your promotion between family, collage, group, or your team worker! This argument supported by Nielse, that 2% of consumers believe recommendations from friends and family over all forms of advertising (Whitler, 2014)

7.Catch up with the latest trends and don’t worry to changes the style!

Algorithm from social media site always changes day by day. Marketer required to continue learning about the algorithm, so the used of social media could be effective. These days, trends using the influencer to promote their product also become the latest trend in the social media site. But it can not be denied if in the future this trend will changes.

8.Evaluation, Evaluation, Evaluation!

How’s your strategy? Is it done well? That’s why we should do the evaluation of our strategic marketing. We should know that the current strategies are doing well, or we should change the strategies. Using the social media reviewer tools is not forbidden because the tools could help us to evaluate our engagement.

That’s all of my recommendation of social media strategies that my friend could use it! How about you guys? you have any recommendation for my friend? Please write it below! Xoxo, El

Blog Entry 4a

AIRBNB- Innovation Business Model

What is the important thing that we should consider when we are in holiday? Of course, accommodation! With all of technology and application that we have, we could arrange our accommodation depends on our budget. The one of application that we could use is Airbnb.


source: https://bmtoolbox.net/stories/airbnb/

Airbnb is an online marketplace for arranging or offering lodging, primarily homestays, or tourism experiences (Wikipedia, 2019). This application helps the host to connected with customer. In my opinion, Airbnb has a superior innovation in the hospitality business because they are different with the ordinary hotel business.

In the beginning, the founders, Joe Gebbia and Brian Chesky set up the the simple website to rent their room then Nathan Biecharczyk join later (https://bmtoolbox.net/stories/airbnb/). In the first time, they named the Airbnb with AirBed &Breakfast

After that, in 2008, they redesign their website and got some funding from other place. With their commitment and hard work, they could overtake Hilton Hotels in nights booked in 2012. Currently, as everyone could use, there is over than 1,500,000 listings in 34,000 cities and 190 countries. The customer could do the bookings in the online and on mobile devices. In 2015, the value of the company was $25.5 billion (https://bmtoolbox.net/stories/airbnb/)

In this case, we will discuss about innovation business model that Airbnb build for this business. I take this business model from Innovationtactics.com (https://www.innovationtactics.com/business-model-canvas-airbnb/). What is business model? Chaffey and Ellis stated that business model is a summary of how a company will generate revenue, identifying its product offering, value-added service, revenue source and target customers (Chaffey & Ellis, 2019, p.164).

I would like to highlight the value proposition of Airbnb. Host and Guest is their main partner in this business so Airbnb should give them fair obligations and rights. The example of the innovation of Airbnb is they give right to the Host to review the Guest that visiting their house. This right is very fair for me, because the foundation of this business is trust and how the attitude of the host or guest which is, they don’t know each other (Read: totally Stranger Things). If we look on the google review, just guest could review the Hotel, Café, Restaurant that they visited. But in Airbnb, both Host and Guest could give the review.

source : https://www.huffpost.com/entry/5-tips-to-protect-yoursel_b_13920834

Airbnb is giving the host easily access to arranges their listing from the check in and out time, their free amenities, the rules house, etc.  Even, the price of rent, the host could set their price by their self. Because Airbnb will take around 10% for the commission, and charges 3 % in the guest booking for Airbnb’s revenue.

Part of their marketing, they used the application and website as a core source for their business. In my opinion, their app is very friendly user and got a good review in the internet. In this era, traveler tend to look the cheap accommodation that match with their preferences and Airbnb offer that! In the application and website, the guest could write their preferences accommodation such as price, number of rooms, amenities, locations, etc.

source : https://airbnb.design/building-a-visual-language/

In my final analysis, Airbnb success to have innovation in their business field, Hospitality. Local hotel and motel could take an eye to Airbnb because Airbnb offer many of advantages to the host and guest which is they are key partner of Airbnb also the customer of hotel and motel.

References:

Chaffey, D. & Ellis-Chadwick, F. (2019). Digital Marketing: Strategy, Implementation and Practice. United Kingdom: Pearson

Wikipedia contributors. (2019, August 28). Airbnb. In Wikipedia, The Free Encyclopedia. Retrieved from : https://en.wikipedia.org/w/index.php?title=Airbnb&oldid=912805929

Blog at WordPress.com.

Up ↑

Create your website at WordPress.com
Get started