3 minute read
MARKET HEALTH
from Situational Analysis
by Chloe.Butler
‘‘Our unique combination of brands plus credit continues to be what makes us special. Very.co.uk continued to expand rapidly as the growth engine of our business – as more and more people shopped on their smart-phones. ’’
Alex Baldock - Shop Direct CEO WHATEVER YOU DO, DO IT IN STYLE (shopdirect 2018)
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AT SHOP DIRECT WE’VE GOT A CLEAR AMBITION: TO BECOME A WORLD CLASS DIGITAL RETAILER, OFFERING OUR
CUSTOMERS THE BEST AND MOST PERSONALISED SHOPPING EXPERIENCE THEY CAN FIND.” (shopdirect 2018) ‘‘
Very is defined by 3 unique values that differentiate them from the competition;
Stylish. Innovative. Fun.
Zook (2011) suggests Marketing communications of a brand is a holistic experience that stretches the physical into the psychological.
Every brand, collaboration and product involved with Very is aligned and communicated through their personality. It is the essence of the brand that motivates consumer and employees offering each customer an experience as unique as she is, dedicated to personalisation and innovation.
MARKET HEALTH STATISTICS
The chart above is from Very’s annual report 2017 and shows their profit from sales from 2013-2017 as well as their growth in smart phone orders being up 41.5% which is a rather large figure. This could be due to success in its app progressions. The app is very easy to use and navigate around due to its compatibility and has very positive reviews with a rating of 4.7 stars out of five on the app store. However unfortunately this very well put together and thought through app is not back up by good customer service which unfortunately really lets it down. Customers are less likely to use the app if the company behind it are awkward with giving money back for refunds and are unreliable with their finance plans.
One of the main barriers to shopping online for clothes is fit style and it is still a category where consumers like to try on and see items in person. However, trust in a retailer where they already shop and previous experience of their clothes sizes makes it easier for them to migrate online. This benefits multichannel retailers and means that pureplays have to work hard to gain trust and loyalty from customers.” (Mintel.com 2018)
Very is one of the mentioned ‘pureplays’ where due to a lack of a physical store customers lack personal interaction from shop floor colleagues who may help with fitting and style suggestions as well as the fact customers cannot try on clothes till they arrive at their home. One major way Very. co.uk are overcoming this issue of clothing fitting and suiting is through their app, they provide an in depth analysis of your characteristics such as eye, hair and skin colour, body size and type, your measurements and height, the occasion you are looking for, what type of colours you usually wear, what environments you socialise in, and finally your age. From all this data the app then comes up with clothing recommendations for you, this is a very personalised way of shopping, and although it is a rather long process to fill in all of the information it is very interesting to see items of clothing picked personally for you, and to find things the customer would not normally choose for themselves.
Quick easy and free returns are also a major plus in boosting sales, this reassures the customer that even if their choice in style or size or wrong it is fairly hassle free to resolve.
