Name: Jasmine Sullivan Student ID: 46470816 Class: Thursday 6pm Tutor: Joe Pitt Word Count: 1812
Aim of Competitive Analysis This report will be analysing The Iconic an Australian e-commerce online retailer focused on technology, fashion and innovation (Mitchell, 2018). The Iconic is a competitor of our new business venture, 'Stylar' as they have launched a virtual try-on feature for sneakers called visualise using the AR platform Wanna.by (Mcilvaine, 2019). The Iconic and Stylar also have corresponding target markets. This report will analyse The Iconic's digital marketing communication strategies using Dr. Dave Chaffey's RACE model. 1.Background of The Iconic The Iconic was founded in 2011 and operated by Internet services Australia 1 Pty., fully owned subsidiary of Global Fashion group (IBISWorld 2020). The Iconic is an online retailer in Australia and New Zealand that stocks over 60,000 products with strong brand values of reliability and convenience. The Iconic is a leader in implementing the newest technology including the virtual try on feature meaning they are competitive with the AR industry. On their mobile app they offer a 360 degree sneaker try-on experience, with the augmented reality feature you are able to 'try on' and compare different sneakers in just a few moments (The Iconic, 2020).The Iconic's core business is an online marketplace selling fashion products, but have chosen to partner with Wanna.b to feature their high-end technology to show realistic try on visuals (Wanna, 2021). The Iconic's key value proposition is to provide an effortless and enjoyable online shopping experience, having a try on feature making the platform furthermore convenient (Coyne, 2015). The target market of The Iconic is described in their annual report as being young, diverse, digitally native and highly engaged and it has also been found that majority of their customers are aged between 18-49years and female (GFG, 2020). This is aligned with Stylar's perceived target market of females aged 16-30 years, fashion enthusiasts and love the convenience of online shopping.
The Iconic is perceived as a competitor of Stylar as they have similar business models. Stylar's business model goal is to partner with online fashion brands and provide consumers with a platform where they are able to virtually try on the brands clothing, this will be competitive with The Iconic's business model where they are the fashion brand who has outsourced AR technology to virtually try on sneakers. In addition to the competitiveness of the use of AR technology both platforms will have similar target markets as stated above. Both businesses also have the same value proposition of using AR technology to influence customers to make an online retail purchase. 2. Competitive Analysis The Iconic uses many different digital marketing communication strategies that can be analysed through the use of the R.A.C.E model developed by Dr. Dave Chaffey. This report will therefore be examining how The Iconic Reaches, interacts, converts and engages customers through digital marketing strategies. 2.1 Reach Many businesses are turning to digital marketing to acquire additional customers as it offers precise targeting to prospective customers(Pandey et al.,2020). Reaching customers in the RACE framework means to grow the businesses audience through paid, owned and earned media. The Iconic have many different ways in which they use media to build awareness of their brand. The Iconic have used many different digital marketing channels to reach their customers from not only online social media ads but campaigns in the form of outdoor fashion shows. Their most targeted form of digital marketing is 'Pixel tracking', these are the ads that constantly pop up on an individual's facebook feed that reoccur after someone has engaged with the advertisement. These ads will show up until the customer has made a purchase. This form of social media advertisement is successful as they are able to show you a product that is relevant to you as they have tracked when you have previously visited their site and looked in that product category (WLKR.digital, 2020).
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