XIE NYU 2015

XIE NYU 2015

• 1.
  XIE TEAM Stacy Xie Aditya Narvekar AlexandraTonelli Sampath Kumar Interviews since class: 8 Total Interviews: 73 Delivers to women high-quality, high-fashion footwear that are customized for comfort, so they can confidently wear without pain
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  Day 1
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  KEY PARTNERS Material Suppliers (tanneries, components) Technology Partners (3D imaging software) ProductionPartners (shoe factories, 3D printing) Logistics (Ship goods, special rates) KEY ACTIVITIES Management of streamlined production supply chain Logistics Marketing and brand management Platform management VALUE PROPOSITION High-fashion, luxury shoes that are customized for comfort Shoes that remain comfortable for all day/night wear. User-friendly app technology Eliminates inconvenience of buying add-on comfort products CUSTOMER RELATIONSHIPS Personalized, automated services and recommendations Superior customer service Engagement of social media and networks CUSTOMER SEGMENTS Niche Women’s Market Wealthy Individuals who use smartphones and/or tablets Global Market KEY RESOURCES Engineers for tech dev/mgmt IP (patent) Designers, Customer Service, Marketing, Finance, Operations CHANNELS Own/Direct Website Mobile App COST STRUCTURES Value-Driven (luxury business) Fixed Costs (facilities, rent, salaries) Variable Costs (production, packaging, shipping) REVENUE STREAMS Product Sales Licensing Technology (??)
• 4.
  We Set Offto Find Our Customer... We thought she was the shoppers at Bergdorf & Bloomingdales, so we looked for her inside the store Then we looked for her at the Ace Hotel, a boutique hotel with a younger, trendy scene. We Asked: “What’s your top consideration when buying shoes?” We Heard: “BRAND!!” “STYLE!”
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  • Luxury segmentwas not looking for comfort • Luxury segment was more into the brand Key Decision: • We decided to focus on a different customer segment. Starting Day 2 we focused on “Working Professionals”. Day 1: Key Insights
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  Days 2-4
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  Working Professionals inFinancial District before and after work ● Visited Eneslow posing as a customer to understand how working professionals are making their shoes more comfortable right now. Day 2: We Started Looking Elsewhere...
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  Day 2: KeyInsights • Learned how cobblers at Eneslow were making customized changes for additional comfort • Working Professionals valued style, were more receptive to new brands and needed heels to be comfortable • Buyers expressed a need to feel the shoes before buying • Some customers shop shoes online - and a key factor was hassle free return policy
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  c Develop Customer Archetype: ●Intercepted Working Professionals in Midtown & Stern Langone students heading from work to class Understand Mindset of Early Brand Adopters & Explore Direct Sales Channel offering customization: ● Intercepted customers outside Warby Parkers ● Role played as customer Day 3: We Spoke To...
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  Customer Archetype: MeetRebecca (a HENRY) •A metropolitan working professional between 26 – 35, earning $80K - $250K •She likes variety in her wardrobe and wants to look her best at the office •She is willing to try new brands •She’s smart about her purchase decisions -- likes style but is drawn to a good deal •She wears heels for 8+ hours a day and NEEDS them to be comfortable •She looks for ways to make them more comfortable (uses footpads, stretches the shoes, or just wears the styles she knows are comfortable) Confident, Stylish & Comfortable
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  Day 3: KeyInsights Channels & Customer Acquisition for a New Brand • Warby customers mentioned style, fit and ability to try frames before purchase. • XIE could emulate Warby sending multiple designs for customers to try on. Shoes would be customized and shipped back to the customer. • Consider expanding to showrooms with growth Day 3: Key Insights
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  cU Understand Rebecca’s Day: ●Intercepted Rebecca on her morning commute Understand Current Comfort Offerings ● Spoke to shoe sales representatives for comfort heel recommendations ● Visited pharmacy to understand current sole insert options Day 4: We Spoke To...
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  cU Some Rebecca’s are: ●Customizing her shoes for better fit ● Carrying heels to work Current Comfort Offerings ● Dr Scholl’s has wide variety and styles of insoles and paddings ● CVS sales rep uses private label CVS insoles and loves it ● The Dr Scholls foot mapping machine did not work Day 4: Key Insights
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  Day 5
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  Business Model Canvas1
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  KEY PARTNERS Material Suppliers (tanneries, components) Technology Partners (3D imaging, software development) ProductionPartners (shoe factories, 3D printing) Logistics (Ship goods, special rates) KEY ACTIVITIES Product Design Management of streamlined production supply chain Logistics Marketing and brand management Platform management VALUE PROPOSITION High-fashion, luxury shoes that are customized for comfort Shoes that remain comfortable for all day/night wear. User-friendly app technology Eliminates inconvenience of buying add-on comfort products CUSTOMER RELATIONSHIPS Personalized, automated services and recommendations Superior customer service Engagement of social media and networks CUSTOMER SEGMENTS Niche Women’s Market Wealthy Individuals who use smartphones and/or tablets Global Market KEY RESOURCES Engineers for tech dev/mgmt IP (patent) Designers, Customer Service, Marketing, Finance, Operations CHANNELS Own/Direct Website Mobile App COST STRUCTURES Value-Driven (luxury business) Fixed Costs (facilities, rent, salaries) Variable Costs (production, packaging, shipping) REVENUE STREAMS Product Sales Licensing Technology (??) high-fashion trendy shoes custom-fit shoe for comfort Alleviate discomfort enabling all day usage Working Professionals (who use smartphones or tablets) - HENRY Fashion Enthusiasts & Influencers
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  Business Model Canvas2
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  KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITION CUSTOMER RELATIONSHIPS CUSTOMER SEGMENTS KEY RESOURCES CHANNELS COST STRUCTURES REVENUESTREAMS Convenient, one-stop service for enhancement and repairs Busy Working Professionals (who use smartphones or tablets) - HENRY Self-service through mobile- app interface Personal assistance Mobile Web Logistics & Fulfillment Freight forwarders Offshore facility & equipment, Warehouse Service Fee Fixed, list price App Developers Shoe repair Comfort enhancements Technicians, Customer Service Fixed Costs (facilities, rent, wages) Variable Costs (shipping, components) Economies of Scale Warehouse management
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  What’s Next? Business ModelCanvas 1 ( Sell Customized shoes ) • Refine MVP based on technology feasibility • Build out Channel Map and Revenue Model • Identify 3D imaging providers • Spend more time to understand a day in the life of Rebecca • Try existing stylish shoe companies approaching comfort through patented sole technology (Ukies, Julie Lopez Shoes) Business Model Canvas 2 ( Service for customizing existing brands) • Create hypotheses and experiments for 2nd canvas • Conduct interviews to understand target customers and their needs • Create Petal Diagram to include Cobbler Concierge, Enslow, etc.
• 20.
  Thank you!