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FOREVER 21

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by

Spencer Graham

on 19 November 2013

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Transcript of FOREVER 21

FOREVER 21
The Company
The Market
- Fast fashion is popular and growing

- Consumer desire to connect their lives to their phones
A Convenient Smartphone App
The Mobile Point of Sale
An app that allows customers to purchase Forever 21 merchandise through their mobile phone


Traits & Attributes

- Easy to use
- Free
- Convenient
- Efficient
- Easily accessible

Product Description
Benefits
- Capitalize off of impulse buy

- An improved shopping experience

- Establish Forever 21 as an innovative brand

- Make purchase process more efficient

- Incorporate client info to existing data base

- Open a new channel of communication

Forever 21 App Design
The Need

Significant Competition
-Forever 21 would be the first fast fashion store to implement mobile point of sale.


-Efficiency will trump competitors until they develop their own mobile point of sale apps.
The Target Audience
- females ages 17-24
-smart phone owners
- access to credit card
- all income levels
- current Forever 21 or other fast fashion customers

Significant Competition
Forever 21

- Has proven to be a worthy contender to stores like Aeropostale and H&M

- Must continue to innovate to stay ahead; a mobile point of sale app is an edge

-Retailers' customer base is sufficiently tech-savy to make use of this app
Forever 21
- Founded in 1984 by current CEO Do Won (Don) Chang and his wife in Los Angeles, California.

- Intensive growth period from 1995 onwards.

- To date, nearly 500 stores worldwide, five different brands, and three different store formats.


Distribution
Distribution Plan
-A free app that would be available on both the Apple App Store and Google Play for the iPhone and Android smartphone markets
Pay Pal
Aligned with the Target Market
-One in four teens are heavy phone internet users

-In general, online shopping has seen a 20% increase in revenue from 2011 to 2012

-47% of teens who have cell phones have a smartphone

-One-third of college aged students aged 18-25 would make purchases through an app on their phone.

- PayPal will be integrated for quick, easy, and secure payments

-Our PayPal method will look as follows:

Goal- take the ease of purchasing clothing online
and connect it to impulse buyers at the point of sale
inside the store.
Marketing Communications
Promotional Campaign
Goal- Encourage customers to visit Forever 21 in person and try out the F21 App, a revolutionary idea that will make shopping faster and easier. It is about integrating their smartphone with their shopping experience.
Example Displays
Campaign Details
- Email blasts with description of app & link to download

- Social Media Posts: Twitter, Facebook, Instagram, Google+, Pinterest, and YouTube

-Website redesign: Home page ad with link to download app

-Various online ads: Emphasize the app’s ability to provide an easier shopping experience

-In-store advertising: Increase shopper awareness to the F21 app
Check-out counter flyers, in-store banners, app-themed displays
Sales force reminding customers of the app

Pricing
Company Financial Profile
-Privately held company

- $2.6 Billion in revenue, $124 Million in profit for 2011

-$3.4 Billion in revenue , $135 Million in profit for 2012

- 30.8% increase in revenue, 8.9% increase in profit year over year

-#196 in 2010, #162 in 2011, #121 in 2012 largest private company as rated by Forbes

Cost Benefit
Expenses
As of fiscal year 2012

- App creation: technology, design, content development

- App marketing: advertising

- App maintenance: employee training & operations upkeep
Revenues
- Sales: Direct & indirect purchasing

- 3% to 5% increase in sales

- Cost reduction
The Bottom Line
The growth in revenue outweighs the costs of app implementation
Jimena Chavarria, Jessica Reed, Justine Wallace, Spencer Graham, Stepahnie Lopez

Novermber 19th, 2013
Full transcript