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Transcript of FOREVER 21
- 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
- Easily accessible
- 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
-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
- 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
- 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.
-A free app that would be available on both the Apple App Store and Google Play for the iPhone and Android smartphone markets
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.
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.
- 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
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
As of fiscal year 2012
- App creation: technology, design, content development
- App marketing: advertising
- App maintenance: employee training & operations upkeep
- 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