Task
Using the following SWOT Analysis, Write an improved future business model. Include what changes you would make, one visual representation and 2 sources.
SWOT Analysis Synthesis
Strengths:
– Implementation of SEO for organic online traffic.
– Easy to navigate through website.
– Veteran owned business benefits.
– Diverse selection of high-quality products.
– Secure payment options and free shipping.
Weaknesses:
– Low brand awareness.
– Overly crowded e-commerce industry with difficult market penetration.
– Reliance on third-party suppliers for product inventory.
– Need for improved marketing strategies to reach target audience effectively.
Opportunities:
– Growth potential in the e-commerce market.
– Expansion into new product categories.
– Leveraging data analytics for personalized recommendations.
– Increasing website traffic by creating a blog section to publish articles.
Threats:
– Intense competition in the e-commerce industry.
– Changing consumer preferences and trends.
– Cybersecurity risks and data breaches.
Current Business Model
– E-commerce platform offering home goods and office products.
– Leveraging Veteran business benefits, free shipping, and secure transactions.
– Partnerships with top brands and suppliers for product inventory.
SWOT Analysis Insights
– The SWOT analysis reveals that there are weaknesses in brand awareness and marketing strategies.
– Opportunities exist for growth and expansion through exploring new product categories.
– Threats such as competition and cybersecurity risks highlight the need for continuous improvement.
Changes for Future Model
– Enhance brand awareness through targeted marketing campaigns and social media engagement.
– Add additional product categories to cater to changing consumer preferences and trends.
– Invest in data analytics for targeted recommendations.
Future Business Model
– Expanded product categories and market reach.
– Enhanced marketing strategies for brand awareness and customer acquisition.
– Utilization of data analytics for personalized recommendations and user engagement.
– Continued focus on product quality, free shipping, and discounted prices.
By incorporating these changes into the future business model, VirgenEmporium.com can capitalize on opportunities for growth, mitigate threats, and strengthen its position in the competitive e-commerce landscape.