Lecture Post: Competitive Analysis

My Idea:
Hi there! My idea for the entrepreneurship project is to create an online thrift/vintage store. The store would be updated on a weekly basis and would hopefully be an effective means to shop inexpensively. I hope to target college women with my thrift store. This blog will follow my planning of the store as I learn more about technology & entrepreneurship through lecture.


On Competitive Analysis:
I've always known that there are a lot of quality online thrift stores. What I didn't know were how many there actually were! Never fear though. This weekend, I took some time to scope out the competition. It's always good to see what works, what doesn't and most importantly, what I can do differently. So! Without further ado... 


Competitor 1 URL: The Kissing Tree Vintage
Competitor 1 Overview: There's the Kissing Tree Vintage. It's a thrift store that specializes in 70s & 80s fashion. What is interesting about this store is that it is actually ran on ebay! I think this definitely has its pros and cons. Let's start with the pros. For one, I'm sure running  an online store on ebay makes things much easier than creating your own web site where you would have to keep up and maintain things like the layout, coding, setting up a place to check out... etc. If you work with ebay, they take care of these things for you. For two, The Kissing Tree Vintage has a 'bidding' system where the highest bidder wins the item. I think this system has its pros and cons. Personally, I prefer for there to just be a "set" price and that's that. No trying to "beat out" someone else... no drama.. no fuss. Luckily, most of KTV's clothing does have the "Buy It Now" option which solves this problem. I think what KTV made me realize is the importance of having a focus point. I remember I had someone comment and ask what era I would focus on for my clothing. At first, I wasn't sure, but lately, I've been thinking about 80s clothing. 80s fashion is actually really making a come back right now, so why not join in on that market? I think what would make me different from KTV is the platform on which I operate on. I'm not so sure ebay is the outlet I'd want to go with. I know on ebay there is a no-seller negative feedback rule and other restrictive rules. I think I would maybe consider starting on my own domain. Marketing on my own platform may have its difficulties, but with time, I think this could work. 


Competition URL: Modcloth
Competition 2 Overview: Then there's ModCloth. Now what's interesting about ModCloth is that they began as a thrift store, but have evolved, and now they also sell vintage-inspired clothing. They are a million-dollar company now, which I find incredibly inspiring. Every time I try explaining my vision for a thrift store to people, I seem to get the side eye. Seeing stores like ModCloth do well really inspire me to push forward. But anyway! Let's talk about what ModCloth does well. First off, I think they have really great marketing. They have a very strong review system. What's even more wonderful is that they stay involved in the discussion with their customers. For example, they respond to reviews whether it is positive or negative. In addition, they have a twitter account dedicated solely to customer service. It shows they care. In a store that isn't physical, but online, it is imperative to show that you are still involved and aware of what your customers concerns/needs are. 


Now what would I do differently? I think with my online store, the focus will always be on thrifting. ModCloth has a "section" dedicated to thrifted clothing, but it's not necessarily the focal point. In addition, I think I would have to work a bit harder to keep my thrift store stocked. Thrifted items usually go fairly quickly especially when you've gained loyal customers. Lastly, as mentioned above, I want my focus to be on 80s fashion. There are so many online stores out there that I really just feel like I need to find my own niche.