Platforms
Subscription Box
A subscription box is appropriate for our retail strategy because it offers convenience, savings, and personalized/customized options which are key buying factors within our target market.
Customers will be able to choose among a selection of merchandise on our website to be included in their subscription box.
By selling these items in a subscription box, customers are able to receive these products with more convenience than ever and additionally receive a discount from bundling items within the subscription box.
Customers will be able to customize and order their subscription box from our brick and mortar store or online. Customers will also have the option to pick up their boxes in-store if they don’t want them shipped.
Validation: A subscription box will help grow customer loyalty and better relationships with our customers (Richter, 2018) & (Wagner, 2020.)
Online
Our target market uses the internet everyday. Having an easy-to-use and accessible website will serve as a successful channel.
We will include a live chat function and an area to give customer feedback to exercise great customer service
The website will also include an option for online consumers to subscribe to email newsletters, exclusive discounts and a loyalty program. A mobile version of the website will also be available (Lewis, 2020).
Customers will be able to order items online and can either pick them up in-store or have them shipped to their homes.
The subscription boxes will be available for online purchase and online customization through our website (Agarwal, 2020).
Validation: Gen X likes to research a product online before making a purchase (Lewis 2020).
Brick and Mortar
Our physical location allows us to create and build a relationship with our customers face to face rather than just through a screen (Paycor, 2020).
Our customers are shopping for specifically high quality, well crafted products. Having a physical store location will allow them to get a feel for what they are purchasing rather than just viewing it online.
Wander Ready will have very knowledgeable staff that can answer any customer's questions.
In order to make sure our channels remain consistent, we will offer in store pick up for online orders through our brick and mortar location.
Customers will be able to customize their subscription boxes from either merchandise on the website or in store.
Validation: Gen X enjoys the experience of being able to be hands on with high quality products before purchasing (Paycor, 2020.)
Key Performance Indicators
Brick and Mortar
Experiencers: Aesthetic is visually pleasing
The layout of the store is easy to maneuver
Customer service rating is 95% or higher
Foot traffic is 2,500/month
Conversion rate of lookers to buyers is 3% or higher
Average transaction value is $65/transaction
Online
User Experience: good rating
Fast loading page
Easy to navigate
Mobile version is available
Chat box is available
Abandoned Carts: Less than 50%
Average Order Rate: $85
Subscription Box
Average Revenue Per Subscriber = $45
Churn Rate = 8%
Customer Acquisition Cost = $4.50/ per customer
Lifetime Value = $270