Executive Summary
iTailor is a company that specializes in 3D printing services and makes printed clothes for its customers. This firm focuses on the latest technologies, as well as provides convenience and a wide choice of services to its clients. iTailor has a competitive advantage in the market because it does not have high expenses related to its website maintenance, as well as works in a market that is growing quickly.
Moreover, the company benefits as it applies innovations and makes all its business processes green and sustainable. However, there are problems for the company related to its online presence. It was recommended to increase the volume of online promotion and to make its website easier to find with the search engines. In addition, iTailor was recommended to continue using the latest technologies and to increase its product assortment to remain competitive in a dynamic market.
Overview
iTailor is a leading 3D Printing Fashion Group that was founded in New Zealand and is currently located in the US. It makes customized 3D printed products of different types for satisfying the demands and needs of various customers. The company presents itself as a team of designers and innovators who create new models and trends in the printed fashion (iTailor, 2019). iTailor has a store in San Francisco.
The vision of the firm is “to provide efficient, recyclable, unique clothes to all our customers” (iTailor, 2019). iTailor uses an innovative 3D printer that is not available for most of its competitors. Due to this device, the firm can offer its customers various types of clothes, which are eco-friendly and durable. iTailor applies the most innovative technologies to minimize waste and possible negative impact on the environment. Customers can use additional convenient services, such as styling and visualization of their clothes before printing.
Discussion
iTailor is likely to gain a significant competitive advantage from its e-marketplace due to its unique operating strategy. The first element of its operating strategy is minimizing the costs of online presence and promotion. iTailor’s website is based on the Wix platform that has relatively low prices to create and support the firm’s website (Wix, 2019). Due to using this platform, iTailor is enabled to save some costs related to website development, testing and supporting. The website of the company is convenient and laconic. It is possible to learn easily about the company, its main products, benefits, services and other additional information that may be needed for clients.
The second important element of the operating strategy that helps iTailor to gain a competitive advantage is that the company focuses on innovations and the latest technologies to satisfy its customers. 3D printing services are becoming more and more popular all over the world, and many companies select this type of services to become competitive and to get high profits. In the world, 3D printing is showing a high level of growth in different spheres. It is expected that all sales related to 3D printing provided by large public companies will reach $2.7 billion in 2019 and $3 billion in 2020, in comparison with 2.2 billion in 2017 (Stewart, 2018).
In general, for the market, during the year of 2018, accelerated product development that relies on 3D printing showed 39% in comparison with 29% for the same period of 2017 (Columbus, 2018). In addition, 3D printing services provided by various companies give them an opportunity for market growth both in the national and global markets.
In 2018, nearly 93% of all firms that used 3D printing we’re able to gain significant competitive advantages in their markets due to reducing time-to-market time (Columbus, 2018). Moreover, currently, 3D printing firms can make production more flexible to satisfy changing needs of their customers. Based on the positive prospects for the 3D printing market made for the nearest years, it can be stated that iTailor benefits from the market selection – it has chosen a dynamic market with high growth trends for the future period. In addition, the company gains significant competitive advantages due to the use of new technologies in 3D printing.
In particular, iTailor applies innovative 3D printing devices and material for printing, which enables it to make customized apparel that is comfortable for wearing, durable and friendly to the environment. Moreover, all business and production processes of iTailor are energy-saving and provide a minimal volume of waste. With that, the company also gains competitive advantages because, in the modern global markets, it is vital for all enterprises to focus on sustainability and to support it with their operational processes. Sustainable firms are more likely to find loyal customers and partners to supply materials or to distribute their products.
The third vital element of the operating strategy, due to which iTailor has a competitive advantage, is its product assortment and niche. Most companies that specialize in 3Dprinting services offer different products to print, such as decorations, medical products or parts for various mechanisms. However, 3D printed clothes are innovative and rare in the market currently. As iTailor focuses on this product category, it gains competitive advantages in the market for 3D printed goods.
It can easily occupy a unique market niche where other competitive firms are not represented yet. This operation strategy can be continued for the future until printed clothes become more popular and are offered by more companies.
In addition to the operating strategy that is currently used by iTailor, the company can be recommended to apply some improvements to it. The firm can modify its business operating strategy to increase the size of competitive advantages gained from using online retail and service offering. The first improvement to apply is to focus on online presence, promotion and customer information. Currently, iTailor uses a cheap and simple website with some issues.
For example, there are not enough example photos to show clothes or other items produced by the company. Clients are not likely to make many orders when they do not know exactly what they will get. Because of that, iTailor may fail to find enough customers. Thus, the firm should provide more information and photos on the website. One more element of online presence and promotion is an online advertisement. Currently, it is hard to find the firm and information about it using Google or other search engines. iTailor should pay to improve its position in the search results to make more potential customers visit its website. Banners, context advertising and other online ads should be used as well.
The second recommended improvement to get significant competitive advantages is to focus on social network presence. Currently, social networking platforms are very popular among people of different ages and from various countries. Many businesses actively use social media to contact current and potential customers, to inform about the company and its products, and to gain consumer loyalty.
The emergence of social networks has enabled people to communicate with others all over the world for free or for a very low price, which is beneficial for individuals and enterprises. If companies actively use social media platforms to inform about themselves and to contact customers, they are likely to grow easily and to spread their activities globally (Pourkhania, Abdipoura, Bahera, & Moslehpour, 2019).
Thus, iTailor can use the experiences of similar firms in its market to build social media presence and to find more customers in the US, New Zealand and other countries. For example, it can actively use Facebook because this platform is popular globally and has the highest number of users. There, iTailor can create its community, post photos and videos with its products, communicate with customers, etc. iTailor can also create its channel on YouTube to post its videos with this advertising, promotion of products, technologies used, information for customers and so on. Generally, the presence in social networks is likely to increase the number of customers for iTailor.
The third recommendation to the firm is to continue its improvements in terms of the 3D printing technologies it uses currently. iTailor gains market advantages due to the use of innovative technologies and making all production processes friendly to the environment. However, the main competitors may copy this advantage in the nearest time. iTailor should always keep track of the new technologies and devices and, if possible, introduce them to its production process.
Product assortment can be made larger and cover not only apparel but also other 3D printed products. Due to that, the firm will be able to maintain its competitive advantage for a long period and to get benefits in its market by offering its customers something that is not present for its key rivals.
Conclusion
To summarize, iTailor is an innovative company that specializes in producing 3D printed apparel. It benefits the market due to low online presence costs, as well as innovative technologies of 3D printing. In order to maintain its competitive advantage for a long period, iTailor was recommended to increase the volume of online promotion and to attract more customers via social networks. In addition, the company should keep track of the newest 3D printing technologies in order to gain competitive advantages over other firms in the market.
References
Columbus, L. (2018). The state of 3D printing, 2018. Web.
iTailor (2019). About. Web.
Pourkhania, A., Abdipoura, Kh., Bahera, B. & Moslehpour, M. (2019). The impact of social media in business growth and performance: A scientometrics analysis. International Journal of Data and Network Science, 3, 223-244.
Stewart, D. (2018). 3D printing growth accelerates again. Web.
Wix (2019). Wix pricing information. Web.