Published on April 5, 2014
Design Fix (Tentative Brand Name) The e-commerce platform providing an intersection for the arts & design industry.
Introduction We will represent a global platform of impeccable, trendy home furnishings, décor, artwork, and design aesthetics. We aim to be the central e-commerce and data source for gifted interior designers and suppliers, artists, design consultants, and design/art devotees alike. Our platform will encompass the most exclusive, competitively-priced furnishings, décor, and artwork.
Satisfying the Opportunity Gap Niche: The marketplace gap doesn’t reach high- end suppliers of interior design furnishing nor cater in conjunction to vendors like interior designers/consultants and artists (all-inclusive). Standard e-commerce sites for of décor tend to be arts and crafts makers or hobbyists; not top notch furniture/décor designers.
Differentiation Strategy Avoid selling mainly low-priced ticket items such as arts & crafts projects (unlike other dissimilar e- commerce competition, for example: Etsy, Hunter’s Valley, and Amazon). Do sell competitively priced items and collect a commission from each transaction. Offering paid membership packages to vendors (quarterly, bi-annually, annually) Extended features for upgrading to increase inventory, data/image usage, or onsite vendor promotion.
Arts Industry Statistics 90% of art gallery sales take place online (Hiscox) The main income of a physical art gallery space is actually derived from Internet sales prior to ever visiting the gallery space in-person. In fact, certain galleries (ie. San Francisco – based) often report that they never meet the buyers of some of the most expensive works of art (valued $30,000+).
Online Art Sales: 90% Majority Market Share Online Offline
Rapidly Growing Market: Arts Online sales generated more than 2.5 billion Euros ($3.4 billion) in 2013. (Arts Economics) It is estimated that the online art market could grow at a rate of at least 25% per annum, which could exceed 10 billion Euros ($13.7 billion) by 2020. (Arts Economics)
Rapidly Growing Market: Home Furnishings Online sales in the furniture and home décor segment are projected to reach over $30 billion dollars by 2016. (Core Commerce)
Target Vendors Furniture/home décor suppliers Interior design showrooms Interior designers Industry consultants Undiscovered and existing reputable artists
Target Buyers Art collectors Property Developers Interior Designers/Showrooms Discerning home-decorators Residential/Commercial Property Companies & Designers Modern families Millennial consumers Avid Online Shoppers
Proposed E-commerce Solutions In order to combine the best of both worlds, we are creating a platform suitable for discerning buyers of art/design goods and services. We will ensure only the most reputable designers, artists, and suppliers are allowed to join as vendors by individual surveying each potential private member/vendor. This selection process will ensure quality assurance and our buyers will trust in us for the latest and most exclusives products and services. Save buyers a trip to a showroom/gallery by providing resources via our site through newsletters, blogs, and other interactive media that will educate buyers to feel more confident making purchases through our website.
Traction: Growth Projection Based on net profit earnings: (2015) Year 1: $800,000 - $6 million (2016) Year 2 $12 - $18 million (2017) Year 3: $25 million+
Potential Net Profit Earnings Per Annum Commission 25% (transaction fee $25 based on average item costing $100+). The average transaction fee multiplied by the estimated Year 1 vendors (5,000 vendors based on an estimated 50 transactions minimum per annum) equates to $6.25 million for the fiscal year. Conversely, a focus on lesser vendors (1,500) in Year 1 can also generate roughly the same revenue based on 4,500+ transactions. Within Year 1, minimum of 5,000 plus registered vendors globally. Each vendor paying an annual fee of $550 or other figure TBD. This figure would generate a potential income of $2.75 million in addition. Advertising: unlimited six/seven figure earning potential.
Five-Year Plan Eight-figure growth according to projected home furnishings/art online sales financial forecasts for the global marketplace. Extended features offered (ie. mobile application, partnership opportunities, arts & design courses, etc.) Extension sites focusing on more niche products (ie. office supplies/equipment or wedding registry/gifts). Offline event production (ie. exhibition or partnership events)
Business Model: The Money- Makers Vendors will enroll as private members on the site and can select the option of joining on a quarterly, bi-annually, or yearly basis for a pre- set fee. (Note: free one-month trials may also be offered pre-launch in order to populate the website) Member Profile Upgrades: once members exceed the average storage space or item uploads, then upgrades by purchase will be available. Commission per transaction. Similar to existing art galleries (online and offline), we will set a fixed commission rates (10-30% based on price category) on all goods and services featured on the website (artwork, furnishing, or consulting/design service). Advertising: Once the platform gains traction and notoriety, we will also be able to offer attractive packages for businesses to advertise via CMS website pages, newsletters, events, sponsorships, and social media campaigns.
Customer Acquisition The majority of our buyers will be enticed through popular social media campaigns and updates. The most connective media sites being those that have a visual focus like PinInterest and Instagram. The more images of industry trends, contests, prize giveaways, and community contributions that are publicized; the higher the rate of traction on our platform. Global commission-only sales personnel (art/design industry experts): will be the key to populating the website with high-end suppliers because when a new member joins for a fee – both parties share in the profit. Events & Exhibitions: establishing an industry presence at global networking events and expos catered to the interior design and arts sector will help spread the word. Advertising & Sponsorship:
Prerequisites Satisfied Developer secured Design requirements established Content ready to be uploaded Concise sales & marketing strategies determined. Viable revenue stream accounted for.
Equity Investment Sought Seeking equity investment in upwards of $750,000 - $1.5 million Equity available is variable and may be allotted in 5-7% shares of the business venture. Valuation potential post-launch after 12 calendar months may exceed $5-7 million projection.
Investment Well Spent: Smart Cash Distribution Initial intricate construction of the e-commerce platform Website maintenance inclusive of security updates, extended features, hosting server, etc. SEO, SEM, & total social media management Global event/exhibition attendance (ie. Art Basel, 100 Design UK) Online/Print advertising Hiring an accountant to monitor financial transactions, distribute payments to vendors, and manage the bookkeeping. Outsourced tech support team & admin support staff (once website is fully active and populated)
Sincere regards, Amanda Griffo (Contact me via Linkedin, email: firstname.lastname@example.org or phone +1 (914) 619 3897. An anecdote about my history… • UK CPD accredited, BA Honors graduate of British Institution, Middlesex University • More than seven years experience in FMCG, retail management, and marketing. • Affiliated and contracted with one of the largest third-party cosmetic manufacturers. • Short-listed for literature competitions including those sponsored by the Rotary Club USA and the European Business School (London, UK). Final Words…
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