The purpose of this report is to provide specific advices for our client Forever 21 on global crowdsourcing strategies by analysing several different platforms. After comparing the target market and value proposition of Mechanical Turk, Freelancer, Odesk, Would You Rock This (WYRT) and Spoonflower, Would You Rock This is recommended to be the best choice of Forever 21. With the elaboration of WYRT’s business model canvas, the strengths of this platform of crowdsourcing are analysed. Then the applications of technologies are shown. Last but not least, Forever 21 should be known about how WYRT create value and be aware of the risk it may bring.
Crowdsourcing in this report refers to the process of attaining needed thoughts, services or content from a large group of people (Merriam-Webster, 2015). Different from outsourcing, it decomposes and distributes the tasks to a public group which did not be defined, but not a specific group. The aim of this report is to find differences between several platforms of crowdsourcing and then give precise recommendations for our client Forever 21. By analysing the target markets of Mechanical Turk, Freelancer, Odesk, Would You Rock This (WYRT) and Spoonflower, and outlining the value proposals of these companies, the American fashion retail chain, Forever 21 is recommended to choose the crowdsourcing platform Would You Rock This. Further analyses are developed by researching the application of
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Internal crowdsourcing is easier to implement in companies where social media acceptance is high (Yap, 2012); crowdsourcing attempts within companies don’t measure up to the external crowd (Boudreau and Lakhani, 2013). Crowdsourcing forms such as idea marketplaces and idea jams lack the capabilities and fall short to the external crowd 's full capacity. Boudreau and Lakhani (2013) believes employees are discouraged from seeking challenges; Yap (2012) says that internal crowdsourcing unveil innovations from employees which otherwise would not be captured. Carlson and Wilmot (2006) emphasizes that every employee does in fact has the ability to innovate, and must do so for their company to stay competitive. The desire for deeper exploration of
Hosting a contest and polling or surveying fans and followers is the fastest way to structure active conversation on a topic. Many businesses are taking advantage of the power of crowdsourcing and social media such as Frito-Lay’s “Do us a Flavor” campaign which resulted in 3.8 million flavors, 2.2 million new Facebook fans and 12% increase in sales compared to targeted 3% during the campaign period (Fraser, 2014). They can launch Innovative Idea Contest and let the people to upload their ideas and use social media platforms to conduct polling and survey to choose the best
Lookbook.nu (LB) is a crowd sourced fashion site, founded in 2008, allows users to upload photos of themselves in their own outfits, providing the brands and links where such clothing products can be found, in order to get rated, commented by the rest of the community. Based on the current position of LB’s value network analysis, (i) further analysis on external actors or roles will be made and focus on the key roles that can benefit and add more value to the business operation, (ii) how to make good relationship with external actors in order to successfully increase other actors’ value and vice-versa and finally, based on the existing business position, (iii) identify and use different success strategies in order to gain more business opportunities and for value creation.
Today’s on-line travel market is succeeding because the companies are using a more software-centric, online business model termed “E-commerce.” This has become the popular avenue for businesses as it mirrors the ideas of mobility. The sheer amount of data available, coupled with the advanced operating systems and social media platforms, have created new possibilities for E-commerce organizations. The infrastructure of E-commerce has expanded into platforms such as peer-to-peer networking, crowd-sourcing, social websites, and mobile devices and media. E-commerce trends are findings ways to incorporate every aspect of our daily lives into an online package associated with our everyday needs (Fishbein, 2013).
The purpose of the project is doubling revenue by 2020 and developing the company into higher profits. The company’s plans are detailed; first, utilize social media for promotion and attraction of the global market on a consistent basis. The company is represented on four internet mediums: Facebook, Instagram, official blogs, and its e-store (called Direct to Customers) to connect customers with products easier. The company offers not only information about new products but also events and news to keep in touch with the customers. Second, expand and improve its range of products and offer high quality and inventive service to the customers. The final phase of the plan is distribution across all possible
Crowdsourcing has been around for many years but has only grown larger due to the expansion in technology. Not much attention was given to crowdsourcing before the rapid growth in technology. This is the main reason the term crowdsourcing came about a few years ago. The internet is a very open place connecting people all over the world. Without the internet consumers and producers wouldn’t be where they are today. Social media is a fundamental component to crowdsourcing. It allows organizations/businesses to obtain a larger audience in a more efficient way.
It would be a little bit like crowd sourcing. However, you do not assign the task to someone else, you just benefit from external feedback. One might say that it is similar to a wiki where everyone could put any ideas and get the external feedback; however Facebook and Twitter has become the most efficient tools of social network for the 18 to 34 years of age, which correspond exactly to this the new growing market, the new social networking generation who are the consumers.
Crowd sourcing is being used in a wide variety of ways on the Internet, and it continues to evolve. Companies use crowd sourcing to develop new ideas and designs. Police have been known to use crowd sourcing to solve crimes, such as after the Boston Marathon bombing. Even governments have enlisted crowd sourcing to come up with ideas and to help determine what should be cut in their budgets.
Crowdfunding is also recognized as crowdsourcing capital. The aim of this report is to investigate three crowdfunding platforms to make a recommendation on whether to utilize this way of fundraising and if so, an
Social media has emerged as the most powerful form of communication these days. The ability to voice an opinion from anywhere over anything has coined and popularized the term ‘Global Citizen. Many social platforms available these days provide the avenues for the companies and organization to make a brand for themselves by directly engaging with their customers. If you don’t like some brand you bought or a movie you just watched, login on Twitter or Facebook and tell the world. These platforms provide an access into what is currently trending or making the stir at the moment. Thus, there is a huge repository of opinionated data that if harnessed strategically can help to solve problems ranging from what product to invest into complex business
John’s Boots can take advantage of social media by organising voting competition on their customer boots photos and
Derek Powazek, a published author and pioneer of the Internet, once claimed that “If you're not paying for the product, you are the product”. With social media sites like Facebook, Instagram, and Twitter having an estimate of 2.3 billion active users, the statement remains true today, seen through the rise of social networking sites monetizing user information and turning this to big data. The application of these available statistics allow for various trends to pick up so easily and quickly in the consumer culture. In a world where social networking sites dominate the market, tons of channels emerge as tools for advertisers to capitalize on an individual’s social clout and circle. The invention of this technology has changed the landscape
To wrap it up, the social media reach of Nordstrom, Nike, Gatorade, United Airlines, Apple, Walmart, Target, Macy's, Sephora, Neiman Marcus, and Amazon have all been entered into the project
“Kickstarter is changing how millions of people around the world connect with dance, design, fashion, film, video, food, games, journalism, music, photography, publishing, technology, theatre, art, comics, and crafts.” Kickstarter, is unlike any other breeding ground for funding and showing the world the many projects that can be born through unique minds. Launching in 2009, they have nearly help fully fund over 77,000 projects, projects that wouldn’t have happened without support loving support from over 7.7 million backers. Unfortunately, there are some downfalls. Nearly 200,727 have been created on this website and less than half have been made from a dream, into a reality. There is no universal way of getting everyone to like your
The recently coined term ‘collaborative economy’ refers to the use of intermediary web platforms to connect product and service seekers with providers, often using matching algorithms or a reputation system of ratings and reviews. The ‘gig economy’ refers specifically to the intermediaries used to exchange services for monetary compensation, excluding the sale of products or any non-monetary exchange of services. The use of matching algorithms and reputation systems enables these platforms to reach and connect broad audiences on a large scale.