The E Commerce And Online Auctions Essay

962 Words4 Pages
Market Analysis The E-Commerce and Online Auctions industry has exploded over the past decade. Lured by the ease of ordering at home and ability to quickly compare prices and product reviews among retailers, many consumers are increasingly choosing to shop online over purchasing products at brick-and-mortar locations or via mail-order catalogs. RunWayMe will be part of the growing trend with a unique concept of selling the latest celebrities look-a-like outfits at affordable prices. Although this concept has being shown in magazines, such as Instyle and People Magazine, there are no store that exclusively sell an entire outfit. In addition, RunWayMe will offer single items such as: tops, bottoms, dresses, and blazer. Target Market The conventional wisdom is that women drive shopping trends, since they control up to 80% of household spending. Fifty-seven percent of women made a purchase online in 2013. To be more specific, RunWayMe’s target market is millennials women(clothing sizes 0-8, footwear sizes 5-10), those consumers aged 20 to 34, remain the key age demographic for online commerce, spending more money online in a given year than any other age group.They spend around $2,000 annually to purchase 64 garments. This, despite having lower incomes than older adults, they dominate 21% of online clothes shopping market. With 5% of 21% RunWayMe can be successful. Also it projected that, in any given six month period, more than half of shoppers who make an online purchase will
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