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What problem does your solution solve?
Lace-Up solves the complicated process of online shoe shopping. Staying current with the latest trends all the time is impossible. There is always something new, something better. Lace-Up will offer customer access to the latest shoe trends by displaying hyper-localized trends and what athletes and celebrities are wearing. When customers find the perfect pair, the shoe buying experience is far from over because the next step is finding a retailer with the lowest price while also having a level of reliability. Lace-Up displays the best prices by partnering with the most trustworthy sites such as Zappos, Finishline, Amazon and more.
What’s the market potential for your solution?
Initially, Lace-Up will target students from ages 13-22. After gaining traction in this demographic, we will expand our shoe selection to grow within our target market (e.g. casual shoes). Thus capturing the $15 billion dollar market. In addition, the shoe industry has been on a constant rise of 21.3% annually since 2010 and we expect Lace-Up to grow with the booming industry.
Who are your customers?
Our customers are people who want to simplify and enjoy the online shoe-buying experience while staying up to date on the latest trends. We do not sell directly to consumers but we redirect users to the sites with lowest prices for shoes on the market, using affiliate marketing programs. We are B2C company.
How will you reach your customers?
We have a large social media presence that reaches thousands of people. We are also doing shoe giveaways to market and gain interest with potential users. Also, we are putting together a YouTube channel where we will be doing bizarre experiments on shoes, putting them to the ultimate test. We will use an ambassador program to reach out to our target market of both college and high school students. We will also use publications such as Footwear News, Entrepreneur, Forbes, and INC who will write about us once we launch.
How will you make money?
We will be using the affiliate marketing strategy as our business model. When the user finds the pair of shoes they desire they will be redirected to the retailer who is selling those shoes for the lowest price. We will then collect a commission from the retail store. Commissions range from 6-15%, and as we generate more sales for the retailers the commission rates increase.
What kind of partners will you need to make, support and distribute your solution?
We will be developing partnerships with our affilates, some of them include:
- Foot Locker
- Finish Line
- Champs Sports
- Famous Footwear
What will your expenses include?
Our initial expenses include:
- Design for the site
- Development of the site
- Incorporation of the company
Who is your competition and how do you differ?
Google shopping’s wide range of products can create a cluttered shoe shopping experience. Often, its service can display inaccurate results and does not consolidate its results in the most effective manner. Another competitor we have his ShoeKicker, it is unrefined and has poor browsing capabilities. In turn, users must know the exact model running shoe you want to buy in order to utilize their services. Lace-Up aims to have a feed that does not appear clustered so the user can easily locate the shoe they would like to purchase with simplicity. Lace-Up’s search engine system will also give users who do not know what they want to purchase the opportunity to browse through our selection. A unique feature to Lace-Up is the trending aspect of the site. This is an area where users can like and view shoes to see which ones are the hottest in the market. Lace-Up has partnered with athletes in the MLS and NHL to display their favorite shoes to give users a unique shopping experience.