Indochino: Achieving Growth with Bricks and Clicks

Indochino: Achieving Growth with Bricks and Clicks
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Indochino: Achieving Growth with Bricks and Clicks
Indochino identified a business opportunity of making custom-made suits for clients at affordable prices using an online platform. As the business grew and expanded across North America, the company's leadership realized that it needed to stay ahead of its competitors by not only being the first mover in the made-to-measure (MTM) category but by also scaling up within this category (Chandrasekhar, 2020). The company's expansion vision involved increasing their MTM suits sales, orders, and revenues as well as opening new showrooms within North America.
During its operations, the company's leadership had realized that the company's offline presence was a perfect complement to its online presence. To facilitate rapid scaling up, the company needed to reinforce its value proposition, execute a blitzscaling plan, and become a full omnichannel retailer. The purpose of this paper is to discuss how the company can achieve this and recommend an appropriate strategy to facilitate rapid growth.
Reinforcing the Value Proposition
To maintain a competitive edge, companies need to convince potential clients why their offering is more valuable than that of competitors. They, therefore, need to have a value proposition because customers usually select the offering that gives them the most value (Kotler & Keller, 2012). Initially, Indochino's value proposition was to offer MTM suits at a price as low as that of ready-to-wear suits while delivering them within the time it would take to buy and modify a ready-to-wear suit using an online model.
By 2018, the company had developed a new value proposition that focused on delivering customized MTM menswear at an affordable price while still creating a memorable customer experience (Chandrasekhar, 2020). To stay ahead of competitors, Indochino needs to strengthen its value proposition. The following are the steps that Indochino should follow to ensure it has a strong value proposition
Step One: Research potential customers
According to Kotler and Keller (2012), companies can only have an effective value proposition if they have researched their potential customers. Indochino has already identified its target customers, namely; Chester, the fashion guy, Dwayne, the event guy, and Rob, the work guy (Chandrasekhar, 2020). Each of these target customers has different expectations while purchasing menswear. The group referred to as Chester, has a greater sense of fashion and is willing to spend money just to look stylish. The Dwayne group is price-conscious and only purchases suits when there is an event. The Rob group is interested in a suit that offers convenience since they wear suits in their everyday work settings. For each group, the value proposition is different, and Indochina will have to meet the needs of each group by treating them differently rather than the same. Identifying the various segments to serve is essential in building a stronger value proposition (Payne et al., 2020).
Step Two: Make the MTM menswear suitable to its potential customer target
Once it has identified the needs of each group of potential buyers, Indochina will have to make...