THE BEGINNER’S GUIDE TO MARKET DISRUPTIONemmawooley.com/wp-content/uploads/2016/05/Wooley... · BEGINNER’S GUIDE TO MARKET DISRUPTION ... a strategy that should reassure ... WP

THE BEGINNER’S GUIDE TO MARKET

DISRUPTION a brief history of direct-to-consumer e-commerce startups

E M M A W O O L E Y

INTRODUCTION

F I G . 1 . 1

0.1 - EVOLUTION

“SHAVING IS EVOLVING,” proclaims the homepage of Harry’s, a direct-to-consumer e-commerce startup that sells men’s shaving accessories. They aren’t referring to the process of shaving; they’re talking about a market that has, until recently, seen little competition. An entire market has under-gone a stage of evolution in the past five years.

Harry’s is one of many startups belonging to a fast-growing group of “category killers”--startups that enter an established market and contend with billion dollar corporations to win the hearts (and wallets) of consumers. This may seem like an impossible undertaking--a David and Goliath story for the modern ages might pit a startup like Harry’s against a global corporation like Gilette--but such success stories are multiplying almost exponentially each year.

The success of startups like Warby Parker and Casper has inspired investors to collectively pour billions of dollars into the bank accounts of ambitious category killer hopefuls. Entrepreneurs in the direct-to-consumer e-commerce space must juggle investor relations with product development, huge operational challeges, and awareness raising. Despite these challenges, nearly every product category now has a startup hoping to sell a better product at a lower price in a more convenient manner.

While there are many things hanging in the balance of the current state of commerce (the future of brick and mortar stores, for example), there is one thing we know for sure: the way we buy and sell things is evolving because of the Internet.

W A R B Y P A R K E R F R A M E S

0.2 - KEY TERMS

a. Startup - “a comapany that is in the first stage of its operations. These companies are often initially bank rolled by their entrepre-neurial founders as they attempt to capitalize on developing a product or service for which there is a demand.”1

c. Direct-to-Consumer - a method of retail that bypasses traditional intermediaries like brick and mortar retailers or online marketplaces like Amazon.

d. Valuation - “the process of determining the current worth of an asset or company. There are many techniques that can be used to deter-mine value, some are subjective and others are objective.”2

e. Venture Capital - “money provided by inves-tors to startup firms... with perceived long-term growth potential... It typically entails high risk for the investor, but it has the potential for above-av-erage returns.”3

f. Funding Round (i.e. “Series B”) - “a discrete round of investment, by which a business or other enterprise raises money to fund operations, expansion, a capital project, an acquisition, or some other business purpose.”4

b. Unicorn (not that kind) - a startup with a valuation of over $1 billion.

F I G . 1 . 2

0.3 - THE METRICS

H A R R Y ’ S R A Z O R

a. product design - are there any features that are unique within the product category? has the company demonstrated true innovation or a notable committment to superior design?

b. price - how does the price of the startup’s products compare to similar products sold by its competitors?

c. quality - are the materials used in the prod-ucts of a high quality? are the products built to last?

e. branding - has the company built a co-hesive, recognizable brand that reflects its mission, products, and customer base?

f. marketing efforts - how has the company marketed its products? have their methods been successful in raising product aware-ness, increasing revenue, and increasing brand recognition?

d. customer experience - how has the com-pany specialized the e-commerce experi-ence to elevate the customer journey? is the purchasing process exceptionally convenient?

g. environmentally friendly - what efforts (if any) has the company made to protect the environment?

h. altruistic appeal - are any aspects of the company’s operations charitable or appealing to an altruistic cause?

i. transparency - how readily available is information regarding products, operations, and policies?

j. content platform - does the company use owned content as a marketing tool? if so, is the content “on-brand”?

0.4 - OTHER IMPORTANT CONSIDERATIONS- does the company operate any fit shops, brick and mortar stores, or showrooms?

- what corporations and corporate-owned brands does the company compete with?

- are there any other startups competing in the same category?

- where is the company head-quartered?

In addition to providing information about the startups I have chosen to highlight, I selected ten metrics to measure the success and potential of each company. In assessing these startups, I have utilised information easily accessible to the average consumer, because I wanted to mimic the pur-chase decision-making process. Resouces include online news articles, consumer/influencer re-views, and media owned by the companies (websites, content platforms, social media, etc.).

01. WARBY PARKER I N D U S T R Y : E Y E W E A R

F I G . 0 1 . 1

W A R B Y P A R K E R F R A M E S 01.1 - OVERVIEW

01.2 - AT-A-GLANCE

01.4 - THE METRICS

Many young startups look to Warby Parker as a model of success, and understandably so. WP has acquired unicorn status and prov-en to consumers that buying glasses online (something traditionally done at an optome-trist’s office) can be convenient, inexpensive, and even enjoyable. By offering virtual and at-home try-on for free, they revolutionized the way people shop for eyewear.

Warby Parker has been experimenting with brick-and-mortar retail storefronts, a strategy that should reassure people that there is still a place for the channel, even as more and more brands are born online. However, the compa-ny knows that it needs to continue to improve and innovate in the online space. WP has invested in the development of technology that would conduct eye exams on consumers’ smart phones, a feature that would further improve the customer experience.7 Warby Parker continues to mix a fun, nostalgic flare with futuristic retail methods, winning the hearts and wallets of consumers.

product design

price

quality

branding

customer experience

marketing efforts

environmentally friendly

altruistic appeal

transparency

content platform

01.3 - FUNDING HISTORY 6

July 2011 $1.5M (Seed)

Sept. 2011 $12M (Series A)

Jan. 2013 $41.5M (Series B)

Dec. 2013 $60M (Series C)

Apr. 2015 $100M (Series D)

WP squanders a great opportunity to push its content by making its blog hard to find on the website, but the content itself is appealing.

WP is a trendsetter in the eyewear category. The brand quickly found a following in the fashion crowd, but its styles are classic.

The central positioning for the brand revolves around a cost leadership strategy. Offering $100 prescription glasses sets them apart.

Most consumer reviews for Warby Parker are positive, however, some consumers complain that the lenses scratch too easily.8

The company uses money from every pair of glasses sold to support VisionSpring, an eye exam chariy.12

At-home try on, free lens replacements during the first year, and a well-designed POS system create a great customer experience.9

Warby Parker has a brand that is polished and cohesive across all of its media. There is still ample opportunity to experiment more.

Early on, WP stayed on-brand with digital mar-keting and trendy pop-up shops. Recently, they have strayed from these smart tactics.10

WP is a certified B Corp, meaning it adheres to strict environmental standards and upholds a larger social responsibility.11

The company hasn’t made an annual report public since 2014, however, execs have made an effort to maintain operational transparency.13

Year Established 2010

HQ Location New York, NY

Valuation $1.2B (April 2015)5

Main Competitors Luxottica (maker of Ray-Ban, Persol, etc.)

02. HARRY’SI N D U S T R Y : S H A V I N G P R O D U C T S

F I G . 0 2 . 1

H A R R Y ’ S R A Z O R

02.4 - THE METRICS

02.2 - AT-A-GLANCE

02.1 - OVERVIEW

product design

price

quality

branding

customer experience

marketing efforts


altruistic appeal

transparency

content platform

02.3 - FUNDING HISTORY15

Harry’s is an e-commerce startup that sells quality blades and shaving accessories for men at affordable prices, available for sub-scription or standalone purchase on its web-site. Unlike its fellow startup competitor, Dol-lar Shave Club, Harry’s opts for a sleek style, an edited selection of product offerings, and an emphasis on product design. Positioning itself as a high-end, but still affordable, alter-native to the typical razor, targeted solely at men, has paid off for the company, which has already scored a higher valuation than Dollar Shave Club.16

In January 2013, Harry’s officially acquired the German factory that manufactures its blades.17 Since then, the company has demon-strated a committment to fitting the factory with high-tech machinery to keep processes efficient, passing that value on to the custom-er by maintaining low prices.

Harry’s now sells a daily facewash, SPF mois-turizer, lip balm, and post shave balm, indicat-ing an expansion to cover a broader variety of men’s grooming needs.

August 2012 $4M (Seed)

Jan. 2014 $122.5M (Venture)

May 2014 $10M (Venture)

Nov. 2014 $75M (Venture)

July 2015 $75.6M (Series C)



Valuation $750M (July 2015)14

Main Competitors Dollar Shave Club, Gillette

Not only are Harry’s products beautiful, but they are crafted in Germany and designed for both functionality and luxury.

Harry’s offers a “more for more” pricing strate-gy compared to competitor Dollar Shave Club, but still comes close to matching their prices.

The actual shave of Harry’s razors hasn’t re-ceived high praise. The general consensus is that the products are a value at their price.18

Harry’s offers free shipping, satisfaction guar-antee, and other perks such as an online con-ceirge and personalized emails.

Undeniably a strong suit of Harry’s, beautiful and consistent branding is flawlessly executed on the company’s media platforms.

A successful blend of PR, word-of-mouth, social media, digital display, and sales promo-tions have helped to increase subscription.19

Information about Harry’s environmental foot-print is unavailable, a clear contradiction to their outdoors-themed social content.

Harry’s donates 1% of its sales to City Year, its employees volunteer 1% of their time, it provides educational resources and sponsors hackathons.19

There are no ingredients listed on the website and environmental impact information is not available. Supplier info is easily available.20

Five o’clock is Harry’s’ online magazine with on-brand content, a newsletter, and fun fea-tures.21

03. BONOBOSI N D U S T R Y : A P P A R E L

03.2 - AT-A-GLANCE

03.4 - THE METRICS

B O N O B O S P A N T S 03.1 - OVERVIEW

F I G . 0 3 . 1

Like most founders of the companies in this report, Bonobos founder Brian Spaly began with a mission to create a seemingly simple product he couldn’t seem to find in stores: a perfect-fitting pair of men’s pants. From there, the brand grew to stock all mens’ clothing and accessory needs, from sweatpants to pocket squares.

Eventually, it became clear that men were willing to buy Bonobos chinos online because of the rave reviews the product received from tastemaking publications like Esquire, but the other products in the line were a hard sell on the web. Brick and mortar seemed neces-sary, resulting in the creation of Guideshops, where men could be fitted in all of the latest Bonobos gear (including tailored suits), which could then be ordered and shipped out to them. Bonobos also inked a deal with Nord-strom to sell a selection of products in all 118 stores, where its chino pants flew off the shelves.23

Bonobos has the potential to scale to the size of huge international retailers like J. Crew, but leadership has caused some to doubt wheth-er the aging startup will be able to mature.

01.3 - FUNDING HISTORY 22

Sept. 2008 $750K (Angel)

June 2009 $3M (Angel)

Jan. 2010 $4M (Angel)

Dec. 2010 $18.5M (Series B)

Apr. 2012 $16.4M (Venture)

March 2013 $30M (Venture)

July 2014 $55M (Series D)



Valuation (not available)

Main Competitor J. Crew

product design

price

quality

branding

customer experience

marketing efforts


altruistic appeal

transparency

content platformBonobos hosts a blog filled with style tips and travelogues, showing keen interest in the life-styles of its customers while staying on-brand.28

Bonobos is founded on the importance of fit. It offers stylish but classic essentials that are sturdy and tailored.

Chinos start at $88, not a bad price for the quality, but not reflective of the savings most e-commerce startups offer consumers.

The consensus seems to be that Bonobos matches quality and price well, offering a well-made product built to hold up.24

Bonobos doesn’t have any charity built into its business model, reflecting a disregard for the triple bottom line.

Customer experience and service receives rave reviews. Its free, 365-day return policy; free shipping; and intuitive website are noteworthy.25

Bonobos has succeeded in growing without losing sight of its unique brand voice. Cat-logues, social media, etc. are all consistent.

Bonobos is known for its successful email marketing.26 The company also uses multitouch attribution to measure digital display ads.27

Pants made from organic cotton and recycled bottle caps, in addition to collaborations with FEED, indicate an effort.

Finding information about Bonobos’ financials, operations, altruism and cost structure was nearly impossible.

04. CASPERI N D U S T R Y : M A T T R E S S

F I G . 0 4 . 1

C A S P E R M A T T R E S S

04.4 - THE METRICS

04.2 - AT-A-GLANCE

04.1 - OVERVIEW

04.3 - FUNDING HISTORY30 Jan. 2014 $1.85M (Seed)

August 2014 $13.1M (Series A)

June 2015 $1.5M (Seed)

June 2015 $55M (Series B)



Valuation $550M (June 2015)29

Main Competitors Tempur-Sealy, Serta

Casper’s mattress was named one of Time Magazine’s “Best Inventions of 2015,” and its easy to see why this sleepy startup is winning high praise. This company developed its mat-tress, pillow, and sheet set from scratch, de-veloping its own proprietary design for each. Rather than offering a large product mix, Casper keeps it simple with a single product selection in each category (varying only by size, of course).

People are at the heart of Casper. Its website features a wealth of product information and almost unparalleled transparency. The com-pany’s founder and CPO, Jeff Chapin, stresses the importance of testing and opinion-gath-ering. Chapin discloses that the company continues to learn as much as it can about different people to constantly gather insights for current and future products and process-es.31

With competitive pricing, clean visual design, and top notch product development consider-ations, Casper is set to take on reigning sleep champs like Tempur-Sealy.

product design

price

quality

branding

customer experience

marketing efforts


altruistic appeal

transparency

content platformVan Winkle’s is a full content hub where every topic is somehow related to sleep. The articles are creative, fun, and interesting.35

Casper emphasizes its product design heavily online, showcasing its high-performing and thoughtful products with detailed graphics.

Mattress prices range from $500 to $950, fairly inexpensive for any mattress, but a real bargain for the quality and design of Casper.

Its early to tell how durable Casper’s products are, but SleepLikeTheDead.com rates Casper as a high-performing mattress company.32

There does not seem to be any charitable effort on Casper’s part, but its committment to the environment is commendable.

Casper makes returns easy and offers a 100 day trial with free pickup and a full refund. Its web-site is a welcome change from mattress stores.

From its highly detailed website to its upbeat social media, Casper has distilled its brand down to a T.

A focus on owned media (content marketing and website reviews) and some outdoor adver-tising is a budget-friendly but cool approach.33

Casper’s operations are focused on environ-mental responsibility and its products do not contain harmful chemicals.34

One need look no further than Casper’s web-site for a wealth of information including opera-tional details and product reviews.

05. GLOSSIERI N D U S T R Y : B E A U T Y

05.2 - AT-A-GLANCE

05.4 - THE METRICS

G L O S S I E R L I P B A L M 05.1 - OVERVIEW

F I G . 0 5 . 1




Main Competitors Benefit, Clinique


Sept. 2014 $2M (Seed)

Nov. 2014 $8.4M (Venture)

Glossier is the brain child of Emily Weiss, who originally created beauty content plat-form Into the Gloss before foraying into the poduct side of the industry. Most startups think product first, then content, so Glossier is somewhat of an anomoly. The brand had a built-in customer base at launch in its loy-al ITG readers. From there, Glossier quickly took off, expanding from its edited line of four products (a balm, moisturizer, mist, and skin tint) to masks, brow product, and lip tints.

The beauty industry is highly competitive and saturated with labels from drugstore behe-moths to luxury niche brands. Glossier sits somewhere in between, with wallet-friendly pricing and the attention to product develop-ment and packaging normally reserved for prestige brands.

Glossier focuses of a social media marketing strategy, which has been successful with their target audience. The “cool girl beauty brand” continues to set the pace for the industry in terms of messaging and outside-the-box pro-motional strategies.

product design

price

quality

branding

customer experience

marketing efforts


altruistic appeal

transparency

content platformInto the Gloss is a preexisting, highly popular beauty content hub with a loyal reader base and its own social media presence.

Glossier’s packaging alone sparks Instagram fame, but the products themselves use trendy and effective ingredients.

The brand’s moisturizer retails at $25, which is pricier than most drugstore brands, but a good deal for the quality and size.

Makeup and skincare products are difficult to judge because of the high variance in skin types and reactions. Generally high quality.

Glossier’s messaging is positive and inclusive in a controversial industry, and its products are cruelty-free (no animal testing).37

Glossier has top notch customer service, and the shopping experience is designed to please customers from first click to unboxing.

Glossier has quickly built a following due in no small part to its cohesive and appealing brand image.

Social media and PR is a company strong suit, but digital display ads could be more informa-tive to attract first-time buyers.

Glossier’s packaging is recyclable and most of its products are manufactured in the USA. Other information is not easily accessible.

Glossier’s development process is well-doc-umented on Into the Gloss and all ingredients are available on its website.

06. LOLAI N D U S T R Y : F E M I N I N E H Y G I E N E

F I G . 0 6 . 1

L O L A T A M P O N S

06.4 - THE METRICS

06.2 - AT-A-GLANCE

06.1 - OVERVIEWLOLA founders Jordana Kier and Alex Fried-man are changing the feminine hygeine game with the 100% cotton, fragrance-free, chlo-rine-free, bleach-free tampons.38 The tampon industry is woefully behind in transparency and addressing health concerns, partially due to lax government regulation. LOLA is taking on huge corporate competitors in its quest to change that.

LOLA has a similar business model to that of Dollar Shave Club, offering customizable subscriptions ordered online, shipped straight to one’s door. Unlike other tampon brands, LOLA has created a brand that is neither overly “feminine” nor marketed with unrealis-tic depictions of the female experience.

By completely changing the conversation, LOLA is calling for more accountability in an industry that should be more heavily regu-lated. Companies like Jessica Alba’s Honest brand have already taken notice (it plans to launch a similar product soon).




Main Competitors Kotex, Playtex


July 2015 $1.2M (Angel)

February 2016 $3M (Seed)

product design

price

quality

branding

customer experience

marketing efforts


altruistic appeal

transparency

content platformThe Broadcast is a recent addition to LOLA’s content strategy, but it shows promise as a hub for women’s issues a lifestyle content.40

LOLA has created beautiful, inconspicuous packaging and focused on using natural mate-rials while adhering to functionality guidelines.

$10 for a box of 18 is nearly twice as much as Kotex charges, but LOLA’s concern for health is better value in long-run.

LOLA uses 100% organic cotton for its prod-ucts and adheres to absorbancy guidelines to ensure effectiveness.

Other startups in this space do more global outreach for women--this is definitely an area of potential growth for LOLA.

The website is easy to use and navigate, LOLA offers a deal for first-time shoppers, and there is an email help line in addition to thorough FAQs.

Even as a young brand, LOLA has exceptional branding that is completely unique within its product category.

LOLA’s social media is updated frequently with relevant content and early PR coverage of the company was a great start.

LOLA’s products are 100% natural and biode-gradable, unlike the chemical-laden products of its competitors.

Transparency is LOLA’s founding principle and a value evident on its website, which details every aspect of the product.

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Retrieved May 04, 2016, from http://blogs.wsj.com/digits/2015/04/30/eyeglass-retailer-warby-parker-valued-at-1-2-billion/8. How is the quality of Warby Parker glasses? • /r/malefashionadvice. (n.d.). Retrieved May 03, 2016, from https://www.reddit.com/r/malefashionadvice/comments/3yowqq/how_is_the_quality_of_warby_parker_glasses/9. Coffee, P. (2013, November 18). How Warby Parker Created a One-of-a-Kind Customer Experience. Retrieved May 02, 2016, from http://www.adweek.com/prnewser/how-warby-parker-created-a-unique-customer-experience/7897710. Hanlon, P. (2015, July 17). Warby Parker Loses Sight of Its Brand. Retrieved May 02, 2016, from http://www.forbes.com/sites/patrickhanlon/2015/07/17/warby-parker-loses-sight-of-its-brand/2/#7d64ac7f7dce11. McGregor, J. (2015, April 20). What Etsy, Patagonia and Warby Parker have in common. Retrieved May 04, 2016, from https://www.washingtonpost.com/news/on-leadership/wp/2015/04/20/what-etsy-patagonia-and-warby-park-er-have-in-common/12. 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