Naturally.

Confidence. Empower. Dream.

Merchandising & Marketing Case Study

Over the past couple of years handmade goods have been the new thing as they have been trending in many areas. Consumers are seeking to pur-chase goods that are unique and fresh (organic or natural products) rather than products that are manufactured and have no story or sentimental value to them (Orrigo, 2015). Etsy has an upper hand in the industry as their entire company revolves around vintage, unique, handmade goods. Having their business mainly be on an e-commerce platform, provides their consumers easy accessibility to their products. Etsy has collaborated with many other retailers in order to keep their business trending and contemporary. However, Etsy has been falling as they have generated losses within the past couple of years. In 2014, Etsy ended with a $15.2 million net loss, which was one of their greatest losses (Mitra, 2016). Will teaming up with big retailers like Whole Foods and Macy’s pull them over to success?

Etsy is an innovative e-commerce company that specializes in selling vintage, handcrafted goods from sellers all around the world. Sellers and buyers get to interact with each other on an online platform generating thousands of sales and purchases. Today, people are wondering is Etsy going to be the new Ebay or Amazon? Chad Dickerson the CEO of Etsy, stated how he believes Etsy will create its own economy, “An Etsy economy is a people-powered economy with per-son-to-person commerce. It's the feel of a farmer's market instead of a supermar-ket” (Davis, 2013).

Macy’s is one of the very well known department stores in the US. They are known as the innovators in the retail industry as they have had many firsts such as, colored bath towels and clothes that were sized to fit men and women (Macy's Inc., 2016). Macy's keeps evolving as they have collaborated and partnered with many retailers and celebrities to cater to greater target markets. Macy’s main consumer profile is a middle aged women who is a homemaker, and buys prod-ucts from Macy’s for her family. However, recently Macy's has expanded their target of consumers that were middle aged Americans to including younger con-sumers in the millennial generation. As they turn to a different direction, there are many opportunities for Macy’s to enhance their new market with other collabora-tions and partnerships.

Where i t al l Began

1

The Macy’s and Etsy partnership attracts new consumers from both ends of their businesses. Macy’s is known for consumers that are family oriented and shop either for home good products or special occasion wear. Etsy is the play house of buying new and exciting goods that sometimes cannot be purchased anywhere else. Bringing those two consumer profiles together, this collaboration is marketing to surround and include the millennial generation of 19-30 year olds. As the largest living generation, millenniums are taking over as they live and breathe technology and the latest trends. This partnership has many opportunities as it expands to different fields and collaborates with Etsy sellers to produce and display upcoming ideas which can cater to the new market (See Figure 1). This collaboration has an advantage because of their well known names and their strengths that they can combine together. This can seek the interest of many Etsy sellers that may want to try and grow their business by wholesaling with Macy's.

Target Consumer and Collaboration

Strengths Weaknesses

Opportunities Threats

Target- Millennial minded, including and catering to the trending generation.Products- Unique handcrafted, vintage goods with convincing values.Store- Physical store made for immediate purchases, rather than waiting for delivery from online sales.Recognition- Taking in Etsy sellers and designers to help promote them.Trends- Regulating the latest trends with organic and home good products.

Product limitations- Only select products from Etsy will be sold at Macy's.Single Store- One stand still Etsy store in Macy's Herald Square, restricts potential consumers that are located in that region.Consumer Market- Many products may not cater to the male consumers.Two companies- Very different companies that minimally share same demographics.Increased Labor- Constructing handmade items in greater quantities.

Niche Market- Develop greater spectrum of consumers for both companies.Expansion- Potentially develop more Etsy stores within Macy's and pairing with new Etsy sellers.Social Media- Build online presence to gain customer following on partnership.Consumer Lifestyle- Ability to recognize the ‘natural’ lifestyle consumers are living and show them support through the products displayed. Local Events- Etsy sellers and consumer events, sponsored by Macy’s.

Competition- Competition from other stores like Handmade at Amazon, and numerous thrift shops.Production- Handmade items being manufactured can lose credibility of the product itself.Sellers- Expanding their businesses and growing out of wholesaling with Macy's and/or selling at Etsy

Naturally.

Figure 1. Swot Analysis of Partnership

2

After the new Etsy store that opened at One Below in Macy's, Business Insider mentioned how it was ideally made for the inclusion of the new target market that Macy’s wanted to attract, as it was named the “millennial floor” (Nazario, 2015). Macy's stated how they wanted their younger consumers to get inspired by the Etsy handmade goods and view Macy's as more than a place to shop with their families (Kaplan, 2016). Their additional consumer profile would target a woman in her mid 20’s who is single and enjoys keeping up with the latest trends, just as many millenni-ums do. A Macy’s and Etsy customer is Megan, who is 21 years old and currently lives in New York City, NY (See Figure 2). With a bachelor’s in Journalism she is a freelance writer who enjoys writing about fashion, food, and lifestyle. Megan’s work as a writer makes her knowledgeable about the upcoming fashions and the consumer trend of living a healthy lifestyle. This partnership will expand into many more markets because of the target consumers Macy’s and Etsy have on their own brands.

DEMOGRAPHICS

• 21 Year Old.• Female.• Born in upstate NY.• Recent graduate from Syracuse University, with a bachelor’s degree in Journalism.• Currently living in NYC, NY.• Employed as a freelance blogger.•Single.

PSYCHOGRAPHICS

•Yoga enthusiast.•Exercises daily at her gym apartment complex.•Gluten free diet, shops at gluten free bakeries and organic food markets.•Spends her free time running, cooking, and writing.•Loves to attend flea markets and antique shows.•Enjoys keeping up with the latest fashion trends.

MEGAN

BUYING BEHAVIORS

•Limited purchasing decisions.•Makes impulse buys.•Spends a lot of time online shopping on fashion sites.•Part of the early majority con-sumers.

Figure 2. Customer Profile for Partnership

3

Macy's has already linked up with many Etsy sellers and chose which ones would successfully sell in the new Etsy store. They hope to rejuvenate the Etsy products every 6 to 8 weeks to change their themes every so often (Kaplan 2016). By doing this they are constantly changing their products based on the latest trends and what the consumers focus is on. They have a competitive advantage here because there are many Etsy sellers that make all assortments of products. Therefore, Macy’s won't have an issue of trying to find something fresh and new because Etsy itself is a unique plat-form with numerous sellers.

Many consumers are shifting their focuses on other items and categories besides just clothing. In recent studies consumers are starting to become more health conscious about the things they consume, buy, and use. According to this news source, the market for all natural and organic products have launched in sales of over $7 billion in the past couple of years and hope to make up to $11 billion in sales at the end of 2016 (Firestream, 2015). Knowing that market, the Macy’s and Etsy col-laboration will most likely be an early adopter of this concept because of how they are going to cater to their consumers with goods that are trending in the market.

Considering the latest trends that people are starting to recognize I am propos-ing Zandra, a company that has been in sales since 2010, which caters to anybody who uses bath and body products. Zandra utilizes the all natural phenomenon that consumers are reverting to in today's society. This brand uses chemical free products to create items for your skin and face such as lip balms, soaps, scrubs, lotion, and numerous other products which are all made by hand. Many consumers have the problem of either dry skin, irritants or other symptoms that are unwanted ingredients in their products. Zandra acknowledges that problem by opting out all the bad and using what is good for your health.

Naturally.

Nowadays consumers are constantly active, at the gym, buying organic pro-duce, living that healthy lifestyle which is what this brand is going to promote in Macy's. The consumer profile of Macy’s and Etsy is very similar to Zandra’s target market, it emphasizes the aspect of including the millennial generation and using the newest trends that are in the market. Zandra’s target consumer is an 18-30+ year old, who is either female or male that cares about the products they use because of the healthy lifestyle they hold. This caters to both genders without a problem because of

4

the all natural ingredients and versatile smell that the products contain (Personal interview with Zandra Cunningham, Sept. 2016).

“Boyfriends and husbands buy Zandra products for their significant others all the time, and secretly even use it for themselves sometimes!”

- Zandra Cunningham

To establish a market demand for Zandra Products, a survey of 40 participants, females and males, was conducted (See Figure 9). With the age range of 15-35+, 55% of the applicants were in Zandra’s ideal target market of 20-30 year olds. When asked about the likeliness of using all natural products, 10 out of 20 females answered “often” and 7 out of the 20 males answered “sometimes”. Since Zandra products, will be placed at a physical location in Macy’s, 80% of the applicants, both females and males preferred going to a physical store to buy products versus online. The top 3 categories that were chosen by the participants when asked about importance of a product was, appearance, cost, and ingredients (Consumer Survey, 2016).

Pop Up Shop

Develop a Macy’s sponsored pop up shop near Herald Square, to show demos of making all natural products to consumers. Chance to meet Zandra herself, try out, and purchase products before shopping for them at Macy's (See Figure 10).

Testimonials

Publish testimonials about current and past customers that enjoyed Zandra products on social media, and obtain more during events such as the pop up shop.

Social Media

Will promote and emphasize the Macy’s and Etsy partnership with Zandra products, to inform the public on platforms such as Facebook, email, and Instagram generating a following for online presence.

Phase 1- EXECUTION

Promotional Giveaways

Hold promotional giveaways in store and social media during special events, holiday seasons, and celebratory days to keep customers and engage in potential ones.

Embrace Your Beauty Campaign

Acknowledge the consumers by creating a Macy’s incorporated event with the Zandra line that empowers women in their own skin while using the products. Builds community relationship with both brands and consumers.

Rewards Program

Administer a free of charge reward program card, tracked by a point system that allows consumers to get points for each dollar spent. Once they reach a certain checkpoint, they receive a special gift.

Phase 2- CUSTOMER LOYALTY

Enhance Product Offerings

Expand into different areas that will cater well with the Zandra brand such as, accent jewelery, bath bombs, face masks, and eventually all natural makeup (Personal Interview with Zandra Cunningham, Sept. 2016).

Skin Matcher Specialist

Hire certified approved skin specialists that will help consumers shop and find the correct products based on their skin, in stores.

Phase 3- GROWTHZandra at Colleges

Take the “Embrace Your Beauty Campaign” and pop up shop to different campuses around the US to exemplify the meaning of the Zandra brand to consumers. Gives students a chance to shop and depict their own beauty.

Figure 3. Three- Phase Launch Plan for Zandra’s establishment in

Launch Plan Since Zandra will be at a brick and mortar location, Zandra will captivate the consumers by developing a Macy’s sponsored pop up shop, bringing in customers to try out the products (See Figure 10). In order to gain loyalty, the “Em-brace Your Beauty” Campaign will empower women and their inner beauty, while exhibiting how the Macy’s and Etsy partnership supports this matter. The Three- Phase

store

5

Hair & Body Soufflé

Vegan Bath & Body Wash

Bamboo Black Soap

Sugar Scrub

Artisan Bar Soap Big Lip Balm Hand & Body Lotion

Plan will establish a social media presence, attract consumers to join the rewards program, and allow future growth to expand the Zandra brand in distinct areas (See Figure 3).

Product Assortment The Macy’s Etsy store in Herald Square would carry numerous assortments that Zandra offers in her line (See Figure 4). Since Herald Square is the flagship size store, the products such as soaps, body washes, soufflé, etc. would be available in almost all varieties of types and smells. Along with products, Zandra would carry supplemental merchandise like hued towels, loofahs, and sponges to complement the product line. According to the Core Assortment Theory (C.A.T.), merchandise inventory should be divided into three buckets basic, basic- fashion, and fashion (James K Ryan, 2016). As the stores volume decreases, store planners usually eliminate all but the basic selected styles, however, C.A.T's theory states all assortments need to be visually stimulating. As we decrease to a medium size store, all the products in Figure 4 would be present but only minimal varieties would be in stock to sell. Since Zandra is a growing line with selected products, the three buckets in C.A.T, would minimally apply. Therefore, as we move to a small store only the best seller products, stocked in variety, would be displayed there along with some of the complementary items. The best seller products would be the Artisan Bar Soap, Big Lip Balm, and the Hand & Body Lotion (Personal Inter-view with Zandra Cunningham, Sept. 2016).

Figure 4. Zandra’s Product Assortment in shop at Herald Square (all 7 products)

The Zandra store at Herald Square will carry the assortments stated previously along with complementary items to emphasis the product line. As shown in Figure 5, Zandra will be displayed considering the current Macy’s selling floor, as a section of the Etsy division. Cus-tomers will be able to recognize the Zandra brand with the products in sight, and the table card that depicts Zandra’s story and her compa-ny. The space that the products will be placed will show that it is a

6

growing line that visually fits well with the other Etsy sellers. About 35% of female con-sumers stated that they value the experience they receive at a physical store which could possibly account for greater sales (Consumer Survey, 2016). Therefore, to achieve a pleasant retail experience for customers, a Visual Merchandising freelanc-er will be hired to maintain the facade of the products on a monthly basis. This will increase traffic to the Zandra display, gain a greater amount of returning customers, and boost up sales.

7

Figure 5. Merchandising Display on current selling floor at store

Figure 6. Six Month Marketing Financial Plan for Zandra, Based on the Three- Phase Launch Plan in Figure 3

FEB MAR APR TOTAL Q1 MAY JUN JUL TOTAL Q2 TOTAL % of TOTAL

Pop Up Shop Advertising 600.00$ 50.00$ 50.00$ 700.00$ 600.00$ 600.00$ 50.00$ 1,250.00$ 1,950.00$ 15%

Visual MerchandisingService

150.00$ 100.00$ 100.00$ 350.00$ 100.00$ 100.00$ 100.00$ 300.00$ 650.00$ 5%

Social Media 700.00$ 500.00$ 600.00$ 1,800.00$ 900.00$ 600.00$ 600.00$ 2,100.00$ 3,900.00$ 30%

Cross Marketing 150.00$ 100.00$ 100.00$ 350.00$ 100.00$ 100.00$ 100.00$ 300.00$ 650.00$ 5%

"Embrace Your Beauty Campaign"

1,000.00$ 500.00$ 550.00$ 2,050.00$ 1,500.00$ 500.00$ 500.00$ 2,500.00$ 4,550.00$ 35%

Reward Program Cards 300.00$ 200.00$ 200.00$ 700.00$ 200.00$ 200.00$ 200.00$ 600.00$ 1,300.00$ 10%

TOTALS

Advertising/ Marketing 2,900.00$ 1,450.00$ 1,600.00$ 5,950.00$ 3,400.00$ 2,100.00$ 1,550.00$ 7,050.00$ 13,000.00$ 100%

Marketing Campaign The Three- Phase Launch Plan in Figure 3 will be accounted for in the marketing campaigns financial aspect. Stated in Figure 6, the Marketing Financial Plan displays the expenses needed over the course of 6 months to achieve all of the marketing efforts. A total of $13,000, 12% of revenue, will be diverted to mar-keting and divided amongst the 6 divisions that are shown. The “Embrace Your Beauty Campaign” will take up the most percentage at 35% as it is the largest promotional effort. This will include small collaborative events for the community, advertisements shown at the Macy’s Etsy store, and personal empowerment testimonials joined with the pop up shop for consumers that participate in the campaign. As shown in the Consumer Survey of 40 participants, social media was a domi-nant aspect, thus 30% of marketing will go towards Facebook and Instagram adver-tisements as well as email blasts (Consumer Survey, 2016). To maintain recognition of the Macy's and Etsy partnership, cross marketing is included in the Marketing Financial Plan as 5% and will be displayed on the Etsy website (See Figure 8). By doing this con-sumers will see the icon on the Etsy page which will direct them to all the Etsy sellers at Macy's, where Zandra will be displayed as one of them. To hype up the launch of Zandra, the Macy’s sponsored Pop Up Shop will take place in the month of February as well as May and June. Therefore, the advertising portion for the Pop Up Shop will be 15% of the marketing budget. According to Forbes, the introduction of a product is when the most amount of money is occurred due to marketing, thus a greater amount is expensed in the month of February (Cecere, 2013). Also taking in consideration of seasonal holiday and occasions, the peak months of selling would be around May and June so marketing would be increased around that time period. The rest of the mar-keting funds will be divided throughout the 6 months to the divisions listed on the Mar-keting Financial Plan.

8

Financial Plan Zandra products will be sold at the flagship size store at Herald Square, and will need to account for adequate inventory on a monthly basis. Each month there will be a 300 count stock that is dispersed between the 7 products that Zandra carries. This equals a total of $25,000 worth of merchandise at the beginning and end of each month (See Figure 7). The expected total obtained from sales and receipts would total to $107,000. Forty percent of total revenue will be noted for the cost of goods throughout quarter one and two. Typically, businesses take up about 12% of revenue for marketing, therefore about $13,000 is allocated to marketing and the monthly portions are equivalent to the numbers displayed in Figure 6. When forecasting sales, the first couple of months is when there is the least amount of revenue coming in, mainly because it is the launch period of the product (Berry 2014). Thus, I accounted for that aspect in the month of February when sales are at their least. When there are promotional events, holidays, and occasions sales tend to rise because of the increase of customers wanting to purchase products, therefore sales and receipts will grow in the months of April and May. There will be a gross profit margin of 50% from total revenue of $107,000, which will be at $53,550. In total, the profit margin at the end of the quarter will account as 48%, equaling an estimated $40,698 semi-annually.

Figure 7. Six Month Financial Plan for Zandra at store

FEB MAR APR TOTAL Q1 MAY JUN JUL TOTAL Q2 TOTAL % of TOTAL

Retail Stock (BOM) 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$ 300%

Sales 12,750.00$ 15,300.00$ 17,850.00$ 45,900.00$ 22,950.00$ 17,850.00$ 20,400.00$ 61,200.00$ 107,100.00$ 100%

Receipts 12,750.00$ 15,300.00$ 17,850.00$ 45,900.00$ 22,950.00$ 17,850.00$ 20,400.00$ 61,200.00$ 107,100.00$ 100%

Retail Stock (EOM) 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$ 25,500.00$

Revenue 12,750.00$ 15,300.00$ 17,850.00$ 45,900.00$ 22,950.00$ 17,850.00$ 20,400.00$ 61,200.00$ 107,100.00$ 100%

Cost of Goods 7,140.00$ 7,140.00$ 7,140.00$ 21,420.00$ 7,140.00$ 7,140.00$ 7,140.00$ 21,420.00$ 42,840.00$ 40%

Gross Profit Margin 8,925.00$ 8,925.00$ 8,925.00$ 26,775.00$ 8,925.00$ 8,925.00$ 8,925.00$ 26,775.00$ 53,550.00$ 50%

Mark Downs 1,785.00$ 1,785.00$ 1,785.00$ 5,355.00$ 1,785.00$ 1,785.00$ 1,785.00$ 5,355.00$ 10,710.00$ 10%

Advertising/Marketing 2,350.00$ 1,450.00$ 2,150.00$ 5,950.00$ 3,450.00$ 2,100.00$ 1,500.00$ 7,050.00$ 12,852.00$ 12%

40,698.00$ 48%Profit Margin

9

With the abundance amount of marketing and preparation for launching Zandra at Macy’s Etsy store, there is a high chance that it will be successful and inventory may entirely run out. In this case, Zandra has many different variations of her 7 products, therefore if this were to happen we would introduce the other different types and smells of her products to scale up the shop and please the consumers. This will control the deficiency of products and the FIFO method will allow easy flow within the products. In the unfortunate chance that inventory wouldn't sell we would need to liquidate the merchandise by marking down the products. In this circumstance, we would run a flash sale which would be advertised on social media to bring in custom-ers to purchase the discounted products. We would also take more products and exhibit them at “Embrace Your Beauty” events and the Pop Up Shop, where consum-ers would have a chance to try them out and buy them.

Naturally.

Logistics of Inventory

Zandra will be the trending brand that will jumpstart the Macy’s and Etsy col-laboration which will attract numerous customers. The modern takes on advertising and promoting such as the Pop Up Shop and the “Embrace Your Beauty Campaign” will engage the market and community. From all the reasearch done, Zandra is a succesful brand that will flourish in the partnership itself, gaining loyal consumers, changing people lives, and accomodating to what society is asking for.

Zandra’s inventory will be following the FIFO method of having the products that were first added to inventory removed and placed on the selling floor first (Arline, 2015). Since this will be Zandra’s first time launching in Macy’s the expected sales are unknown, therefore we would have to examine the excess of inventory that we may need to replenish or lack of inventory that we would have to liquidate.

10

Appendix

Figure 8. Cross Marketing Display of store on Etsy’s website

11

Categories Females % Males %Facebook 1 5% 6 30%Instagram 2 10% 3 15%Twitter 3 15% 0 0%LinkedIn 2 10% 0 0%Snapchat 1 5% 1 5%Smartphone App 0 0% 1 5%Company Website 2 10% 2 10%Store Experience 7 35% 2 10%Direct Mail 0 0% 2 10%Email 3 15% 3 15%

What is your most ideal way for your favorite company to notify you about sales and new arrivals? (Ranking scale 1-10, 1 being the highest)

Figure 9 Continued. Male and Female Consumer Survey Outcomes.

Categories Females Males Mean % of both

Unlikely 0 1Somewhat Unlikely 0 1Sometimes 4 2 15%Likely 8 8 40%Very Likely 8 8 40%

How likely are you going to shop at a physical store for bath and body products versus online?

Categories Females % Males %Cost 6 30% 9 45%Ingredients 4 20% 3 15%Smell 2 10% 4 20%Comfort on Skin 3 15% 1 5%Appearance of Container 5 25% 2 10%

What is most important to you when purchasing bath and body products?

2.5%2.5%

Category Answer Bars %Under 15 2 5%15-19 8 20%20-24 12 30%25-29 10 25%30-34 5 13%Over 35 3 8%

What is your age? (Males & Females)Do you care about using natural/organic products?

Categories Females MalesMean % of both

Never 1 4 13%Rarely 3 7 25%Sometimes 4 7 28%Often 10 2 30%All the time 2 0 5%

12

Figure 10. Macy’s Sponsored Pop Up Shop

13

Zandra’s Pop Up Shop will allow consumers to engage with the store by having the oppuruni-ty to try out the products and find the right ones using the iPads. They will get a chance to watch demonstrations of making natural prod-ucts and have the moment to meet Zandra herself. This Pop Up Shop depicts the Zandra brand by having a clean and fresh look, including vegetation, and the numerous prod-ucts that are on display

References

Arline, K. (2015, February 20). FIFO vs. LIFO: What is the Di�erence? Retrieved October 9, 2016, from http://www.businessnewsdaily.com/5514-�fo-lifo-di�erences.html

Berry, T. (2015). How to Forecast Sales. Retrieved October 18, 2016, from http://leanplan.com/how-to-fore cast-sales/

Bobila, M. (2016, January 28). Macy’s Opens 'The Etsy Shop' in an E�ort to Attract Millennial Shoppers. Retrieved October 8, 2016, from http://fashionista.com/2016/01/macys-etsy-shop

Boykin, G. (n.d.). What Percentage of Gross Revenue Should Be Used for Marketing & Advertising? Retrieved October 10, 2016, from http://smallbusiness.chron.com/percentage-gross-reve nue-should-used-marketing-advertising-55928.html

Cicero, L. (2013, December 11). New Products: More Costly and More Important. Retrieved October 18, 2016, from http://www.forbes.com/sites/loracecere/2013/12/11/new-prod ucts-more-costly-and-more-important/#1927fb44797f

Davis, K. (2013, March 22). The 'Etsy Economy' and Changing the Way We Shop. Retrieved September 18, 2016, from https://www.entrepreneur.com/article/226180

Ferro, S. (2015, November 17). Etsy’s Artisanal Goods Are Coming To Macy’s. Retrieved September 15, 2016, from http://www.hu�ngtonpost.com/entry/etsy-ma cys-whole-foods_us_564b791ee4b06037734b47d8

FIFO vs LIFO Accounting - AccountingTools. (n.d.). Retrieved October 15, 2016, from http://www.accoun tingtools.com/�fo-vs-lifo-accounting

Heller, L. (2016). Macy's and Etsy partner in millennial-minded shop. Retrieved September 15, 2016, from http://www.�erceretail.com/operations/macy-s-and-etsy-partner-millennial-minded-shop

Houser, C. (2016, March 9). Etsy Opens Boutique in New York Macy's. Retrieved September 8, 2016, from http://www.madmarketer.com/topics/news/articles/418607-et sy-opens-boutique-new-york-macys.htm

Inventory Management: How Much is Too Much? (2016). Retrieved September 28, 2016, from https://ww w.kabbage.com/blog/2013/02/08/how-much-inventory-is-too-much-by-stitchlabs/

Jaskelainen, L. (2016). Topic: Millennials in the U.S. Retrieved October 1, 2016, from https://www.statis ta.com/topics/2705/millennials-in-the-us/

Kaplan, D. (2016, January 31). Macy's And Etsy Partnership Based On Complementary Shopper Appeal |. Retrieved September 14, 2016, from http://www.geomarketing.com/macys-and-etsy-partner ship-based-on-complementary-shopper-appeal

Macy’s, Inc. History - Macy’s, Inc. (n.d.). Retrieved September 26, 2016, from https://ma cysinc.com/about-us/macysinc-history/overview/default.aspx

14

Mitra, S. (2016, May 11). Is Etsy pro�table? Retrieved September 8, 2016, from https://www.quo ra.com/Is-Etsy-pro�table

Nazario, M. (2015, September 28). Macy's just spent millions to build a 'millennial �oor' - here's what it's like to shop there. Retrieved September 26, 2016, from http://www.businessinsider.com/ma cys-one-below-for-millennials-2015-9/#macys-�ag ship-store-at-herald-square-features-one-be low--part-of-a-400-million-project-to-renovate-the-store-1

Orrigo, M. (2015). Gift Industry Trends: The Rising Demand for Handmade Goods. Retrieved September 26, 2016, from https://www.handshake.com/blog/gift-industry-trends-handmade/

Retail Math Equations for the Apparel Industry. (n.d.). Retrieved October 2, 2016, from http://www.appar elsearch.com/retail_math.htm#Percent change in sales

Simpson, K. (2013, December 19). Visualizing The Data Behind Holiday Spending - DataHero Self Service Cloud BI Tool. Retrieved October 4, 2016, from https://datahero.com/blog/2013/12/19/visualiz ing-holiday-spending/

So You Want To Work With Macy’s? (2016, April 20). Retrieved September 20, 2016, from http://etsywhole sale.tumblr.com/post/143116943375/so-you-want-to-work-with-macys

Stefan, T. (n.d.). Net Pro�t Percentage Goals of Any Business. Retrieved September 19, 2016, from http://smallbusiness.chron.com/net-pro�t-percentage-goals-business-23447.html

Wahba, P. (2016, January 29). Macy’s Is Teaming up With Etsy to Win Over Millennials. Retrieved October 1, 2016, from http://fortune.com/2016/01/29/macys-etsy-millennials/

Zandra. (n.d.). Retrieved September 10, 2016, from http://www.zandrabeauty.com/

15