The ecommerce industry is growing faster than ever. TJ Maxx needs to start focusing more on ecommerce not only to keep up with competition, but also to make sure they do well during weak economic periods. ecommerce, overall, tends to do very well during lackluster economic times. TJ Maxx will be able to cut costs more easily the more they expand their ecommerce business. Our business idea will allow them to expand their ecommerce as we will take over their website and delivery. TJX Companies’ three ecommerce sites accounts for only about 1.0% of the company’s total sales. However, the online channel is a key growth driver and TJX is taking initiatives to improve its online business. The ecommerce sales as a percentage of total US retail sales is rapidly increasing
The main purpose of this service is to increase the potential target market of TJX. Any growth of sales in TJX’s revenue after implementing our service will be an increase in their target market. Currently, TJX focuses on 25 to 54 year old women, but since their online shopping sector is not as developed as their practical retail, we feel like TJX is missing out on a great opportunity to gain more market share by using ecommerce to enhance their online presence.
On their website, TJX puts a huge focus on how they want to increase their international and natonal market share by driving customer traffic with loyalty initiatives. Fitting Room too works as a membership system which is offered to customers who visit TJX’s website.
TJX’s current market share is 12.12% which is higher than any of its main competitors. In order to maintain this their key focus needs to be on improving the customers online nd retail sho...
... middle of paper ...
...place. This will affect performance in the first few years until we create brand awareness.
Fitting Room takes advantage of the current technological era.
By being an company that revolves around online shopping, we can follow a ecommerce growing market.
We also strengthen TJX’s treasure hunt concept by suggesting clothing options to our customers.
We also utilize big data analytics to find item suggestions, much like Amazon.com does.
Our threats are our competition. Big websites such as Amazon.com are always retailer’s competition. However, it is even more so for Fitting Room because Amazon is an online retailer, and also has suggested items.
Physical stores are also competition for online retailers.
The shopping culture may not be ready for online clothes shopping. We can assume this because ecommerce only accounts for 1% of TJX’s revenue.
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