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Proven Business Models That Ensure Success
Maxis Business Spark series, Let’s Talk invites business owners from various industries to share, discuss and debate business strategies. Episode 4 of this series is called “Spark Let’s Talk: The Right Fit In The New Normal”, it brings two business owners with distinctly different business strategies together to uncover unique insights, perspectives as well as some of their own personal experiences when it comes to building their home-grown brands. Guests invited to this episode are Hugh Koh, co-founder and chief vision officer of Pestle & Mortar and CK Changr, founder of OxWhite
Let’s see what are some of the remarkable and useful points that we can learn throughout the episode!
1. Multichannel
OxWhite starts from an entirely online and eCommerce ecosystem. They were concentrating on eCommerce stores, utilizing marketplaces to access a new client base that they traditionally are not able to access through social media. Customers who routinely purchase from marketplaces with simple payment checkouts abound. OxWhite is seeing tremendous development as a result of utilizing that environment, and they have furthermore taken part in “Shopee Live,” which at one point had 10,000 viewers.
In contrast, Pestle & Mortar is a brick-and-mortar company and they still firmly believe in this type of structure. Hugh, though, believes that they can definitely narrow that down (most of their sales do take place through their own website), in terms of segmenting the types of products that they have into different types of sales channels.
“It’s mostly about offering discounts on third party sites, but on their side, it’s more of like newest or new arrivals products,” Hugh Koh said.
It is crucial to utilize a multi-platform e-commerce approach to reach a larger audience. There are several strategies to change focus to e-commerce or digital, rather than just one. Selecting many platforms is preferable to sticking with just one.
2. Keep changing over time
Because there are different sorts of consumers that like to make purchases through Live, OxWhite is always searching for new platforms like “Facebook Live” to interact with customers. Additionally, OxWhite strives to provide what clients demand, particularly during the pandemic. Their products are simple and of great quality, so clients can wear them frequently and repeatedly at home. There are customers who would purchase 20 of a simple polo t-shirt, and just switch around the colours and wear it every day.
“Trends are always changing so quickly,” Hugh Koh mentioned.
As per his opinion, “loud stuff” was popular back then. The T-shirts they produced when they initially started out had big graphics on them. Though the fashions are extremely diverse, minimalism is more popular right now. The general public prefers simpler products.
Therefore, the ability to adapt throughout time is important, but the promise made to clients and the quality of the products themselves shouldn’t.
3. Innovation
OxWhite employed newsletters in order to notify its clients, but the opening rate fell with time. Therefore, they are developing a WhatsApp system that would let users transmit large numbers of messages without being blocked by other users.
OxWhite has two procedures in place to ensure that the communications are received. Customers will also receive an equivalent of WhatsApp for order confirmation, order tracking, customer reviews, out-of-stock items, and abandoned carts in addition to email. Additionally, OxWhite has software that can concurrently push the inventory across three platforms. “It is important to have a system in place on the back end that can push items and update the inventory automatically, especially for clothing that comes in a variety of sizes and colors,” CK Changr said.
4. Customer relationship
“Instead, just creating products and selling them, businesses should understand their customers and create what they need,” CK Changr said.
Since OxWhite has operated exclusively online for the past three years, they have the data to keep track of things, identify out-of-stock items that consumers want, and even solicit recommendations from them. They gather information to comprehend their clients and provide goods that meet their needs. As a result, when OxWhite develops a product for a specific consumer, it may receive feedback from that same customer.
If you want to watch the full episode and know more about what Hugh Koh and CK Changr have shared, kindly visit this link.
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