In my recent comm101 class, we learnt about the Porter’s five forces and an article caught my eye which was related to one of the five forces – buyer power.
The company, Made.com, is an online-only furniture retailer and customers are encouraged to submit their designs for furniture and prototypes will be made for the selected ones, others will then vote, and then the furniture will be sent to manufacture after preorders are taken in. This concept is still relatively new and few companies have implemented it but it is an excellent way for a company to start up as the main advantage is that they do not have to keep an inventory of stock, they just have to manufacture according to the number of orders, which is simple and more efficient! In this way, the customers will feel more attracted to the products, it could be a selling point for their products, originality and creativity and innovation will be inculcated in their products which would be a good way to advertise as well! The company saves on getting their own designers and paying them rocket high salaries, and empower the customers, its a win-win situation!
Here’s one of my favourites from their collection!
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