...co-founders of Warby Parker. Subsequently, when Neil Blumenthal, David Gilboa, Andrew Hunt and Jeffery Raider went through their hiring process one of the components that had to be met was a devotion to the company’s social mission. For instance, one of their core values was “Take our work and our impact seriously, but not ourselves.” Warby Parker is an innovative player in the fashion space. The company offers high quality, classically crafted eyewear at remarkably low prices, avoiding traditional overhead costs with direct interaction between customers and the elimination of high industry markups. The company was founded in 2010 by four friends, Neil Blumenthal, David Gilboa, Andrew Hunt and Jeffery Raider. The four attended college together at Wharton business school. The concept of their business Warby Parker was developed because David Giloba and Raider had found themselves appalled with high retail cost of designer eyewear. In addition, Neil Blumenthal’s was the former director of a non-profit that delivered eye glasses in developing countries. Consequently, he witnessed first- hand the gap between the eyewear industries manufacturing cost and retail prices. They quickly realized a feasible way to solve this tangible consumer pain point. Their solution was to provide eyewear at a lower cost through online distribution. At the time Eyewear market was largely dominated by two companies: Luxottica Group Spa and Essilor International SA. However, Warby parker was able to...
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...COMPANY BACKGROUND Warby Parker is an American eyewear company that was launched in February, 2010 as part of the Venture Initiation Program by four students from the University of Pennsylvania. The company’s initiative was to sell cheap eyewear online combined with a good cause. Warby Parker believes that “everyone has the right to see” this idea lead to forming partnership with renowned non-profits – e.g. RestoringVision.org – to give a pair away to someone in need for every pair sold. However, it was not just the company’s generous intentions that made Warby Parker so successful for a start-up firm. Warby Parker’s brand is both trendy and classic providing high quality frames with best in class polarized lenses. As a way of cutting costs, Warby Parker decided to avoid middlemen and go directly to the manufacturers in China, circumventing traditional channels. The company is considered a made-on-the-internet brand: it has a huge presence of the internet and most of its advertising campaigns take place there, which constitutes an advantage, given the growing popularity of e-commerce and social network advertising. They started off as an online company however, in the past years they have also opened stores and showrooms in 15 location across the US with their headquarter in New York. BUSINESS MODEL CANVAS ARCHETYPE Warby Parker’s business is based on the low price and high quality of the products, the solidarity branch of their program and also on their online shop. To...
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...geographical boundaries. Online retail brought shoppers and vendors close like never earlier. By transcending geographic limitations it allowed companies to even mark those consumers who were earlier “inaccessible.” The Internet is providing a gamut of breakdowns for new advanced business representations and transactions. It also unlocked new channels for advertising professionals to better endorse their products and services. Internet Shopping Habits Globally, an online study conducted by Nielsen Global, found that approximately half of the Internet-using populace has made at minimum one online purchase. The process of online shopping behavior includes five steps: 1. The customer identifies their need for a specific product – apparel in our case 2. She refers to the Internet for additional information about the merchandise 3. She compares costs with other competitors to weigh different alternatives 4. She makes a purchase choice where she settles for a product or a brand. This stage is followed by the actual buying 5. The buyer will calculate the adequacy of the product/brand in relations of her original needs. This impacts the future buying behavior and choices of the...
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...The iMARKET Darragh Barker Executive Summary Throughout this research paper I hope to identify the sale of digital goods as a business model and the different types of companies that operate under this business model. Investigate the revenue streams for various digital products and the commercial strategy for investment/reinvestment of profit. I will also be looking at how this digital good have affected us on a social level ie education, employment, day to day living. The beginning SoundJam MP, developed by Bill Kincaid and released by Casady & Greene in 1999, was renamed iTunes when Apple purchased it in 2000. Jeff Robbin, Kincaid, and Dave Heller moved to Apple as part of the acquisition, where they continue to work today as the software's original developers. They simplified SoundJam's user interface, added the ability to burn CDs, and removed its recording feature and skin support. On January 9, 2001, iTunes 1.0 was released at Macworld San Francisco. Originally a Mac OS 9-only application, iTunes began to support Mac OS X when version 2.0 was released nine months later, which also added support for the original iPod. version 3 dropped Mac OS 9 support but added smart playlists and a ratings system. In April 2003, version 4.0 introduced the iTunes Store; in October, version 4.1 added support for Microsoft Windows 2000and Windows XP. This is can be interpreted as the birth of the one of the most successful digital goods based companies ever. Apple...
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...Methodology 14 Research Design 14 Chapter 4: Results and Analysis 15 Chapter 5: Conclusion and Suggestions 24 Conclusion 24 Suggestions 25 Limitations 26 Annexure 27 About Vision Spring 27 References 32 Questionnaire 34 List of figures Figure 1 Gender distribution of the respondents…………………………. 17 Figure 2 Age of the Respondents……….………………………….……… 18 Figure 3 Pair of eyeglasses people own………………………………..…. 19 Figure 4.Number of retailer customers shopped around…...................... 19 Figure 5 Location…………………………………………………………..…. 20 Figure 6 - The influence of the optician…..………………………………… 21 Figure 7- Influencing factors………………………………………………… 21 Figure 8- Costumers buying online……………..………………………….. 22 Figure 9- satisfaction level of online purchase…………………………….. 23 Figure 10- Reasons behind buying eyewear…………...…………………. 23 Figure 11 discounts/promotions……………………………………………. 24 Figure 12 online use of discount or promotion……………………………. 26 Figure 13 gender and influencers……………………...…………………....26 Executive Summary This project on “Study of Indian Consumers Preferences towards Eyewear” aims at studying the eyewear industry in India and the consumer preferences in this industry. VisionSpring is an eyewear company that works to ensure affordable access to eyewear, everywhere. Primary objective of this project is to analyse the consumer buying behaviour and habits. For this purpose, research and analysis is very important and is needed to be done continuously in...
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