3. Social
Network
Service
SNS, the game changer
It becomes much easier to share
something they want with others.
Anything can be shared : photos, videos,
music, articles, links, etc.
SNS provides a whole new platform
for marketing.
Promotion is done not only by companies,
but also by customers.
4. SNS, the game changer
How
do I
look?
I want to
have that
nice shirt
but… where
can I buy it?
15. Current Challenges
Dependence on clothing market
Styleshare makes revenue from
advertisements and commissions. It
makes Styleshare to be unable to
resolve recession in fashion business
market.
Upcoming challenges from competitors
Other social network services can
provide similar services without
much effort needed. Styleshare
need a differentiated service in
order to sustain their revenue and
their users.
Hello. I’m Gang Hun Choi, and I’m here to have a presentation about Styleshare.
Do you see the icons on the screen? I’m sure most of you have installed at least one of the apps here. World has changed since SNS was introduced. It becomes much easier to share something they want with others. All you need to do is simply click on a ‘share’ icon and post it on wherever you like. And you can share any kind of thing you want. Photos, videos, music, articles and other things can be shared. SNS also provides a whole new platform for marketing. Radio, television, internet and the next one is SNS. And one important function of SNS is that promotion is done not only by the companies, but also by customers. Customers share their opinion about the product, which is spread through word of mouth.
So, let’s have an example situation. As he scroll down in Instagram, he saw his friend’s picture. His friend took a picture of himself and posted it on Instragram with the comment saying “How do I look?” He saw the picture and the shirt his friend was wearing and thought ‘Hmm… I want to get that shirt, but where can I buy it?’ I think some of you have experienced a situation like this. Especially girls. And It would be awkward to ask him ‘Hey! Where did you get that shirt?’ by leaving a comment on the post. That’s why Styleshare was developed.
So, what is Styleshare? Styleshare is a social network service company that has 24 staffs, which is very small in size, and located in Seoul, Korea. And its service is provided globally.
Styleshare is a marketing company. It provides marketing platform to clothing companies and opportunities to get in touch with highly specialized consumer pool.
Styleshare’s users are mostly teenagers and twenties. Chart shows that about 70% of users are between 18 and 25. And 20% of users are between 25 and 29. Considering that teenagers and twenties are main consumers in fashion business, Styleshare’s user pool is very attractive to advertisers.
Let’s see what a post in Styleshare looks like. On the above, there is a picture that a user shared, and below the picture, the information about the clothes on the picture is given by the poster. And that’s what makes Styleshare different from other SNS. And below that, there is the status message of poster.
Styleshare’s revenue comes from two fields. One is the advertisements. It provides spaces for advertisements to various kinds of companies. Advertisers are not only in the field of fashion business, but are in various kinds of business. Second is the commission revenues from online stores in Styleshare. Styleshare is a great online marketplace for companies in fashion business, because its users are interested in fashion and they are main consumer group.
There are 2 current challenges that Styleshare is facing. One challenge is that they have limited source of revenue. Their revenue is dependent on advertisements and commissions. It makes Styleshare to be unable to resolve recession in fashion business market.
Second challenge is that other SNSs can imitate its service easily. Once other SNS provide similar function to their users, people can’t find a critical difference between Styleshare and other SNSs. Hence, Styleshare should devise a differentiated service in order to sustain their revenue and their users.
