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1
August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Deep Dive: How Direct
Selling Remains
Relevant in the Digital Age
KeyTakeaways
1) TheglobaldirectsellingmarketreboundedtoUS$134.2billionin2016,up2.8%fromthepreviousyear,accordingtoEuromonitor.TheChinamarket,valuedatUS$33.9billion,followscloselybehindtheUSasthesecond-largestdirectsellingmarketintheworld,andisexpectedtoovertaketheUSinthenextfewyears.
2) Directsellingcompaniesarefacingchallengesinthedigitalage;notonlyareconsumersincreasinglyshiftingtheirpurchasesonline,buttechnologyhasenabledbrandsandretailerstooffermorepersonalizedservices,akeycompetitiveadvantagepreviouslyownedbydirectsellers.
3) Despitethesechallenges,somedirectsellingcompanieshaveenjoyedunparalleledgrowthinrecentyears,leveragingdigitaltoolstoincreaseoperationalefficiencyaswellastobroadentheirreachtopotentialcustomers.
Deborah Weinswig
Managing Director,
FGRT
US: 917.655.6790
HK: 852.6119.1779
CN: 86.186.1420.3016
2
August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
TableofContentsExecutiveSummary.............................................................................................................3
MarketOverview................................................................................................................4ChinaonTracktoBecometheLargestDirectSellingMarket..............................................................5TopDirectSellingCompaniesFaceDecliningRevenues......................................................................6WellnessOvertakesCosmeticsandPersonalCareastheLargestCategory........................................8
ChallengesFacedbyDirectSellersintheDigitalAge............................................................9CompetitionforConsumers.................................................................................................................9CompetitionforWorkforce..................................................................................................................9TheRiseofInfluencersandKeyOpinionLeaders..............................................................................11ErosionofCompetitiveAdvantages...................................................................................................11
DirectSellersEmbracingtheDigitalAge............................................................................12Jeunesse.............................................................................................................................................13Amway...............................................................................................................................................14
Conclusion.........................................................................................................................15
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August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ExecutiveSummaryDirectsellingreferstoproductsorserviceswhicharesolddirectlytoconsumersbyindependentsalesrepresentatives,eliminatingmiddlemensuchaswholesalersandretailers.ItisamajorglobalretailchannelworthUS$134.2billionin2016,a2.8%increasefromthepreviousyear.
TheUSisthelargestdirectsellingmarket,valuedatUS$35.5billionin2016,withChinatrailingclosebehind,atUS$33.9billion,accordingtotheWorldFederationofDirectSellingAssociations(WFDSA).Growingatanestimatedthree-yearcompoundannualgrowthrate(CAGR)of13%,ChinaisexpectedtoovertaketheUSasthelargestdirectsellingmarketinthenextfewyears,accordingtoDirectSellingNews.
Wellnessisthelargestproductcategoryindirectselling,generatingUS$63.5billioninrevenuesin2016,up40.1%from2013.Cosmeticsandpersonalcarefollowsasthesecond-largestproductcategory,valuedatUS$48.3billionin2016.Thesuccessofdirectsellinginthesetwocategoriescanlargelybeattributedtothepersonalizedserviceprovidedbysalesrepresentatives.
Eventhoughdirectsellingisgrowinggloballyinabsoluteterms,directsellingcompaniesarefacingdigital-agechallengessimilartothosefacedbytraditionalstore-basedretailers:consumersareshiftingmoreoftheirpurchasesonlineandtechnologicalinnovationshaveenabledbrandsandretailerstoprovidemorepersonalizedservicesovertheInternet.Furthermore,directsellingcompaniesarealsofacingthechallengeofrecruitingsalesrepresentatives,astechnologyandthesharingeconomyhavebroughtaboutalternativewaystoearnsupplementalincome.
Despitethesechallenges,somedirectsellingcompanieshaveenjoyedunparalleledgrowthinrecentyears,astheyhaveleverageddigitaltoolstoincreaseoperationalefficiencyandtobroadentheirreachtopotentialcustomers.
Source:iStockphoto
Directsellingcompaniesarefacingchallengesinthedigitalage,asconsumerscontinuetoembraceInternetretailingandshiftmoreoftheirpurchasesonline.
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August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
MarketOverviewDirectsellingreferstoproductsorserviceswhicharesolddirectlytoconsumersbyindependentsalesrepresentatives,eliminatingmiddlemensuchaswholesalersandretailers.ThisbusinessmodeloriginatedintheUSinthe18thcenturyandhasbecomeamajorretailchannel.
Source:iStockphoto
TheglobaldirectsellingmarketpeakedatUS$140.1billionin2013,thenexperiencedadropfortwoconsecutiveyearsin2014–2015,shrinkingtoUS$130.6billionin2015,down6.8%from2013.
ThemarketthenreboundedtoUS$134.2billionin2016,andisexpectedtoexperiencearesurgenceoverthenextfewyearstoreachUS$163.1billionby2020withaCAGRof4.9%,accordingtoEuromonitor.
Figure1.GlobalDirectSellingMarketSize,2012‒2020(US$Billion)
Source:EuromonitorInternational
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TheglobaldirectsellingmarketreboundedtoUS$134.2billionin2016,andisexpectedtoseearesurgenceoverthenextfewyearstoreachUS$163.1billionby2020.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ChinaonTracktoBecometheLargestDirectSellingMarketUS:TheUSisthelargestdirectsellingmarketintheworld,valuedatUS$35.5billionin2016,accordingtotheWFDSA.Thetop-threedirectsellingcompaniesglobally—Amway,AvonandHerbalife—wereallfoundedthere.TheUSalsohasthelargestnumberofsellers—20.5millionin2016.
China:ClosebehindinsecondplaceisChina,valuedatUS$33.9billion.AccordingtoareportbyDirectSellingNews,theexplosivegrowthinChina’sdirectsellingmarketcanbeattributedtotheChinesegovernment’sapprovalofmorelicensesfordirectsellingcompanies.Growingatanestimatedthree-yearCAGRof13%,thecountryisexpectedtoovertaketheUSasthelargestdirectsellingmarketwithinthenextfewyears.
SouthKorea:ValuedatUS$16.9billionin2016andwithathree-yearCAGRof6.7%,SouthKoreaisthethird-largestdirectsellingmarket.DirectsellingisoneofthemajordistributionchannelsforconsumerhealthproductsinSouthKorea,accountingfor34.4%oftheretailvaluesharein2015,accordingtoEuromonitorInternational.
Source:iStockphoto
Figure2.Top-10CountriesbyDirectSellingMarketSize,2016
Source:WorldFederationofDirectSellingAssociations
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ChinafollowscloselybehindtheUSasthesecond-largestdirectsellingmarket,valuedatUS$33.9billion.Growingatanestimatedthree-yearCAGRof13%,itisexpectedtoovertaketheUSasthelargestdirectsellingmarketintheworldinthenextfewyears.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
TopDirectSellingCompaniesFaceDecliningRevenuesAmway:Foundedin1959byJayVanAndelandRichardDeVos,Amwayistheworld’slargestdirectsellingcompanybyrevenues,recordingUS$8.8billionin2016.Thecompanysellsawiderangeofproductsincludingwellness,beautyandhomecareproducts.
Source:amway.com
Avon:Foundedin1886,andoneoftheoldestcompaniesintheindustry,Avonisthesecond-largestdirectsellingcompanyintheworld.ItreportednetsalesofUS$5.7billionin2016.In2016,AvonsolditsUSbusinesstoCerberus,andhassincemoveditsheadquarterstotheUK.Thecompanyoffersproductsinthebeauty,householdandpersonalcarecategories.
Source:avon.com
Fourofthetop-fivedirectsellingcompanieshavesufferedadropinrevenues,registeringanegativeCAGRbetween2013and2016.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Herbalife:Herbalifefocusesinthewellnesscategory,sellingnutritionsupplements,weight-management,sports-nutritionandpersonal-careproducts.Thecompanywasfoundedin1980,witharelativelyshorterhistoryamongthetop-fivedirectsellingcompanies.
Source:herbalife.com
Therankingofthetop-fivedirectsellingcompanieshasremainedunchangedinthepastthreeyears.However,fourofthesecompanieshavesufferedadropinrevenues,registeringanegativeCAGRbetween2013and2016.
Figure3.Top-5DirectSellingCompanies,2016
Source:DirectSellingNews
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August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
WellnessOvertakesCosmeticsandPersonalCareastheLargestCategoryWellness:Wellnessisthelargestdirectsellingcategory,generatingUS$63.5billionin2016,up40.1%from2013.Fundamentaldriverssuchastheagingofthepopulationinmajordevelopedmarketsandincreasingawarenessofhealthandwellnessamongconsumershaveunderpinnedtheexplosivegrowthinthiscategory.
AsnotedbyPaulPilzer,anAmericaneconomist,thedirectsellingchanneliswellsuitedtowellnessproducts,duetotheperson-to-personnatureofthechannel.Unlikeacarorclothingsalesperson,thewellnesssalesrepresentativeisanexperienceduseroftheproduct,servingasawellnessadvisortotheconsumer.Inaddition,satisfiedconsumersalsohavetheincentivetointroducetheproductstoothers,astheycaneasilyenrollassalesrepresentatives,themselves.
Cosmeticsandpersonalcare:ValuedatUS$48.3billionin2016,andup11.4%from2013,cosmeticsandpersonalcareisthesecond-largestdirectsellingcategoryglobally.Despitethedouble-digitgrowth,ithasfallenfromthetopspotandbeenovertakenbywellness,whencomparedwith2013.
Householdgoodsandhomedurables:Thethird-largestcategory,valuedatUS$21.4billionin2016,ishouseholdgoodsandhomedurables.Homeproductshavethelowestgrowthamongthetop-fiveproductcategories,uponly2.3%from2013.
Figure4.Top-FiveProductCategoriesinDirectSelling,2012vs2016(US$Billion)
Source:WorldFederationofDirectSellingAssociations
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Apartfromtheagingofthepopulationandincreasingawarenessofhealthandwellness,theexplosivegrowthinwellnesscanbeattributedtotheroleofsalesrepresentativesindirectselling.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
ChallengesFacedbyDirectSellersintheDigitalAge
CompetitionforConsumersAlthoughdirectsellingandtraditionalstore-basedretailingoperatedifferentbusinessmodels,theyarebothfacingthechallengesposedbyInternetretailinginthepastdecade,asconsumersincreasinglyshifttheirpurchasesonline.
AccordingtoEuromonitor,year-over-yeargrowthofInternetretailinghasoutpacedthatofbothdirectsellingandstore-basedretailingfor10consecutiveyears.In2016,directsellingandstore-basedretailingregisteredyear-over-yeargrowthof6.5%and3.9%,respectively,whileInternetretailinggrewat15.1%yearoveryear.
Figure5.YoYGrowthRateofGlobalRetailValuebyDistributionChannels,2007‒2016(Fixed2016FXRatestoUSD)
Source:EuromonitorInternational
CompetitionforWorkforceApartfromcustomers,directsellingcompaniesalsofacethechallengeofrecruitingsalesrepresentativesinthedigitalage,astechnologyhasbroughtaboutalternativewaysforpeopletoearnasupplementalincome.
Directsellingcompaniesoffertheopportunitytostartabusinesswithoutheavyinitialinvestment,suchasrentingastoreandhiringstaff,withacuratedrangeofproducts.However,itisnowpossibletodosoonane-commerceplatformsuchaseBay,orevensocialmedianetworkssuchasInstagram.Apartfromthegreaterflexibilityinchoiceofproductstosell,sellingonlinealsoprovidesawiderreachtopotentialcustomers,withoutthegeographicalboundaries.
Inaddition,thesharingeconomyhasbroughtaboutmorewaystoearnapart-timeincome.AccordingtoapollconductedbyPennSchoenBerlandin2016,itisestimatedthat45millionpeopleintheUSareparticipatinginthesharingeconomybyofferinggoodsorservices.ThisfigurehassurpassedthenumberofdirectsellersintheUS,whichstoodat21millionin2016,accordingtotheWFDSA.
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Thedirectsellingindustryisfacingachallengingenvironment,asconsumersincreasinglybuymoreproductsonline.
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August11,2017
DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Figure6.PeopleEngagedinDirectSellingandtheSharingEconomyintheUS(Million)
Source:DirectSellingNews
Forexample,appssuchasUberandLyfthaveenabledprivatecardriverstousetheirprivatecartoearnextraincome,andcompaniessuchasInstacartemploythousandsofpersonalgroceryshoppers.Comparedwithdirectselling,whichrequiresbusinessskillsandacommitmenttodevelopacustomerbase,thesharingeconomyappealstothosewhodonotwishtomakesuchacommitment.
Source:lyft.com/app-sms
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
TheRiseofInfluencersandKeyOpinionLeadersInthedigitalage,theriseofinfluencers,orkeyopinionleaders(KOL)astheyarecalledinChina,hasbeendramatic.Influencersgainpopularityonsocialmedia,whichtheymonetizebyadvertisingandsellingproducts.
SomeKOLshaveevenlaunchedtheirownbrands.Forinstance,intheUS,MichellePhan,avideobloggerwithover8millionsubscribersonYouTube,launchedherownbeautysubscriptionboxcompanyIpsyin2011.Ipsychargesamonthlysubscriptionfeetodeliverabagoffivecosmeticsamplestosubscribers,whichhelpsconsumerstodiscovernewproductsatareasonablecost.Thecompanygainedpopularityamongsocialmediaasvideobloggerspostedvideosandsharedtheirexperienceofunboxingthebeautyproducts.
Source:ipsy.com
InChina,weareseeingwanghong(onlinecelebritiesorcewebrities)settinguptheirownstoresone-commerceplatforms.Forexample,amongthetop-10womenswearTaobaostoreslaunchedin2016,halfofthemwerelaunchedbyfashioncewebrities.AccordingtoCBNData,thee-commercemarketsizeofonlinecelebritiesreached$8.6billionin2016.
Inthelongterm,theriseofKOLsmaydisruptthetraditionalperson-to-persondistributionapproachusedbydirectsellers,asmoreconsumersarerelyingonsocialmediatoshop.Indeed,astudybyBigCommercein2017showsthat23%ofUSshoppersareinfluencedbysocialmediarecommendationsorreviews.Inaddition,thestudyshowsthat51%ofmillennialsarelikelytomakeapurchaseoversocialmedia,higherthanbabyboomersat14%.
ErosionofCompetitiveAdvantagesDirectsellingcompaniesleveragetheirnetworkofsalesrepresentativestoengagewiththeircustomersdirectly,providingpersonalizedservicesandproductrecommendationsaccordingtoeachindividual’sneeds.Thisisakeyadvantagewhenitcomestohealth,wellnessandbeautyproducts,whichhelpsexplainwhythesearethemost-popularcategoriessoldthroughthissaleschannel.
IntheUS,MichellePhan,avideobloggerwithover8millionsubscribersonYouTube,launchedherownbeautysubscriptionboxcompanyIpsyin2011.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
However,thedigitalagehasbroughtwithittechnologythatenablesbrandsandretailerstoprovidepersonalizedservicesandproductrecommendations.Moresophisticatedloyaltyprogramsthathelptrackcustomerbehavior,includingusageofproductsandservices,areonewayretailersareofferingahigherdegreeofpersonalization.Forexample,beautyretailerUlta’sUltamateRewardsprogramaimstodelivermoretargetedandpersonalizedoffersacrossallchannels.Customerswhojointheloyaltyprogramreceiveexclusiveoffersviae-mailorbypost.
Anotherbeautyretailer,Sephora,alsoutilizesitsloyaltyprogramtoproviderelevantrecommendationstomembers.Forinstance,Sephorarecordstheskintypeofcustomersanditspromotionale-mailsmakerelevantrecommendationsaccordingly.
Source:sephora.com
Withtheapplicationofbigdataanalysis,brandsandretailersnowprovidepersonalizedservicesandproductrecommendation,whichwasonlypreviouslypossiblethroughsalesrepresentativesofdirectsellingcompanies.
Amazonusestheshoppingpatternsofcustomerstomakecontextualrecommendationsofproducts.Itshomepageshowsthetopsellersindifferentcategories,dependingontheuser,andpersonalizeseveryuser’shomepagebasedontheirbrowsingbehavior.Whenusersclickonaspecificproduct,Amazonwillshowwhatcomplementaryorrelatedproductsothercustomershavepurchased.Thesehelpconsumersdiscoverrelevantitemsthatarepotentiallydesirabletothem.
Source:amazon.com
Thedigitalagehasbroughttechnologythatenablesbrandstoprovidepersonalizedservicesandproductrecommendationsaswell,akeycompetitiveadvantagepreviouslyownedbydirectsellingcompanies.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
DirectSellersEmbracingtheDigitalAgeFacingthechallengesofthedigitalage,anumberofnewdirectsellingcompanieshaveenjoyedunparalleledgrowth,whilesomeestablishedplayershaverecognizedthechallengesandaretransformingtheirbusinesstoembracethedigitalage.Tounderstandbothscenarios,weexaminetwocompaniesinthissection:JeunesseandAmway.
JeunesseFoundedin2009,Jeunesseisoneofthefastest-growingdirectsellingcompaniesinrecentyears.Itfocusesonwellnessandskincareproducts.Despitethetoughchallengesfacedbydirectsellers,itsrevenuesgrewfromUS$65millionin2011toUS$1,41billionin2016,registeringaCAGRof85%.
Source:jeunesseglobal.com/en-HK
Figure7.JeunesseNetSales,2011‒2016(US$million)
Source:DirectSellingNews
Therapidexpansionofthecompanycanbeattributedtoitsadoptionofdigitaltoolsfordistribution,promotionandtraining.
Asof2015,Jeunessehasestablished30officesand44distributioncentersaroundtheworld,butwithamuchwiderpresenceinover125markets.
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TherapidexpansionofJeunessecouldbepartiallyattributedtoitsadoptionofdigitaltoolsforpromotion,distributionandstafftraining.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
RandyRay,CEOofJeunesse,pointedoutthatthecompany’searlyinvestmentintechnologicalinfrastructurehashelpeditsglobalexpansion.
Thecompanymakesuseofanonlineplatformtoallowsalesrepresentativestomanagetheirbusiness,includingplacingorders,reviewingearnings,aswellastoreceivethelatestpromotionalmaterials.Theplatformisavailableonbothdesktopandmobileapp,thelatterofwhichhasalreadysurpassed100,000downloadsontheGooglePlayStore.
Inthissense,thetechnologicalbackboneofthecompanyallowsittoscaleacrossgeographiesquickly,assalesrepresentativesmayjointhecompanyeveniftherearenophysicalofficesintheircountryorregion.
Inaddition,thecompanyalsotrainsitssalesrepresentativesviawebinarsorYouTubevideos,makingiteasierfornewjoinerstolearnandsharetheirskillsindirectselling.
AmwayAmwayisthelargestdirectsellingcompanyintheworldintermsofrevenue.However,revenuesdroppedtoUS$8.8billionin2016,down28%from2013.Facingthechallengesofthedigitalage,thecompanyisimplementingstrategiestoimprovebothitsonlineandofflinesellingchannels.
Amwayrolledoutitsmobilee-commercesysteminChina,whichincludes10WeChatpublicaccountsand11appsastheironlinesalesinitiative.SalesrepresentativescanpromoteproductsandcommunicatewithcustomersonWeChat,China’smostpopularinstant-messagingplatform.UsingAmway’smobilee-commercesystem,customerscanplaceordersandmakepaymentsonline,andsalesrepresentativescanprovidecustomerserviceonmobiledevicesaswell.
Inadditiontoitsonlinestrategy,Amwayhasdevelopedexperience-drivenbrick-and-mortarstores,which,inthepast,hadservedmerelyasproductdistributionpoints.Thebrick-and-mortarstoresnowserveasaplaceforpotentialcustomerstoexperiencenewproductsandforsalesrepresentativestocommunicatewiththeircustomers.
IntheAmwaydigitalexperiencestore,customersaregivenaNFC-enabledSmartExperienceCardoncetheyhavespentadesignatedamountonpurchasesin-storethatcanbeconnectedtothecustomers’socialmediaaccountsandcanrecordeveryactionthecustomersmake.Customerscantakepartindigitalexperienceswithaseriesofinteractiveinstallationsin-store,andtakesnapsinthephotobooth,whichtheycanthenshareonsocialmediatocreateahigherawareness.InthefirsttwoweeksoftheopeningoftheexperiencestoreinHongKong,itreceivedover1,500NFCactivations,over1,000sharesonsocialmediaandover5,500boothcheck-ins.
Amwayhasdevelopedexperience-drivenbrick-and-mortarstores,which,inthepast,hadonlyservedasproductdistributionpoints.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
Source:Amway
Salesrepresentativescanalsoorganizeeventsorformcommunitiestostrengththeirrelationshipwithcustomers.Forexample,inChina,Amwayformedamothers’clubforwomentosharetheirexperienceswithchildnurturingortheirskin-caretechniques.Thecommunityimprovesbondingbetweensalesrepresentativesandcustomers,aswellasloyaltyforAmway’sproducts.
ConclusionSimilartotraditionalstore-basedretailers,directsellingcompaniesalsofacechallengesfromtheriseofe-commerce,asconsumerscontinuetoshiftmoreoftheirpurchasesonline.Whilesomestore-basedretailershavesuccessfullytransformedtheirbusinessbyadaptingomnichannelstrategies,severaldirectsellingcompanieshavealsoembracedthedigitalageandremainedcompetitive,registeringstronggrowthinrecentyears.
Omnichannelretailershavetakenadvantageofboththeonlineandofflineworld,suchasallowingconsumerstoexperiencetheproduct(s)inaphysicalstoreandbeingabletopurchaseitonlineatanytime.Inthecaseofthesedirectsellers,theyhaveleveragedthepersonaltouchandinteractionwithconsumers,aswellasutilizingdigitaltoolstoimproveoperationalefficiencyandallowingendconsumerstoplaceordersonline.
Similartothecaseforbrick-and-mortarretailers,directsellersthatareabletoadapttoandembracethedigitalagewillremainrelevanttoconsumersinthedigitalage.Jeunesse,whichwediscussedinthisreport,hasenjoyedunparalleledgrowthinrecentyears,whileAmwayhasseengrowthinseveraltopmarkets,aswellasdouble-digitpercentagegrowthinafurtherninemarkets.
Similartothecaseforbrick-and-mortarretailers,directsellersthatareabletoadapttoandembracethedigitalagewillremainrelevanttoconsumersinthedigitalage.
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DeborahWeinswig,ManagingDirector,[email protected]:917.655.6790HK:852.6119.1779CN:86.186.1420.3016Copyright©2017TheFungGroup.Allrightsreserved.
DeborahWeinswig,CPAManagingDirectorFGRTNewYork:917.655.6790HongKong:852.6119.1779China:86.186.1420.3016deborahweinswig@fung1937.comEddieWongSeniorResearchAssociate
CharliePoonResearchAssistant
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