Published by MBA Skool Team, Last Updated: April 26, 2020
SWOT analysis of 24Studio analyses the brand by its strengths, weaknesses, opportunities & threats. In 24Studio SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.
SWOT Analysis is a proven management framework which enables a brand like 24Studio to benchmark its business & performance as compared to the competitors. 24Studio is one of the leading brands in the lifestyle and retail sector.
The article below lists the 24Studio SWOT, competitors and includes its target market, segmentation, positioning & USP. Let us start the 24Studio SWOT Analysis:
For 24Studio, SWOT analysis can help the brand focus on building upon its strengths and opportunities while addressing its weaknesses as well as threats to improve its market position.
The strengths of 24Studio looks at the key aspects of its business which gives it competitive advantage in the market. Some important factors in a brand's strengths include its financial position, experienced workforce, product uniqueness & intangible assets like brand value. Below are the Strengths in the SWOT Analysis of 24Studio :
1. Unmatched in-house free personalization services (close to 3.2 million pieces/year) 2. Large variety of personalized Christmas products 3. Option to spread the cost of purchase for greater shopper ease
4. Popular brands (Adidas, Nike, Firetrap, Superdry, Voi Jeans, Fred Perry etc.) 5. Shopping enabled on electronic formats- PC, Mobile, Tablet, Phablet
8. Large customer base in UK (close to 1.2 million)
9. “Quick-shop” utility to save time
The weaknesses of a brand are certain aspects of its business which are it can improve to increase its position further. Certain weaknesses can be defined as attributes which the company is lacking or in which the competitors are better. Here are the weaknesses in the 24Studio SWOT Analysis:
1. Large interest rate if opted for monthly payments, huge charge of late payments 2. High cost of delivery and paid customer helpline
3. Limited brand awareness and low marketing compared to big brands
The opportunities for any brand can include areas of improvement to increase its business. A brand's opportunities can lie in geographic expansion, product improvements, better communication etc. Following are the opportunities in 24Studio SWOT Analysis:
1. Expand to rural areas of UK, later in other parts of Europe and consequently across the world 2. Improve customer service: Resolve issues post-product delivery 3.Adopt customer-friendly payment policies
4. Increase male shopper participation
5. Increase in the online shopping customer base
The threats for any business can be factors which can negatively impact its business. Some factors like increased competitor activity, changing government policies, alternate products or services etc. can be threats. The threats in the SWOT Analysis of 24Studio are as mentioned:
1. Competing brands offering better variety at lower prices 2. Threat of “free-personalization” model being imitated 3. Intense competition in the online multi-brand retail space
4. Emergence of a better concept than e-commerce in future
There are several brands in the market which are competing for the same set of customers. Below are the top 5 competitors of 24Studio:
Online brand shoppers who have personalized services and value for their money
24 studio is UK’s leading home catalogue retailer with extensive product offerings
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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