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Why SKKN BY KIM's Business Model is so successful?

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SKKN BY KIM’s Company Overview


SKKN BY KIM is a forward-thinking beauty and skincare brand founded by the globally recognized personality, Kim Kardashian. The company is committed to delivering high-quality, innovative, and inclusive products that cater to a diverse range of skin types and tones. Its product line includes a variety of skincare items such as serums, moisturizers, cleansers, and masks, each carefully formulated with the best ingredients to ensure consumers achieve their desired results. SKKN BY KIM is not just about selling products; it's about promoting a lifestyle of self-care and confidence, encouraging customers to embrace their natural beauty. The business model of SKKN BY KIM revolves around direct-to-consumer sales through its robust online platform. The company leverages the power of digital marketing and social media influence, particularly the massive following of its founder, to reach and engage with its target market. By bypassing traditional retail channels, SKKN BY KIM can maintain a closer relationship with its customers, providing them with personalized shopping experiences while also gaining valuable insights for product development and innovation. The revenue model of SKKN BY KIM primarily depends on the sales of its skincare products. The company offers a range of products at different price points to cater to a broad demographic, ensuring accessibility while maintaining a premium brand image. In addition to product sales, SKKN BY KIM also generates revenue through strategic partnerships and collaborations with other established brands in the beauty industry. The company's strong online presence and celebrity influence also present opportunities for revenue generation through sponsored content and advertisements.

https://skknbykim.com/

Country: California

Foundations date: 2014

Type: Private

Sector: Consumer Goods

Categories: Beauty


SKKN BY KIM’s Customer Needs


Social impact:

Life changing: heirloom, affiliation/belonging

Emotional: design/aesthetics, wellness, attractiveness

Functional: quality, variety, sensory appeal


SKKN BY KIM’s Related Competitors



SKKN BY KIM’s Business Operations


Customer loyalty:

Customer loyalty is a very successful business strategy. It entails giving consumers value that extends beyond the product or service itself. It is often provided through incentive-based programs such as member discounts, coupons, birthday discounts, and points. Today, most businesses have some kind of incentive-based programs, such as American Airlines, which rewards customers with points for each trip they take with them.

Customer relationship:

Due to the high cost of client acquisition, acquiring a sizable wallet share, economies of scale are crucial. Customer relationship management (CRM) is a technique for dealing with a business's interactions with current and prospective customers that aims to analyze data about customers' interactions with a company to improve business relationships with customers, with a particular emphasis on retention, and ultimately to drive sales growth.

Digital:

A digital strategy is a strategic management and a business reaction or solution to a digital issue, which is often best handled as part of a broader company plan. A digital strategy is frequently defined by the application of new technologies to existing business activities and a focus on enabling new digital skills for their company (such as those formed by the Information Age and frequently as a result of advances in digital technologies such as computers, data, telecommunication services, and the World wide web, to name a few).

eCommerce:

Electronic commerce, or e-commerce (alternatively spelled eCommerce), is a business model, or a subset of a larger business model, that allows a company or person to do business via an electronic network, usually the internet. As a result, customers gain from increased accessibility and convenience, while the business benefits from integrating sales and distribution with other internal operations. Electronic commerce is prevalent throughout all four main market segments: business to business, business to consumer, consumer to consumer, and consumer to business. Ecommerce may be used to sell almost any goods or service, from books and music to financial services and airline tickets.

Experience:

Disrupts by offering a better understanding that customers are willing to pay for. Experience companies that have progressed may begin charging for the value of the transformation that an experience provides. An experienced company charges for the feelings consumers get as a result of their interaction with it.

Fashion sense:

In any customized sense of style, the golden guideline is to buy garments that fit correctly. Nothing ruins an ensemble more than an ill-fitting jacket, shirt, or trouser, regardless of the dress code or the cost of the clothing. Personal Values Sharing as a Brand Identity A significant component of developing a company that fits your lifestyle is growing a business grounded in your beliefs.

Fast fashion:

Fast fashion is a phrase fashion retailers use to describe how designs travel rapidly from the catwalk to catch current fashion trends. The emphasis is on optimizing specific supply chain components to enable these trends to be developed and produced quickly and affordably, allowing the mainstream customer to purchase current apparel designs at a reduced price.

Ingredient branding:

Ingredient branding is a kind of marketing in which a component or ingredient of a product or service is elevated to prominence and given its own identity. It is the process of developing a brand for an element or component of a product in order to communicate the ingredient's superior quality or performance. For example, everybody is aware of the now-famous Intel Inside and its subsequent success.

Make and distribute:

In this arrangement, the producer creates the product and distributes it to distributors, who oversee the goods' ongoing management in the market.

Niche retail:

A marketing strategy for a product or service includes characteristics that appeal to a particular minority market segment. A typical niche product will be distinguishable from other goods and manufactured and sold for specialized purposes within its associated niche market. Niche retail has focused on direct-to-consumer and direct-to-business internet sales channels. The slogan for niche retail is Everything except the brand.

Online marketplace:

An online marketplace (or online e-commerce marketplace) is a kind of e-commerce website in which product or service information is supplied by various third parties or, in some instances, the brand itself, while the marketplace operator handles transactions. Additionally, this pattern encompasses peer-to-peer (P2P) e-commerce between businesses or people. By and large, since marketplaces aggregate goods from a diverse range of suppliers, the variety and availability are typically greater than in vendor-specific online retail shops. Additionally, pricing might be more competitive.

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