SWOT Analysis: Shine
Shine Company is a national manufacturer and distributor of wooden furniture, recycled plastic products, and decorative accessories. Shine has an extensive experience in the furniture industry. A low following on social media is among its key weaknesses. The company has an opportunity to create and market digital content and improve its online visibility. Shine's most significant threat is the stiff competition currently being experienced in the market.
- Over four decades in the furniture business has established Shine Company as one of the most reliable furniture stop shops in California. Shine Company has also served as a primary drop-ship vendor in the U.S. for the past 15 years.
- Shine brags of manufacturing exceptional furniture with the right mixture of comfort, style, and value. The company prides itself on offering a diverse variety of products that meet different consumer needs. For instance, Adirondack furniture which provides a variety of color, and utilizes polyurethane paint that is resistible to sunlight and heat. Cedar products, on the other hand, are incredibly durable and resistant to decay.
- In 2017, the company expanded and embraced recycled plastic furniture for commercial and home use. This has enabled Shine to meet the growing demand for eco-friendly products.
- Shine also provides a relatively more extended warranty on its products, as compared to its rivals. Recycled plastic products have five and three-year warranties for residential and commercial products, respectively.
- Shine Company fails to utilize the full benefits of social media. Shine's social media pages are not linked to the website page. In addition, the company's Facebook, Twitter, and Instagram pages are unverified. Shine Company has 15 followers on Facebook, about 100 followers on Instagram, and 3 followers on Twitter. This reveals a dire need for a social media revival to realize the full benefits of social media marketing for Shine.
- Product prices offered by Shine Company appear to be fixed. In addition, there are no discounts or marketing strategies such as free shipping that may attract a customer to purchase a product. On the other hand, Outdoor Elegance, a competitor, provides discounts on multiple products. Based on this fact, a customer could easily overlook Shine and settle for the competitor's product(s).
- The company website does not provide a phone number for customers that may need direct assistance from a company representative. Instead, an address and a contact form are given. This communication channel might not be useful for customers in need of an immediate response. Companies must provide contact alternatives, including emails and a variety of phone numbers. Outdoor Elegance, one of their key competitors, provides a variety of contact options, including two phone numbers and an email.
- Shine company has neglected content marketing in the promotion of its products and services. The company should consider creating and marketing its content through blog posts and videos for improved SEO, website visibility, and other benefits that lead to improved sales.
- Studies show that website conversion rates are 6X higher for content marketing adopters than for non-adopters. Studies have also revealed that 78% of consumers prefer to know a company via articles than ads. Content marketing is an excellent opportunity for Shine to attract a new audience.
- Reports have shown a steady growth curve and growing consumer spending on US furniture. Another report by Statista has also revealed a 0.7% CAGR between 2020 and 2023 for the industry. Shine is likely to benefit from this projected growth.
- The rise of environmental consciousness in the purchasing of products is an opportunity for Shine to market its recycled plastic furniture. The company should take advantage of this trend to market its new eco-friendly products to the millennial market.
- Shine company faces stiff competition from luxurious and established brands like Outdoor Elegance, Brown Jordan Company, and Universal furniture. Universal Furniture, for instance, receives publicity from features in a wide range of renowned magazines like The Hollywood Reporter, Southern Living, and Food&Wine.
- Outdoor Elegance's showroom, on the other hand, is open every day of the week while Shine Company only opens from Monday to Friday.