Weaknesses
An obvious weakness for the WishList app is online websites not wanting to work with this app as they already provide a wish list service. Some high end and luxury brands such Louis Vuitton, may not want to provide this service for their customers as it might make their products seem less valuable. Consumers might not use wish lists on websites anyway, so they might not need the app in the first place. All these weaknesses are something that will have to be taken into consideration when creating the app. The app must benefit customers and retailers, this way they will want to use the app.
Threats
The biggest threat for WishList is emerging competitors. After the success of 21 buttons (my biggest competitor) a lot of people will be starting up new app ideas to launch their career, this is something to keep in mind when creating a unique service to consumers. Getting negative press or media will be a huge threat to the brand. If anything went wrong or the app got a virus, this could create an uproar with the media and customers may not trust the app, leading to people deleting it. Changing customer attitudes may effect the company, the app will have to keep up with what is on trend and in fashion.
Strengths
The main strength of the WishList app is that it makes shopping easier for customers. Providing a service for people who love to shop but like to spend time deciding if the product is right for them. When doing competitor research, only two apps were found that are similar. Neither of which had the option to log into an online clothing website account to connect it to your wish list account. After conducting further research, there is not an app that can save a product screen shot. This means the WishList app has two unique selling points due to no one else doing this.
Opportunity
There is the opportunity for the app to work with a wide range of brands. Eventually when the WishList app develops and becomes successful it has the chance to work with a wide range of brands from high street to luxury. If this is successful, there is also the opportunity to work with department stores such as Selfridges and Harrods. There are not many competitors for this app. This gives the business a great opportunity to thrive and develop as new apps get released, giving us a head start. Retailers can use the data from the app to see what their customers are shopping for and analyse their competitors, for a fee. Generating revenue from retailers to promote their brand using ads on the app.
7
SWOT