ANLY482 AY2016-17 T2 Group3: PROJECT OVERVIEW
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Vanitee was created with the intention of providing a platform for independent beauty artists to provide quality services to customers. This gives them the opportunity to run their own online business store, grow their brand and showcase their works. Vanitee was made to connect customers to these emerging beauty professionals and as of now, the number of beauty professionals and customers are growing steadily.
Even though they have enjoyed success till date, this does not mean that there are no competitors. Competitors include brick and mortar shops in local neighbourhoods and even bigger beauty brands with chain stores such as Jean Yip Group. Even though these are physical stores, they still pose as a threat as customers can still choose to go to these stores instead of using Vanitee to engage a beauty professional.
In order to keep competition at bay and to prevent their website and application from being stagnant, Vanitee needs to constantly improve on their customer retention, activeness of beauty professionals and brand loyalty strategy. This would allow them to differentiate themselves from their competitors and maintain a strong competitive advantage.
Firstly, to further the success of their application, Vanitee needs to grow as much as possible while retaining their existing consumers. Secondly, as beauty professionals represent the supply of services available on the application, their activeness in using the platform should also be monitored carefully. Some popular beauty professionals may experience uptake on a daily basis while newer beauty professionals have little or no uptake at all. Lastly, Vanitee currently has an extensive loyalty program in place that offers customers credits, gems as well as campaign codes with every booking made. However, one issue they face is the lack of understanding of how consumers utilize these in-app resources.
By utilizing the data from their current application’s database, we would wish to discover meaningful and informative insights which will allow Vanitee to better retain their customers and beauty professionals and understand the effectiveness of their current loyalty program. To achieve the above mentioned, we will perform an in-depth analysis on the the data collected with the following objectives in mind:
Customers
1. To determine the customer segmentation (different groups of customers) from the current booking patterns. Which customers are stagnant? Which customers are actively using the app?
2. To understand customers’ behaviour. When was the last time a customer used the app? How frequent does a customer use the app? How much does a customer spend on average?
3. To evaluate the effectiveness of using campaign codes to ensure customers repeat their bookings
4. To understand how customers are using credits and gems, whether they are accumulating before use or using them in their next booking
5. To determine the Customer Lifetime Value (CLV) by campaign (which promotional campaign drives the highest value customer?) To which campaign do customers react to more? Which customers react and respond more to campaigns, credits and gems?
Beauty Professionals
1. To determine if there is any correlation on what makes beauty professionals more attractive to customers?
2. To determine if there is any correlation on what makes beauty professionals become active? (bookings/month, chat response rate, new services etc.)
Project Supervisor: Prof Kam Tin Seong, Associate Professor of Information Systems; Senior Advisor, SIS (Programme in Analytics)
Project Sponsor: Kuik Xiao Shi, Co-Founder of Vanitee
