Industry and Competitor Analysis of Australian Group Buying Sites
Report
Industry & Competitor Analysis for Group Buying Industry in Australia
Marketing Strategy
(MKT 540)
Zaved Mannan
D-6 Tower Bhaban, Fuller Road
Dhaka University Campus
Dhaka 1000
Bangladesh
Student ID: 11320053
Date: 21.12.2011
Charles Sturt University
Australia
Executive Summery
Group Buying (GB) industry is currently the fastest growing sector in Australia. It was established in 2010 and generated AUD$ 63m in the same year. The top eight GB sites (Jump on it, Scoopon, Stradeals, Spreets, Cudo, Deals.com.au, Our Deal and Ouffer) continued to hold 90% of total market share in the third quarter of 2011. Australian GB market generated aggregate AUD $64.6m revenue in the months of August and September 2011.
Jump on it (a site of Livingsocial) is currently Australia's top GB site holding 29% market share. Scoopon holds second position with 20% market share and Spreets holds third position with 15% market share.
GB market has low barriers to entry while the cost to scale the business is substantial. Australia is politically stable and does not have any significant history of expropriation or interference with foreign investor. Thus 'Google Offers' will have a safe political environment to run the business in Australia. In Australia, GB companies require to comply with laws and regulations that protect consumer rights and maintain market efficiencies. GB sites are required to follow Australian group buying code of conduct which was released on 2nd November 2011. Some economic factors are in favor of Google Offers to start business in Australia. Starting a business in Australia is much easier than any other countries in terms of procedure, time, cost or paid-in minimum capital required. The combinations of cultural and technological factors make Australia as an attractive location for online group buying business.
Google Offers is currently being trialed in few cities of USA. There is no confirmed date when Google Offers will enter in Australia. In terms of market share, Jump on it holds top position, Scoopon holds second position and Spreets holds third position in GB industry. Although some other popular GB sites work in Australian GB market with high competitive advantage, but entering Facebook Deals and Google Offers may create more fierce completion in the market. Competitors in GB market explained in this report in detail.
Google Offers should employ its resources and capabilities to achieve superior competitive advantage. Google Offers must act carefully about deal personalization, execution, design, brand, operations, logistics, flexibility and adaptability to gain competitive advantage in Australian market.
This report recommended some critical success factors that Group Buying sites should follow to succeed in the Australian Group Buying industry.
Table of Contents
Executive Summary 2
.0 Introduction 5
.0 Industry Analysis 5
2.1 Short and Long Term Trends 5
2.2 Industry Structure 7
2.3 Porter's Five Forces Analysis 9
2.4 Environmental Analysis 12
2.4.1 Political and Legal Factors 12
2.4.2 Economic Factors 13
2.4.3 Social and Cultural Factors 16
2.4.4 Technological Factors 16
3.0 Competitor Analysis 17
3.1 About Google Offers 18
3.2 Major Competitors of Google Offers 18
3.3. Competitors' strengths and weaknesses 20
3.3.1 Google Offers 21
3.3.2 Groupon Australia 21
3.3.3. Livingsocial/Jump On it 22
3.3.4. Spreets 23
3.3.5 Sccopons 24
3.4. Resources and Capabilities of Google Offers 24
3.5. Critical Success Factors for Firms for Succeeding
in GB Industry 26
3.6 Conclusion 27
3.7 References 28
.0 Introduction
Group Buying is a sales tactic employed by Group Buying websites in which they offer products and services at significantly reduced discounts on coupons with limited time condition. Another condition is that a minimum number of buyers would make the purchase (Australian Group Buying Code of Conduct).
The website called 'Mercata' first offered high end electronic deals. But 'Mercata' had to shut down in 2001 as it could not compete with Amazon.com. Group Buying sites are back as small businesses always look for ways to promote their products or services to budget-conscious consumers (Group Buying).
Group Buying business emerged in Australia in 2010 and it is growing at a substantial rate. More than 500 GB sites are in operation worldwide and more than 80 GB sites are doing business in Australia. The top Australian GB players include Jump on it, Spreets, Scoopon, Groupon Australia, Cudo, etc. Facebook Deals and Google Offers may enter Australian GB industry soon, but the date has not been confirmed yet.
This report will critically discuss the detailed industry and competitor analysis for the Australian Group Buying industry.
2.0 Industry analysis
2.1 Short and Long Term Industry Trends
GB industry was established in 2010 and generated AUD$ 63m. By the end of 2010, more than twenty GB sites entered in the market. Jump on it, Scoopn, Spreets and Cudo altogether represented 80% of the market share (Australian online group buying market poised for rapid growth).
First Quarter in 2011
The industry contributed AUD$45m in forth quarter of 2010 and continued its rapid growth to AUD$73m in first quarter of 2011 representing a quarter-on-quarter increase of 62%. The industry generated AUD$63m in 2010. That means revenues generated in first quarter of 2011 exceeded the revenue generated in the full year 2010. It was a huge growth for a new industry (Australian online group buying market poised for rapid growth).
Second Quarter in 2011
The GB industry generated AUD$123.9m in second quarter of 2011. The market enjoyed 72% growth in second quarter with over 2.6m vouchers. The average number of vouchers sold per month was under 900,000. The hot deals came from 'leisure and recreation' (121%) and 'other products and services' (264%) categories (Australian online group buying market poised for rapid growth).
Third Quarter in 2011
The industry generated AUD$ 158.5m in third quarter of 2011. It was 28% of quarter growth. The multinational GB sites Livingsocial and Groupon (Australian site is Stardeal) played a critical role in third quarter and enjoyed 75% and 118% growth respectively. Travel deals became largest deal category again in this quarter and account for 24% of total market revenue (Multi-national group buying sites fuel industry growth).
Telsyte anticipated a number of trends that will affect GB industry in coming years. Large multinationals such as Google (Google Offers) and Facebook (Facebook Deals) would enter the Australian market. Merchant agencies will play as negotiator and analytics. Mobile group buying applications will be in the market. Local media publishers will enter into the GB industry through white-label software platforms, acquisition or distribution (Australian online group buying market poised for rapid growth).
2.2 Industry Structure
Industry analysis refers to the assessment of attractiveness of an industry based on its economic structure. On the other hand, comparative ...
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Telsyte anticipated a number of trends that will affect GB industry in coming years. Large multinationals such as Google (Google Offers) and Facebook (Facebook Deals) would enter the Australian market. Merchant agencies will play as negotiator and analytics. Mobile group buying applications will be in the market. Local media publishers will enter into the GB industry through white-label software platforms, acquisition or distribution (Australian online group buying market poised for rapid growth).
2.2 Industry Structure
Industry analysis refers to the assessment of attractiveness of an industry based on its economic structure. On the other hand, comparative analysis assesses how each firm in an industry is likely to perform within the structure of the industry (Jain & Haley, 2009).
Picture 2.2.1 explains how GB sites work in group buying industry (Group buying explained in detail (2011).
GB market has low barriers to entry and high barriers to scale. GB companies are required to scale sales, geographies, salespeople, number of deals, media buying (to advertise merchant's service), subscribers, daily deal personalization and increase conversion in order to truly scale (The Daily Deals Industry in Numbers).
According to exclusive analysis conducted by DealsExtra, the Australian GB market generated aggregate AUD $64.6m revenue in the months of August and September 2011 (The Maaket.com).
Picture 2.2.2: GB market generated aggregate AUD $64.6m revenue in the months of August and September 2011 (The Maaket.com).
Jump on it (a site of Livingsocial) is currently Australia' top GB site holding 29% market share. Scoopon holds second position with 20% market share and Spreets holds third position with 15% market share (The Maaket.com).
Picture 2.2.3: Market share of Australian GB companies for August 2011 - September 2011 (The Maaket.com).
Jump on it sold a total of 336,354 deals, Scoopon sold 204,716 deals and Spreets sold 164,029 deals for period August 2011 - September 2011 (The Maaket.com).
Table 2.2.1: Revenues and Quantity sold for top group buying sites August 2011 - September 2011 (The Maaket.com).
The Telsyte indicated that 51 (some other report indicates more than 80) sites are currently operating in Australia. They publish 4,000 deals every month. The market is now expected to be worth of AUD $400 million by the end of 2011 (Stafford, 2011).
2.3 Porter's Five Forces Analysis
To understand the overall industry attractiveness of the GB industry it is helpful to employ the Porter's five forces model. Jain & Haley (2009) says, "The model identifies five key features that determine the strength of the competitive forces within an industry and hence industry profitability.
Picture 2.3.1: Porter's five forces model (Porter's five forces).
Table 2.3.1: Porter's Five Force's
Force
Strength
Details
Threat of New Entrants
High
* A number of clones around the world
* Cost to create a GB site is very low
* Users acquisition rate is high
* Smaller GB sites possess poor quality
Supplier Power
Medium
* Lack of uniqueness for popular deal categories
* Metropolitan areas have large number of suppliers
* High turnover of suppliers in metropolitan areas
* High turnover in small business
* Dependent on the reach of the GB site
* Is not a necessary for a business
Buyer Power
High
* Switching cost is low
* Is not a necessary
* Low targeting for individual consumers
Threat of Substitution
Low
* Group buying make up a relatively small percentage of local advertising
* Wait list for most popular deal sites turn SMB to other forms of advertising
Competitive Rivalry
High
* Switching cost is low
* Undifferentiated deals
* Multiple entrants
* Price sensitive users
GB market has low barriers to entry while the cost to scale the business is substantial. A large number of GB sites are already in the market and they have high user acquisition cost. Merchant' power usually depends on the size of the market and the reach of the GB sites. Merchants have lower bargaining power in large markets such as Sydney, Melbourne, Perth, Brisbane, Victoria, Gold Coast, etc. In large markets, merchants require to wait to get popular GB sites. On the other hand, merchants have greater bargaining power on commission in smaller markets. Customers hold greater power over all GB sites. GB sites usually offer undifferentiated deals. Customers sign up with multiple GB sites to get best deals. New entrants might create offerings through local advertising that compete with GB sites in the near future. Smaller GB site tries to focus exclusively on a specific type of deal or a specific sub sector of customers. On the other hand, large GB sites, such as, Jump on it or stardeals usually focus on scaling their business to as many markets as possible through acquisition or organic expansion. All these factors have made the GB market extremely competitive.
2.4 Environmental Analysis
It is very important to consider the external environment that 'Google Offers' will operate in before beginning the marketing process and to continue monitoring for any changes that may influence marketing activities (Understanding your market).
2.4.1 Political and Legal Factors
Australia uses a parliamentary system of government with Queen Elizabeth II who lives in the United Kingdom and is represented by the Governor-General at the federal level and by the Governor at the state level. Julia Gillard who was able to form a minority Labor government with the support of Independents in June 2010 is the current Prime Minister of Australia (Australia).
Overall Australia is politically stable and does not have any significant history of expropriation or interference with foreign investor. Thus 'Google Offers' will have a safe political environment to run the business in Australia.
In Australia, GB companies require to comply with laws and regulations that protect consumer rights and maintain market efficiencies. The Competition and Consumer Act 2010 (CCA) protects the welfare of Australians through the promotion of competition and fair trading (Competition and Consumer Act 2010). Australian Competition and Consumer Commission (ACCC) and the Office of Fair Trading provide guidelines regarding legal aspects of advertising on the internet and dealing with disadvantaged or vulnerable consumers (Fair Trading).
GB sites are required to follow Australian group buying code of conduct which was released on 2nd November 2011. According to the code of conduct all GB sites must comply with CCA 2010, the Privacy Act 1988 and the Spam Act 2003 (Australian Group Buying Code of Conduct).
2.4.2 Economic Factors
The Australian economic growth has been positive since the beginning of 2011. Income may fall and consumer confidence in products may decrease in the periods of positive growth. These factors may help 'Google Offers' to make profit. Although income levels remained stable, but price levels have been on the increase. Therefore purchasing power has been declined in 2011. This factor is in favor of 'Google Offers'. Consumers will be motivated more in heavily discounted daily deals (Economic profile). The following economic factors will drive consumers for heavily discounted daily deals (Australia Economy 2011):
* GDP : AUD$ 889.6 billion (2010)
* GDP - Growth rate: 3.3% (2010)
* GDP per capita: AUD$ 41, 300 (2010)
* Unemployment rate: 5.1% (2010)
* Distribution of family income - Gini Index: 30.5 (2006)
* Investment (Gross fixed): 27.4% of GDP
* Public debt: 22.4% of GDP (2010)
* Inflation rate (Consumer price): 2.9% of GDP (2010)
* Central Bank discount rate: 4% (31 March, 2010)
Figure 1 explains starting a business in Australia is much easier than any other countries in terms of procedure, time, cost or paid-in minimum capital required (Economy profile: Australia).
Figure 1: Starting a business has become easier over time in Australia (Economy profile: Australia)?
Procedures (number)
Time (days)
Cost (% of income per capita)
Paid-in minimum capital (% of income per capita)
2.4.3 Social and Cultural Factors
Australian loves theatre, dance, film, opera and music. Australian restaurants have created an international reputation for their fresh and inviting menus. Australians also love the outdoors, like to travel. Australians are big beer and wine fan. Above all, Australians love bargains. GB sites are targeting these factors to grow the business (Austrade).
2.4.4 Technological Factors
The Australia's ICT (Information, Communications and Technology) market is worth of AUS$ 100 billion. The market is fifth largest in the Asia Pacific and fourteenth largest globally. The IT market was ranked second in the Asia Pacific countries and seventh in the world. The software industry is worth of AUD$ 2.7 billion and creative digital industry generates over AUD$ 23 billion per year. The combinations of these factors make Australia as an attractive location for online group buying business (Austrade).
3.0 Competitor Analysis
The basic idea of Porter's model is that companies compete with each other to offer value to customers, and the ones that offer better value will be able to gain greater market share which, in turn, will lead to better profitability (Xavier, 2009).
Picture 3.1: Competitor Analysis (Competitor Analysis).
3.1. About Google Offers
Google Offers is currently being trialed in few cities of USA. There is no confirmed date when Google Offers will enter in Australia (What is Google Offers?).
Picture 3.1.1: Google Offers.
Google Offers is another clone of Groupon or LivingSocial. It is powered by Google Checkout and integrates with Google Wallet. It includes Facebook, Twitter, Google Reader, Google Buzz and e-mail sharing options (Google to Launch Groupon Competitor).
3.2. Major competitors of Google Offers
Living social/Jump On it:
Current market leader Jump on it/Livingsocial generated AUD$16.2m for period August to September 2011. Livingsocial earned AUD$573,520 from it's most lucrative deal "Outrigger Little Hastings Street Resort & Spa". This site has run 1,295 deals over the period, an average of 148 deals per week (The Maaket.com).
Scoopon
Australia' second largest site Scoopon generated AUD$10.9m for period August to September 2011. Scoopon earned AUD$471,276 from it's most lucrative deal "Jupiter Hotel Gold Coast". This site has run 679 deals over the period, an average of 78 deals per week (The Maaket.com). Scoopon offered AUD$599 deal for travel industry (Stafford, 2011).
Spreets
Australia' third largest site Spreet generated AUD$9.1m for period August to September 2011. Spreet earned AUD$339,320 from it's most lucrative deal "Grand Palais beachside resort". This site has run an average of 115 deals per week over the period (The Maaket.com). Yahoo7 acquired Spreets for $40 million (Stafford, 2011). This site is using Seven media assets to raise brand awareness (Chessell, 2011).
Groupon Australia
Groupon Australia has fifth position in the Australian market and is still a relatively new entry compared to others GB sites. Market share increased after a period of aggressively investing in advertising and marketing (Stafford, 2011).
Other GB sites
Groupon Australia bought the Melbourne start-up Crowdmass, and similar acquisitions could occur soon in Australia (Stafford, 2011). Stardeals is sister site of Groupon. Nine Entertainment launched Cudo in September 2010; News Limited and Ten Network Holdings have backed Our Deal; Telstra has Yellow Pages Offers; and Fairfax promotes Spreets on its newspaper websites (Chessell, 2011). Facebook deals may enter Australian market. We do not have enough data to judge how well Facebook Deals will perform in Australian market (The Daily Deals Market Statistics).
Other GB sites employing contemporary approach
Some other GB sites, such as, catchoftheday.com.au or stock clearance sites, such as, overstock.com or cash back shopping sites, such as, buckscoop.com.au are the new GB sites that employ a distantly contemporary approach to marketing (Group-buying website fever hits Australian market).
Here is a summary of stats for some of the key industry players based on internet research (The Group Buying Craze Down Under):
Table 3.2.1. Overview of Major Industry Players (The Group Buying Craze Down Under).
3.3. Competitors' strengths and weaknesses
SWOT analysis is the best tool to explain competitor's strengths and weaknesses.
3.3.1 Google Offers
Strengths
Weakness
* Strong brand equity
* Most powerful companies in the Internet's ecosystem
* Exposure on Google's Ad Network
* New in the Australian market
* Less market experience
* Google is already struggling in US daily deal markets
* Business model is similar to other GB sites, such as, Groupon
Opportunity
Threats
* Australian market is still new and plenty of room in this country
* Australia has a competitive group
buying environment
* Australians love bargains
* Social media
* Australian are highly dependent on internet
* Emergence of clone sites
* Entrance of Facebook Deals
* Local media advertisement groups
3.3.2 Groupon Australia
Strengths
Weakness
* US based biggest daily deal site
* Unique business model
* Unique deal personalization
* Strong subscribers base
* Strong level of trust with their consumers
* Understand Merchant's business goals
* Fairly well established
* Invested huge money for advertising and marketing
* Undifferentiated business model
* Lack of Innovation
* Late start
Opportunity
Threats
* Australian market is still new and still plenty of room in this country
* Australia has a competitive group
buying environment
* Australians love bargains
* Social media
* Australian are highly dependent on internet
* emergence of clone sites
* Entrance of online giants, such as, Google and Facebook
* Local media advertisement group
3.3.3. Livingsocial/Jump On it
Strengths
Weakness
* An US based company
* Strong subscribers base
* Strong level of trust with their consumers
* Understand Merchant's business goals
* fairly well established
* Melbourne, Sydney, Canberra, Perth and other Australian cities prefer the deals offered by Jump On It.
* 75% growth in June-September 2011
* Over 30% of market share
* Invested huge money for advertising and marketing
* Undifferentiated business model
* Lack of Innovation
Opportunity
Threats
* Australian market is still new and still plenty of room in this country
* Australia has a competitive group buying environment in the world
* Australians love bargains
* Social media
* Australian are highly dependent on internet
* emergence of clone sites
* Entrance of online giants, such as, Google and Facebook
* Local media advertisement group
3.3.4. Spreets
Strengths
Weakness
* Owned by online giant yahoo7
* Strong level of trust with their consumers
* Understand Merchant's business goals
* fairly well established
* Undifferentiated business model
* Lack of Innovation
Opportunity
Threats
* Australian market is still new and still plenty of room in this country
* Australia has a competitive group buying environment in the world
* Australians love bargains
* Social media
* Australian are highly dependent on internet
* emergence of clone sites
* Entrance of online giants, such as, Google and Facebook
* Local media advertisement group
3.3.5 Sccopons
Strengths
Weakness
* Strong level of trust with their consumers
* Understand Merchant's business goals
* fairly well established
* Undifferentiated business model
* Slow to adopt new way of thinking
Opportunity
Threats
* Australian market is still new and still plenty of room in this country
* Australia has a competitive group buying environment in the world
* Australians love bargains
* Social media
* Australian are highly dependent on internet
* Emergence of clone sites
* Entrance of online giants, such as, Google and Facebook
* Local media advertisement group
3.4. Resources and Capabilities of Google Offers
A competitive advantage exists when the firm is able to deliver the same benefits as competitors but at a lower cost (cost advantage), to deliver benefits that exceed those of competing products (differentiation advantage). Thus, a competitive advantage enables the firm to create superior value for its customer and superior profits for itself. The following figure 1 combines the resource-based and positioning views to illustrate the concept of competitive advantage (Xavier, 2009).
Google Offers should employ following resources to achieve competitive advantage in Australian market:
* Patents and trademarks
* Proprietary know-how
* Installed Customer base
* Reputation of the firm
* Brand equity
Google Offers capability can be referred as the ability to utilize its resources effectively. For example, Google Offers should have the ability to bring a deal to market faster than competitor. Capability of understanding merchant's or customer's needs can be another example (QuickMBA).
Google Offers must act carefully about deal personalization, execution, design, brand, operations, logistics, flexibility and adaptability to gain competitive advantage in Australian market.
Google's competitive advantage is not the users, but the fact that they execute better than anyone else in the space and have leaders with a deep understanding of the customer.
3.5. Critical Success Factors for Firms for Succeeding in GB Industry
* The first factor is surviving in a saturated market.
* Product differentiation is must to gain distinct competitive advantage. Cudo follows differentiation strategy (The Group Buying Craze Down Under).
* Product exclusivity is an important factor for a steady flow of good quality deals (The Group Buying Craze Down Under).
* GB site can consider to extend deal offer time to keep users engaged (The Group Buying Craze Down Under).
* GB site must consult with each business and ensure that they are not overexposed through email and ad network promotions (What does Google Offers mean for other group buying sites?).
* GB site should 'partner' the merchant over the long term. Understanding their overall business is crucial. GB site should walk through the promotion with merchant, from start to finish.
* GB site should educate both merchants and consumer about daily deal consistently. They must know how Deal exactly works. No one should assume that 'Daily Deal' concept is old news.
* Promotions can go wrong and good merchant servicing can quickly address issues during the promotion to avoid disasters (What does Google Offers mean for other group buying sites?).
Conclusion
Group Buying industry is one of the fastest growing sector in Australia with high turnover and the growth rate of 72% very quarter. Top industry players, such as, Livingsocial, Groupon Australia, Spreets, or Scoopon holds 90% of the market share. This report has critically explained industry trends, structure and attractiveness. It also examined some political and legal issues, cultural and social factors and technological variables that might affect Google Offers when they start business in Australia. The report observed both current and prospective competitors of Google Offers as well as indirect forms of competition. The report concluded with some recommendations for firms in general for succeeding in Group Buying industry
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