A Comprehensive Guide for traditional SMEs to enter an E-commerce Market

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Phuoc Hong

A Comprehensive Guide for traditional SMEs to enter an E-commerce Market

Case Study: FBA business on Amazon market

Degree Programme in International Business

2018

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A COMPREHENSIVE GUIDE FOR TRADITIONAL SMES TO ENTER AN E- COMMERCE

Phuoc Hong

Satakunnan ammattikorkeakoulu, Satakunta University of Applied Sciences Degree Programme in International Business

May 2019

Number of pages: 75 Appendices: 4

Keywords: Amazon, Ecommerce, FBA business

Nowadays a traditional business is considered as less effective and heavily costing, it is the time a business seeks for an alternative which is called digital business. There- fore, the purposes of thesis are to help traditional and local SMEs understand the nature of e-commerce in general and give a specific sample as suggestive approach for e- commerce market entry. Besides, the thesis will also encounter few major challenges which were: limitation in capital resources, degree of reliability in practical sample.

To achieve the objectives, this thesis was aiming to answer the following questions:

1. How to establish an effective business plan for Amazon ecommerce market?

2. How to establish a risk-management framework of the ecommerce business?

The thesis was designed two main parts: theoretical findings and empirical application.

In the theoretical part, the topics discussed involves e-commerce, Amazon, business analysis and risk management method. In the empirical part, a research approach cho- sen was quantitative methodology. In addition, the empirical research was conducted using the Amazon market data collected from third-party market research platform, such as JungleScout and keywordtool.io. Subsequently, the analysis of market data would be implemented to form the market entry ideas. Lastly, a specific recommenda- tion on Amazon market entry would be given as suggestive approach for SMEs to enter to e-commerce market.

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1 INTRODUCTION

The thesis will concentrate on the field of e-commerce. As we may know, E-commerce has transformed a nature of global business currently. Nowadays, we can instantly buy a package of Matcha originally from Japan or a set of Pizza ingredients from Italy within a second. A concept of “cross-border” business, or electronic business, is prev- alent in our world. For those businesses who take advantages of the potentials of e- commerce will gain massive benefits to their businesses. However, those businesses.

Understanding the potentials of ecommerce, it is essential for traditional business to perceive the importance of e-commerce and how they can exploit its potentials. There- fore, this thesis attempts to explain the importance of ecommerce to small and medium enterprises (SMEs) as well as give a clear instruction for those organization wishes to establish their business in the world of ecommerce. Additionally, this thesis will focus only on selling Vietnamese coffee products on Amazon website as an example for ecommerce business.

1.1 Thesis objectives

The thesis objectives concentrated on establishing a complete business guidance for ecommerce market, specifically Amazon marketplace, as well as provide a specific sample for strategic plan for ecommerce business. In order to achieve the goal, a de- termination of a clear and feasible research questions is significant. Therefore, this thesis aims to answer two primary questions:

1. How to establish an effective business plan for Amazon ecommerce market?

2. How to establish a risk-management framework of the ecommerce business?

1.2 Limitation

Due to the limitation of time and material resources, it is quite a challenge to ensure the reliability of the approach in practice. Moreover, the practical example was imple-

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mented only for illustrating the main idea of the thesis, regardless the results of imple- mentation. Therefore, the other parties, who use this thesis as a material, should keep in mind that this material is only a suggestive ecommerce approach, not a definite framework for entering ecommerce market.

1.3 Stakeholder benefits

This thesis, firstly, would benefit specifically to Vietnamese local businesses, those wish to entry the ecommerce market. The thesis has already setup a specific sample path for them to follow or adapt on their own business. Secondly, I am a major stakeholder, who would take a huge benefit on this thesis. This is a great opportunity for me to experience and understand the ecommerce market, as well as to adopt profes- sional study in practice, for example market research, business analysis, purchasing and supply, and so on.

2 THESIS OVERVIEW

This chapter introduces the goals of thesis and how the problems are interpreted. the case study defines wherein the thesis took place. The discussion of thesis objectives and scope involved to clarify the limitations of thesis and orientation of problem solv- ing. The key concepts help to explain to focused theoretical concepts serving to address the thesis results.

2.1 Case study: Vietnamese coffee business on Amazon

Ecommerce has longed to become a well-known term in 21^st century, which commer- cial transactions conducted electronically on the Internet. Ecommerce market, nowadays, plays a vital role in the international trade. The revolution of information technology and communication is the fundamental elements of ecommerce, which helps

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ecommerce canceled the limitations of traditional commerce (Nanehkaran, 2013). The transformation of 21^st commerce market has proven its massive benefits to the global economy. However, the approach methods to ecommerce are sometimes still obscured and limited to a traditional business, especially Vietnamese traditional SMEs. Talking about Vietnamese business, in more specific the Vietnamese coffee industry, Vietnam is the 2^nd biggest coffee export in the world (we are only behind the champion Brazil).

However, the total value of the coffee industry is less significant. In 2018, we were ranking at 10^th regarding the global coffee business. The reasons is straight-forward.

We sell as the largest quantity, yet the lowest value. In other words, as those Vietnam- ese coffee manufactures, they usually sell raw coffee bean to other foreign buyers.

Although Vietnamese coffee experts believe that our resources and technology are sufficient to produce complete coffee products, Vietnamese sellers are afraid of selling those complete products. It is understandable that those traditional manufacturers are get used to their business models with a guaranteed consumption of output. Indeed, the event has pointed out a real problem of Vietnam local sellers that they encountered a problem with consumption. A one feasible solution for this specific problem is the ecommerce. In fact, if the organizations understand a real potential of ecommerce, they may be beneficial massively from it. Understanding the needs of traditional sellers, the purpose of this thesis is to help traditional businesses to sell their products on Ecom- merce market. As a result, in the thesis, the goal is to establish a well-organized and comprehensive guide for a traditional business to enter the ecommerce entry. To be more practical and precise, the thesis will give a suggested approach on an attempt to sell Vietnamese products, for example Vietnamese roasted coffee, on Amazon.

2.2 Thesis structure

Indeed, a successful thesis is needed to conduct in a clear and well-structured approach. Therefore, in this thesis, the structure would follow the subsequent framework:

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Figure 1. General thesis framework

Based on previous structures, the thesis comprises of 4 major phases:

• Theoretical framework: forming theory to address the thesis’s objectives

• Data analytics: collecting and analyzing data to gain insight perspectives

• Feasible plan: establish a theoretical approach based on theoretical framework and data analytics

• Sample approach: establish a step-by-step instruction based on a previous plan To be more specific, to implement the thesis framework, the thesis will be divided into smaller project tasks (PTs) to easily follow and complete. The thesis project tasks are described in the table below:

Specific sample approach and examination on the feasibility of approach (PT3- cont)

Feasible plan for approaching the Amazon marketplace (PT3)

Theoritical framework

•Ecommerce in brief

•The nature of Amazon marketplace

•Elements of a business plan

Data analytics

•Third-party raw data

•General and Amazon market research

•Analysis of product and market

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Project task Task framework Data acquisition Outcome Theoretical

Industrial research (PT1, project

task 1)

Finding and Reading publications, books and online resources in relation to digital marketing industry

Self-study Desktop study

Book study

Theoretical framework in supporting the establishment of feasible Amazon retail business Advanced

analysis (PT2)

Collecting data Doing competitor analysis

Doing current-state analysis

Data insights provided by

third-party resources, Market research,

expert interview and personal experiences.

Form the analysis of the case study on the basis of data

collection in order to examine the

feasibility of the business plan Results (PT3) Launching the plan on

practice, collecting the data from sale and marketing departments, and evaluating the effectiveness of plan

Outcomes of PT2 and PT3

Evaluation of the specific plan to enter Amazon ecommerce market

Presentation Proof-reading the thesis Presenting the ideas to the case company and school

Outcomes of all PTs

Completing the thesis’s process

Table 1. Descriptions of project tasks

3 E-COMMERCE

3.1 The nature of e-commerce

The telecommunication networks and advancement of digital technology (mobile technology, for example) have resulted a completely new way of human communication and interaction. A modern 21^st resident, nowadays, is likely to spend a “half of a day”

to live online. Consequently, a new type of business emerges from the ground: Ecom- merce. Ecommerce refers to the activities of buying and selling products or services on the internet (Ziaul, H 2005, 49-56). The terms of “ecommerce” or “e-business”, nowadays, are prevailing globally. Talking about technical views on the ecommerce,

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the major components of ecommerce comprises of three factors: communication systems, data management systems and security (Nanehkaran 2013, 190-193). Firstly, let’s talk about communication systems. Communication systems are system models to perform communication exchanges between transmitters and receivers (Elmustafa, A 2005). Nowadays, the most well-known communication system, especially for ecommerce, is the internet. The internet is a global network system, its network effect is significant as it brought a huge demand side scale to the ecommerce market. The network of multibillion users means multibillion potential customers for every business on the internet. Secondly, data management is a necessary for the ecommerce. As the world of digits is created by numbers and data. Therefore, understanding of data management is necessary to every ecommerce business. Last but not least, since the internet is free for “everyone” which means either good or bad users still could access to the internet network. Therefore, ecommerce also bears potential risks that a business needs to take care. Thus, methodologies for protection of network and data are essential in ecommerce (nowadays we call it cyber security). Altogether, regards the benefits of ecommerce, they are undisputable for local and traditional businesses. However, its disadvantages and side effects are also worth to examine. In detail, these benefits and risks of ecommerce will be discussed below.

3.2 Advantages

As mentioned previously, ecommerce plays a significant role in global economy.

There are few features that we may mention here:

1. Non-stop global marketplace

The ecommerce offers a great opportunity for buying and selling globally and continuously. While we are sleeping, the functions of our online business are still operating, as well the customer are looking for our products, determining their orders (Nanehkaran 2013, 190-193).

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2. Cost optimization

The online business has benefits significantly in optimizing the business cost. In case of traditional business, marketing and operational cost are usually main concerns regarding to the effectiveness of business management (Nanehkaran 2013, 190-193).

Nowadays, ecommerce provides the opportunity for a traditional business to approach potential customers more efficiently, yet smaller cost. Therefore, thanks to the online market, it is possible to cut down all unnecessary costs. For example, in case of digital goods, such as videos or music, we are able to eliminate completely transport costs.

3. Easy business launch

In the online commerce, the needs of physical outlet setups consider as a supplemen- tary factor, in some cases, even unnecessary. SMEs, who start with a tight budget of business, may consider this ecommerce feature as a great opportunity to establish a new business (Nanehkaran 2013, 190-193).

4. Transparency

The ecommerce is a universal market. The competition within the marketplace is high and transparent. The transparency of cost structure is clear to the buyer and seller (Nanehkaran 2013, 190-193). In addition, the customer may also compare the price (or cost) of their products within multiple ecommerce platforms (such as Amazon, Ebay and Alibaba) in order to make the best decision based on their own criteria.

3.3 Disadvantages

In addition to those advantages, ecommerce still involves some serious problems:

1. Lack of security

The security has been the most well-known problem since the beginning of ecommerce. A widespread of internet connection and easy-to-access features proved to be massively useful, yet also seriously unsafe. There are more than million users every day on the internet. Therefore, it is inevitable that there are not only good users, but also bad users. In addition, a fraud of online business seems to be correlated to the growth of digital economy. While genuine businesses consider ecommerce approach

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as a profitable solution for their business, it is also not a small amount of scam businesses also found their fortune to do an online business. These affairs become more and more popular in the world of internet.

2. Low quality control

Since the emerge of ecommerce, quality of products is always customer’s priority.

Trust is most important factor to the customer’s satisfaction. The control of quality recently has been emphasized by many largest ecommerce platforms, such as Amazon, Ebay or Alibaba. However, the customer sometimes still has to be afraid of the product quality, because of its slightly differences, such as colors, freshness or expected feel- ings (Nanehkaran 2013, 190-193).

3.4 Impact of ecommerce on business sectors

Either its advantages or disadvantages, both sides of ecommerce placed its influence on many business functions, for example marketing, economics, finance and accounting or production and operation management. To be more specific, some of ecommerce’s influences will be demonstrated in the following sectors:

1. Marketing

The traditional marketing has changed to adapt to the development of ecommerce. A

“new” term, currently referred to “marketing activities on the internet”, is digital marketing. Nowadays, marketing, or “digital marketing”, is not completely dissimilar to the traditional one. Instead, it is an “online” version of traditional marketing, with a high commitment of efficiency. If a purpose of traditional marketing is to attract customer via TV advertisings or promotion, the digital marketing performs the same purpose, yet in different forms such as search engine optimization (SEO) or social media promotion. Thanks to the development of information technology, today marketers can easily reach their target customers, reach the new market or new opportunity, with a power of ecommerce. However, to maximize benefits of ecommerce, understanding the digital marketing tools and the nature of online customer behaviors are vital to any digital marketers (Kiran, N 2017, 324-336). It would be a barrier for traditional organizations who are freshers of online business. Although the digital marketing may bring

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massive advantages to a business, yet the combination of both online and offline marketing strategies should be considered to achieve an effectiveness and diversity in the marketing.

2. Economics

Ecommerce opens the new opportunity for global economy. Highly competitive global marketplace leads to the shift from traditional business to electronic business (Nanehkaran 2013, 190-193). For example, in the tourism industry, as the emerge of online reservation trend in accommodation, hotels have to change their traditional system, which refers to call reservations, to online system to adapt the customer’s needs.

Besides, ecommerce may also bring the changes in cost structure of firms, value added chain and logistics function. For example, an involvement of intermediaries in the digital world is diminished and thus reduce cost or increase value added to clients. Now- adays people may search for a product on the search engines, for example Google, and then match their needs to those products via sellers’ website. Therefore, the need of intermediaries to match buyers and sellers is not necessary (Ziaul, H 2005, 49-56).

3. Product and operation management

The world of ecommerce opens continuously 24/7. The ecommerce market never sleeps throughout five continents. While everything, including customers and products, seems to be all the time online. The “offline” operation and production management may get outdated due to our limitation on working hours. Thus, information management is a core answer for the online business. Nowadays, the demands of customers transmit directly to the production managers through a data management system. The manager’s plan, therefore, is more accurate and on-time to the demand of market. Con- sequently, due to changes in customer behaviors, managers also need to adapt to new style of working and managing. In addition, they are required to learn new skills in relation to ecommerce in order to manage their operations effectively.

3.5 Limitations

Although “ecommerce” seems to be ubiquitous, a path to setup an electronic business is still obscured. There are few key barriers to enter the ecommerce:

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• Barrier of language for local business:

• Legal infrastructure is insufficient

• Security and confidentiality of information exchanged

This thesis aims to resolve a few previous limitations in order to have a clear path for a local business to establish a well-planned online business (Nanehkaran 2013, 190- 193).

4 AMAZON

4.1 What is Amazon?

Amazon is an American international e-commerce company (Bharti, 2017). Its website (www.amazon.com) is platform-based marketplace. Established by Jeffrey P. Bezos in 1994, Amazon marketplace offers a diversity in its product portfolio, ranging from books to fashion or electronic devices. In 2018, Amazon market accounted for 49.1%

of US retail spend and 5% of US retail sales (Techcrunch, 2018). Today, A successful story of Amazon ltd has been a common case of a successful global platform-based market.

There are some fun facts about Amazon ltd based on its statistics:

• If Amazon were a country, its net sale would make it 146^th richest country.

• The CEO of Amazon, Jeff Bezos is the world’s wealthiest man.

At first glance, it may sound impossible. However, if we know the net sales of Amazon approximates $210 billion in 2018, then it is reasonable.

Although a history of the ecommerce empire was long, it was made up of some inter- esting milestones that we may have a look below:

• In July of 1994, at the beginning of Amazon, Jeff Bezos opens a first online store called Cadabra, renamed to Amazon later, focusing on selling books. To- day, Amazon sells everything that we could think of, ranging from books, elec-

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tronic devices, video games, sports, fashion cloths, etc. A starting point of Am- azon was modest, yet its development was remarkable to the cyber world later in next century.

• On 15^th May, 1997, Amazon ltd launched its Initial Public Offering (IPO) and listed on Nasdaq as AMZN. A starting price was $18. After its IPO, Amazon was successfully raised $54 million. Nowadays, it reached over $1800 with made to 10000% increase.

• In 1998, Amazon opens its international services to United Kingdom and Ger- many.

• During 2001 to 2003, a bunch of improvements was added on Amazon website, for example “look inside the book” or “search inside the book” features.

• In 2007, Amazon introduced its own product, 1^st Kindle, an e-book tablet. The product has received massive positive feedback from global technology community. Consequently, Amazon brand has brought to new level.

• In January 2009, Amazon’s forth quarter sales reached to $6.7 billion. Its operation overspread not only 12 U.S state but also 8 nations. 21000 Amazon’s employees were working in places of five continents. Amazon’s growth was remarkable and continued its success until today (Website of Techwalla 2019).

4.2 Business models on Amazon marketplace

Since the arrival of Amazon platform, it has been a golden field for many businesses.

Regarding business model, it is a sustainable way to do business (Christian, N &

Morten, L 2014, 2). Nowadays, Business models on Amazon market are diverse, based on the resources of the enterprise. In instance, the sellers who started with low budget may choose to be retail arbitrage, or also known as drop shipping. For those enterprises owning private label product, they could exploit the potentials of Amazon platform to expand their global business. In detail, the business categories will be further explained by these following sub chapters.

1. Retail arbitrage

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The retail arbitrage model is suitable for startup companies with limited resources. A definition of retail arbitrage is simple. The seller, using this model, buys his/her product from other retail stores, such as local stores, and sells it at higher price on Amazon market. This practice seems to be a simple approach, yet it still bears its own risk. As a common buying behavior, customer usually compares his or her multiple options in order to look for as much profitable and convenient as possible. A relatively high-price product along with similar features may cause a huge disadvantage to the retail arbitrage seller. Moreover, for unauthorized retail products, the manufactures will not consider their warranties on the products. Therefore, these difficulties often make sellers change their mind while thinking of doing retail arbitrage business (Website of Boot- strapping Ecommerce blog 2019).

2. Fulfillment by Amazon (FBA)

As precisely the name of method, Fulfilment by Amazon method, A part of business section would be fulfilled by Amazon. This method looks appealing to many business owners as its simplicity and convenience. For retailers, who would utilize the Amazon FBA service, their job is diminished as much as possible (Dune 2015, 125). All they need to do is taking care of their inventory and sales performance on Amazon platform.

For the heaviest parts ranging from logistics, warehouse and packaging products, Am- azon will be responsible. For online customers, FBA brings them a bunch of privileges of Amazon premium services. The products, managed by FBA shipping methods, process faster than others, managed directly by retailers, as they were already available in Amazon’s warehouse center. In addition, the customer satisfaction remains positively as the product tracking and customer service will be managed directly by Amazon service.

A description of FBA method may be explained on the following business cycle:

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Figure 2. Cycle of FBA process

In the cycle, at first, the seller sends the products to dedicated Amazon warehouses.

The instructions of packaging and labelling are strictly followed by Amazon standards of packaging and labelling. In the meantime, the seller is asked to open an Amazon account. The opening account steps are straightforward and easy-to-follow. Once the products arrive at Amazon warehouse, the seller needs to list his or her products on Amazon platform according to Amazon instructions. Until this moment, the seller ba- sically qualifies for selling on Amazon. From now on, Amazon will be responsible for product stocking activities and customer deliveries. The seller is now concentrating on profit-driven activities such as conversion rate optimization (CRO), new product development and digital marketing campaign. Once Amazon receive the customer orders, the payment will proceed to Amazon seller’s account after deducting Amazon’s services fee. Subsequently, the product is collected from Amazon warehouse, and the delivery will be initiated. In addition to, the customer service, such as customer refund, will also be taken care by Amazon services.

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The disadvantage of this method may only be its fee structure (Dune 2015, 138). Since the fact that Amazon will be responsible for everything of your business, they will also charge anything within their responsibilities.

3. Private label

Talking about private label method, a private label owner outsources his/her product manufacturing to third-party companies and then sell it under his/her brand name (Website of ecommerce software 2019). Private labelling model is quite popular on Amazon market. In this model, the sellers will label their product, so they will acquire their own brand on Amazon market. The brand owner only needs to ask their manufacturers for customizing the product based on the brand owner’s requirements. The private labelling method seems to be an “upgraded version” of FBA method. Numer- ous FBA sellers on Amazon, after an average period of 6-12 months, tend to launch their own private labels. The consequences are understandable. Owning the private label may consider to be a great advantage as it helps the owner to differentiate his or her product to the other sellers. In addition, in case of long-term sellers, owning competitive products, labelling their products may bring a direct benefit to the customer’s awareness. As a result, the “label effect” may make a huge bump in sale performance.

4.3 The nature of Amazon market

In this chapter, we will investigate on the functionalities of Amazon ecommerce market, including Amazon algorithm, search engine optimization and pay-per-click method.

4.3.1 Amazon algorithm

An algorithm is a set of instructions designed to perform a specific task (Website of Tech Terms Computer Dictionary 2019). As an ecommerce platform, keyword searching algorithm plays as a key role in the platform’s function. The purpose of the algorithm is to match its customer’s needs with the most relevant results. In instance, regarding Google search engine, a person is looking for a new smartphone. While he places his keyword, for example “smartphone”, on the google searching bar, he would

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likely to receive multiple results in relation to smartphone such as new models, price, selling location and so on. Amazon searching algorithm functions similarly to Google searching algorithm. The Amazon search algorithm also serves to match its customers with highly relevant results based on their terms or keywords (Melamed, C 2016, 3- 6). On the side of sellers, a comprehensive understanding of searching algorithm is critical as it helps the sellers effectively reach out to the potential customers. In fact, a ranking of product listing results is likely correlated to the result of revenue sales (Anindya 2013, 4). The result is not surprising. Considering this case, for example if we look for a new “Samsung S10” smartphone product on Amazon platform, we will likely to buy the “Samsung S10” product on the 1^st, 2^nd or 3^rd searching results. Even if “Samsung S10” on the page 100 has the most competitive edge with additional gift for its customers, such as a smartphone case, yet the customer will not find it.

An Amazon’s A9 ranking algorithm, a current Amazon’s search algorithm, is based on 3 factors: listing relevancy, sales and reviews (Melamed, C 2016, 6). In relevant to ranking optimizing, therefore, we will need to optimize the result based on these 3 factors.

4.3.2 Search Engine Optimization (SEO)

SEO is referred to a process of activities which attempts to boost a website to higher ranking on internet search engine, for example Bing, Google, etc. (Todd 2017, 3) The search engine (Google, Bing, etc) is defined as a set of rules, operated by an algorithm, which ensures that people get a relevant result of a product or service based on their searching term.

As an emerge of ecommerce, SEO plays a key role in digital marketing strategy. In fact, a degree of visibility in the digital world is extremely important. An organization’s digital activities, such as website or promotional program, need to appear in the search results, in order to ensure an awareness of customer regard to the organization.

A website, nowadays, needs to be “optimized” not only for users, but also the “search

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engine”. To have an over-view of the search engine, these following chapters will describe a few key parameters that will impact on the website’s visibility on search engine.

The SEO techniques apply directly to marketing function of Amazon business. In specific, it helps to improve “listing relevancy” factor, which mentioned in previous chapter. Algorithm A9 has a set of rules on its own ranking system. There are mainly 4 influencers that the A9 takes into consideration. Those factors will be listed in the following, respectively to the ascending degree of its influences (1 means most important, 4 means least important) (Website of Retail performance marketing blog 2019):

1. Titles

2. Feature Bullet Points 3. Product Descriptions 4. Backend Search Terms

A common sense regarding search engines is that the engine tends to favor those searching results with relevant keywords and details. Amazon’s algorithm seems to be indifferent. The A9 algorithm prefers listing those products with detailed titles.

Therefore, an optimized title is especially important to Amazon product listing. Due to its significance, a further guidance to optimize a product listing on Amazon will be illustrated in the following parts.

1. Title

There are a few suggestions on how to optimize a product title on Amazon platform.

First and foremost, a list of relevant keywords and terms should be established. For example, if the seller is about to sell “blanket” on Amazon market. The list of keywords, firstly, should contain the word “blanket”. Additionally, some of blanket’s features should be mentioned, for example its colors, size and so on. However, it is worth to note that spamming keywords or terms on a title is such a bad idea. In fact, it could even harm your ranking due to your obvious manipulation on title.

Secondly, there are a few do’s and don’ts things about title of product:

• Do things:

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o Capitalize the first letter of title

o Spell out measure words such as ounce, inch and pound o Numbers should be in numeral forms

o If something is not relevant details, do not list it in the title

• Don’ts things:

o Price and quantity o All caps

o Personal information

o Promotional messages, such as 90% sales off o Suggestive commentary, such as best seller o Symbols (% $)

Subsequently, after the list of optimized keywords established, it’s time to write a complete version of the title. Regarding A9 preferences, Amazon algorithm forms a positive correlation between higher relevancy and earlier appeared keywords in the title.

Therefore, few notes should be taken into consideration:

• Firstly, the title should start with its own brand (private brand) and its product name.

• Secondly, the product’s characteristics may include in the following, for example pattern, model, size, color, etc.

• Make use of special characters, such as & | , .

Altogether, a basic title listing may look similar to this formula:

(Brand name) – (Product name) – (Feature #1) – (Feature #2) – (size, color) – (etc) 2. Feature bullet points

The feature bullet points refer to where the seller describe his/her product’s features in detail. According to A9 algorithm, the feature points are second most influence on search ranking.

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Figure 3. Example of feature bullet points (Website of Amazon 2019)

Similar to the case of product title, the product feature contents may also apply a few following standards (Website of Retail performance marketing blog 2019):

• An average character number approximate 250.

• Highlight top 5 features of products, the more or less number of features may consider as less significant effect on bullets optimization

• Begin each bullet point with a capital letter

• Bullet sentences in fragmented forms and no punctuation at the end of each bullet

• Numbers in numeral forms

• Separate phrases in one bullet with semicolons

• Spell out measurements, such as quart, inch, or feet

• Avoid vague descriptions, be specific

• Not mentioning any private information, such as seller contact, listing features only

• No promotional messages

• No shipping information

3. Product description

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Regarding to a third influencer, the product description actually has similar characteristics to those previous bullet points. However, it is usually written in several long paragraphs. In addition, a light HTML technique is required in this phase. For example:

Figure 4. Example of product description in HTML syntax (Website of Amazon 2019)

Considering the previous product description written by HTML syntax. The outcome will be illustrated in the following as:

Figure 5. Result of HTML syntax on website of Amazon (website of Amazon 2019) In the product description, it is possible for making call-to-action phrases or creating your own slogan to attract the customers’ attention on your product.

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4. Backend keywords/ terms

Regarding the product visibility, there is a list of “invisible keywords” helps customer to discover products. The backend keywords follow the influences order. Amazon allows a seller to add additional 5 backend keyword categories, a seller needs to list the most priority category in the first row and lower relevant in the subsequent rows.

4.3.3 Amazon Pay-Per-|Click (PPC)

Pay-per-click (PPC) or cost-per-click (CPC) refers to the paid amount that we need to pay per customer click on our product in our PPC marketing campaign. (website of wordstream, 2019). In general, PPC is an advertisement tool for digital marketing.

Amazon PPC method works as the same way as other platform-based PPC methods.

The usage of PPC focus on bidding the “keywords” on searching engine in order to improve the ranking performance. The cost of bidding may vary for different products, especially competitive products. For example, a bidding cost for a keyword with 1500 searching results is 0.5$ per search, and a bidding cost for a keyword with 10000 searching results may increase significantly to 3$ or even 5$ per search.

5 BUSINESS STRATEGY

5.1 Overview of business strategy

Business analysis and business planning are vital factors of every successful business.

Business analysis is defined as the practice of enabling change in an organizational context, by defining needs and recommending solutions that deliver value to stakeholders (Website of International Institute of Business Analysis, 2019). Business analysis could also be perceived as a gap between strategic analysis and system analysis (Debra, Donald & James 2010, 7). In practice, a business analysis is required to investigate the current situation of business context. Based on that, suggested feasible next moves for the business are determined. It is evidence that doing a business analysis is

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an important phase for every enterprise to decide on any business matters. Regarding a common business analysis, the approach usually considers three aspects of the business system:

• The business concept: This aspect aims to investigate on business blueprint.

Are they well defined and communicated? Is the concept already existed? Etc.

• The business context: This aspect considers a specific business setup. For each specific context, the aspect approach may be different to look for problematic issues of the company.

• The resources: The last aspect is to examine the limitation of the business on their resources, for example human resources or technology.

As a business owner, it is very important to understand these three aspects to examine the effectiveness of a business. However, the process of business analysis sometimes is ambiguous to the owner.

5.2 Business analysis flow

The following business analysis flow provides a sample template of established business analysis.

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Figure 6. Business analysis flow (Website of Glowtouch technology 2019) The process of analysis comprises of seven steps:

5.2.1 Gather background information:

The background information is a backbone of business analysis. Regardless a starting point of the business, whether it is brand-new or existing concept, it is important for gather a business database as significant as possible. As we may have heard, with re- spect to 4.0 industrial revolution, “data” considers as a new fuel of the global economy.

Likewise, it is true in the context of business, especially business analysis. The data insight, nowadays, brings many privileges to those who utilizes the powerful of data resources. Subsequently, as we understand the importance of data gathering, data gathering progress should be underscored by data analysts. In specific, there are few suggestive categories needed to define through this stage (website of GlowTouch technology 2019):

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• Determining business domain: the data regarding business sectors, for example healthcare, finance, energy, and so on, needed to collect to determine the context wherein the business takes place.

• Determining influences on business: multiple circumstances is needed to consider estimating the external potentially impacts on the business. To accom- plish this task, a few framework analysis, such as Porter’s five forces framework or PESTEL analysis, may implement.

Talking about the latter case study, we will in need of conducting analysis. In fact, Porter’s five forces is able to apply here due to its simplicity and effectiveness. Re- garding Porter’s five forces framework, it was first introduced in 1979 by Harvard School Business professor Michael Porter. The Porter’s framework helps to analyze an industry’s attractiveness and profitability. In more specific, Porter has determined five major forces in business environment which will impact on the business. These are competitive rivalry, supplier power, buyer power, threat of substitution and threat of new entry (Christopher, I. … 2014, 77-78). A specific application of Porter’s five forces will be mentioned later in the empirical chapter.

5.2.2 Identify stakeholders:

Stakeholders are defined as those parties beneficial directly or indirectly from the analysis. As stakeholders are ones who make final decisions on practical approach and requirement approvals of the project, it is vital for any business analysts to consider those parties within their analysis plan. There are few common types of stakeholder that we may mention in the following list (website of GlowTouch technology 2019):

• Owners- board of directors, shareholders or anyone who sponsored the business or project.

• Executives- direct or middle managers responsible for business managerial activities.

• Employees- developers or analysts responsible for business execution.

• Partners- corporate parties responsible for providing complementary services or products to deliver business success.

• Customers- end users of services or products

• Competitors- a potential competitive products or services.

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5.2.3 Discover business objectives:

Establishing comprehensive and achievable objectives is crucial to the any types of business. The business analysts and managers may stay focus on an associated vision and eliminate disturbances. A few techniques possibly apply on this step are (website of GlowTouch technology 2019):

• Benchmarking: understandings of competitors and partners in the same level (Ansoff’s matrix).

• SWOT analysis: analysis of strengths, weaknesses, opportunities and threats.

• Brainstorming

• SMART method: established objectives based on five categories (Specific, Measurable, Achievable, Relevant and Time-bound).

5.2.4 Evaluate options:

Within this phase, the feasible path to achieve the objectives is established. Various options may be listed in this step for the stakeholder to determine. The options may consist of suggesting new products, purchasing new systems, customizing existing solutions and so on. While narrowing down the solutions, it is worth to consider a few factors, such as feasibility, project budget, benefits and business case (website of GlowTouch technology 2019).

5.2.5 Scope definition:

A project scope is necessary to define based on project’s objectives and team’s discussion. Developmental goals are established, along with a list of uncovered items in the project. For example, a scope definition may consist of (website of GlowTouch technology 2019):

• Developmental aspects within scope

• Developmental aspects out of scope

• Integrations in scope

• Integration out of scope

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BA delivery plan:

A delivery plan consists of a detailed timeline and delivery requirements. There are few necessary aspects needed to mention in the timeline of the requirements: stakeholders and their availability, project scope and project methodology (website of GlowTouch technology 2019).

5.2.6 Define project requirement:

A list of requirements is essential to every business analysis as it helps business analysts to communicate the feasibility and credibility to the development team. Require- ments may be categorized into 2 major types: functional and non-functional requirements (website of GlowTouch technology 2019).

6 RISK MANAGEMENT METHOD

6.1 What is risk management?

Risk refers to unfavorable outcomes or chances of loss associated with an action. Un- certainty is potential threats for business. The greater uncertainty may bring a great risk to firms, yet the risks or uncertainties also mean opportunities. If there were no risk, there would be no return to the ability to successfully manage it (Laurence C, Gene G, Steve I, Doug J & Rod S 2013, 2). According to theory’s finance, an asset pricing models concerns the effect of risk on the evaluation of firm’s value. The effect of risk will correlate to a business discount rate. The formula is expressed by the following formula:

Value of firm = ∑[ Cash Flows at period t / ( 1+k)^t ] where k is the market discount rate.

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The previous business valuation method is based on a simple theory: Actions taken by a firm which reduces associated uncertainties, improve its prospect to survive in the future may enhance the value of the firm in the market. Once again, the role of risk management is emphasized.

6.2 Reasons for risk management

As mentioned previously, risk management may place an impact on general value of a firm. Therefore, the management of associated business risks can not be diminished from the firm core managements. Areas mostly needed to manage risks included:

• Health and safety

• Plant, equipment, environmental costs

• Financial position of your organization

• Confidence by members, key stakeholders and

• funders

• Insurance premiums

• Member protection

• Reputation, publicity, credibility

• Compliance requirements

The risks associated with each category may require a specific knowledge and solution to reduce effectively its frequency. However, the process of risk identification and management may be similar. In fact, a standard risk management process is able to establish. In the thesis, the sample of the standard risk management framework will be acquired by ISO 31000 - an ISO standardization regards to risk management’s principle and guideline. (Website of Department of planning, transport and infrastructure of South Australia government 2019)

6.3 Process of risk management

The AS/NZS ISO 31000:2009 defines risk management as the ‘coordinated activities to direct and control an organization with regard to risk’ (Website of Department of planning, transport and infrastructure of South Australia government 2019). These

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guidelines and principles, taken from risk management, are structure approaches to tackle and eliminate specific risks associated. A common risk management framework usually provides a set of activities involved identifying risks, designing and imple- menting methods, monitoring and continually improving risk management.

According to ISO 3100, the risk management is established by three major elements:

Figure 7. sample of risk management process (Drawn from the ISO 31000:2009)

• Set of principle: an essential set of reasonings to establish good risk management

• Risk management framework: provide structure of risk management

• Risk management process: establish a structured approach to understand, communicate and manage risks in practice.

In general, risk management can be answer based on four questions (Website of De- partment of planning, transport and infrastructure of South Australia government 2019):

1. Which events is likely to happen?

2. What is its impact?

3. What can a firm do?

4. How can a firm communicate the event to its organization?

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These straightforward questions have put forward an idea of how a risk management process:

Figure 8. Risk management process (Website of Department of planning, transport and infrastructure of South Australia government 2019)

There are five key phases of a risk management process: context establishment, risk identification, analysis, evaluation and treatment.

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6.3.1 Context establishment

In general, to manage an event or occasion, it is essential to know where the event or occasion takes place. Similar to risk management, it is necessary to understand an organization’s objectives and a risk environment.

As a result, a very first step of risk management is to make a set of objectives on risk management throughout organizational agreement. By involving the organizational level, which means gathering as many people as possible, an awareness and education of risk spreads out through inner communication. Within the organization commitment, the objectives are needed to define explicitly or implicitly.

Secondly, identifying those key parties and stakeholders are presented for organization’s risk, lead an organization to risks or help an organization to manage risk.

Regarding the nature of risk context, there are three major context that is needed to consider within risk assessment (Website of Department of planning, transport and infrastructure of South Australia government 2019):

• The external context: The environment whereas a firm operates, and its objectives occurs including cultural, operational, political, human relationship, environmental, regulatory, financial, economic and technological factors.

• The internal context: The elements exists within an organization and is relevant to risk assessment. The common factors including in a firm/ an organization’s strategic objectives, organizational culture and resources.

• The risk management context: The clarification of risk management to answer specific questions, for example

a. what are the goals and objectives of risk assessment?

b. How are they implemented?

c. Who is responsible for which part? What is scope?

Once the agreement is defined, it should be spread out through the organization. It’s essential to keep protecting proprietary and confidential information away from the agreement.

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6.3.2 Risk identification

Purpose of risk identification is to develop an all-inclusive list of uncertain events that are likely happen and have impact on the organization’s objectives in the future. The risk needs to be described as precisely as possible. A risk description usually consists of risk events, risk potential cause and impact. It’s also important to define those factors potentially rise risk, such as actions, scenarios, unexpected events or external agencies. The source and caused of risk need to be well understood and documented.

The process of risk discovery may apply multiple types of technique. These can be complicated and well-organized or simple and informal, depending on the purpose and context of risk assessment.

It is essential to consider all external factors (industry policy, community effect, etc.) and internal factors (human value, activities, capabilities, etc.) and assessment factors (firm’s objectives, team’s goals, etc.) that may affect risk assessment to ensure that the examination is not out of context or scope.

Sources of risk are varied, yet risks can be classified into 6 common categories below (Lauren, C, Gene, G, Steve, I, Doug, J & Rod, S. 2013, 2):

:

• Legal – organization encounters legal obligations

• Financial – Financial impact externally or internally (global financial crisis or construction damage) on organization’s financial status

• Human resources – low quality in terms of knowledge, skills and experiences of board members may result a crisis within an entity.

• Social media – negative effect of organization’s electronic identity (bad rumors on social media networks) on its reputation.

• Physical – damage on physical properties or humans

• Technology – technologies or machines are not functioning properly or dis- rupted by external factors (storms, electricity, etc.)

• Moral/ethical – organization’s reputation faces crisis regarding moral issues (parental leaves policy, etc.)

Since the sources of risk are really diversified, it’s important to look for as much potential risks as possible. Generally, there is not a specific way to identify a risk

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properly. Instead, the combination of methods works perfectly, such as checklist, reviews of rules, legal obligations, policies, gathering information externally and internally.

In general, a process of risk identification may illustrate as:

Figure 9. Risk identification process

6.3.3 Risk analysis

As each risk identified from the previous step, it is significant to understand com- prehensively and precisely its effects on organization as well as its frequency of occurrence. In fact, a risk analysis establishes a matrix of risk based on 2 elements:

level of potential effect and probability rate of occurrence. “Risk severity matrix”

or “risk heat map” are common name of an approach to implement a risk analysis:

Figure 10. Example of risk heat map (Website of Accounting Archive, 2019)

identify all possible risk

events

identify po- tential causes

of risk

identify po- tential effects

of risk

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The previous risk heat map demonstrated how a risk may impact on the business, based on its probability of occurrence and potential impacts. For example, an identified risk 16 considers at low risk as it is unlikely to happen (probability is about 10%) and it has lower impact comparing other risks (its impact may range from $25000 to $35000).

In this section, we will learn how to establish a similar risk map as the previous example. In more specific, to establish a complete risk management, a process of establishment consists of three steps:

1. Establish risk parameters

For each element, likelihood or consequence, a specific parameter is required to setup.

For example, to establish a parameter of likelihood, it may look similar to the following table:

Score Likelihood Parameter

5 Most frequently More than 5 times per month

4 Likely Between 4-5 times per month

3 Possibly Between 3-4 times per month

2 Rarely Between 1-2 times per month

1 Least frequently Less than 1 time per month Table 2. Example of risk parameter

Consequences of risk may look a bit more sophisticated, for example:

Table 3. Example of risk consequences

It is essential to analyze all risks based on the same parameter framework, so risk assessment is as precise as possible.

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2. Establish risk matrix:

Subsequent to the previous parameter setup, it’s time to map a risk based on these 2 elements. A risk heat map may look like the following example:

Figure 11. Example of risk matrix

In fact, a level of “low”, “moderate”, “high” and “extreme” is different from different organizations in different contexts. Therefore, a specific scale of risk rating may vary based on the organization’s objectives and agreement among stakeholders in the “context establishment” step.

The next step is to determine required actions based on the previous risk ratings. An example of this step may look like:

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Risk rating Required action

Low

^• No immediate action required

• Unlikely to require significant resources

• Monitor an event monthly

Moderate

^• Broad attention may require

• Likely to cause some damages to organization’s functions

• Monitor on a 2-week basis

High

^• Some immediate actions may require

• Likely to cause some significant damages

• Treatment plan to be established and managed by board members

• Monitor weekly until further announcement

Extreme

^• Immediate actions required, re- ported directly to CEO and board of directors

• Likely to threaten a survival of organization

• Monitor on daily basis until further announcement

Figure 12. Example of risk rating

6.3.4 Risk evaluation

In fact, since the commence of any business entity, risks are likely to associate with it.

However, some risks are acceptable, and some are not. Therefore, risk evaluation helps an organization to determine the tolerability of each risk associated. A priority of risks

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is established to look for appropriate ways of dealing each one. While considering risks, we need to estimate and compare few factors whether to decide for treated or untreated (Website of Department of planning, transport and infrastructure of South Australia government 2019):

• Capability of risk controls within an organization

• Cost associated between treated and untreated method

• Possibility of transferring risks to other third-party providers such as insurance companies

6.3.5 Risk treatment

Risk treatment is a specific workload to tackle the risks in response to risk evaluation.

Indeed, there are many ways to treat a risk, some common strategies may involve (Website of Department of planning, transport and infrastructure of South Aus- tralia government 2019):

• Accepting the risk as its minimal damage

• Avoiding a risk by not taking a specific action which causes the risk

• Transferring a risk to other parties such as insurances

• Taking a risk to avoid other more serious risks

• Modifying the control of risks

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7 EMPRICAL STUDY- FBA AMAZON BUSINESS PLAN

7.1 Research method

7.1.1 Selection of research method

In this chapter, we will choose a research methodology which fits to our case study. In this case, our research is aiming to examine and analyze the key data related to similar product sellers on Amazon website. Consequently, based on the examination and analysis, a feasible approach to Amazon e-commerce market will be suggested. In addition, the data will mainly be collected through third-parties provider (the detail will be explained in the section) under the form of numbers, statistics; and there will also be information collected directly by calling to retailers of target selling products. Thus, the most appropriate research method, in this case, will be quantitative method.

7.1.2 Tools for market data collection

Amazon e-commerce marketplace has shown a great potential. Its popularity also spreads out globally. Thus, a significant number of startups and entrepreneurs has established their business to support the Amazon ecosystem. Nowadays, there are many business applications supporting the Amazon website. In this case study, the product information will be acquire mainly from the official Aamzon website (www.amazon.com) and two well-known tools for Amazon product research: Jun- gleScout and keywordtool.io.

Firstly, Jungle Scout and keywordtool.io are product research web-based platform for Amazon sellers. It provides users with online solutions for tracking products, exploring product opportunities and ideas, monitoring competitor sales data, calculating Fulfill- ment-by-Amazon (FBA) fee estimates, and more.

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Figure 13: Overview of JungleSout dashboard (website of JungleScout, 2019)

Figure 14: Overview of keywordtool.io dashboard (website of keywordtool.io, 2019)

7.1.3 Data analysis

In the case study, Thanks to JungleScout and keywordtool.io tool, it is possible to collect the product information related to average daily sale, average price, daily ranking on A9, etc. The information will be analyzed later by quantitative methodology to gain the market insight. These market insights will help the thesis’s owner to suggest the best fit model of market entry as recommendations.

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7.2 Empirical setting

7.2.1 Vietnam coffee production industry

Coffee production has long time a major source of income for Vietnam economy since the early 20^th century. Indeed, Vietnam is second world’s largest coffee export. In 2018, Vietnam accounted for second largest worth of exported coffee with $3.1 billion (Website of World’s Top Export 2018). Although the potentials of coffee production in Vietnam is significant, the coffee economy in Vietnam has usually seen fluctuations.

Since the 1980s, Coffee farmers in Vietnam has always experienced the cycle of boom and burst in coffee price. In other words, the coffee prices in Vietnam are highly vol- atile. However, despite the fluctuations, export prices to abroad customers always stayed stable. Thus, the coffee producers in Vietnam suffered significantly to the vol- atility of coffee industry. As the boom cycle, coffee production households can main- tain their living standards, for example children’s education fees. However, during the burst cycle, those farmers can’t afford even their basic living costs. Thus, they have to cut off the cost from their children’s education.

Figure 15: Ten World’s largest coffee exporters (Website of World’s Top Export 2018)

Although coffee production industry in Vietnam has full of potentials, there are not many complete coffee products produced by Vietnamese producers. In fact, there is only one most well-known coffee production brand in Vietnam: Trung Nguyen café.

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Figure 16: Trung Nguyen premium Legend G7 café (website of Trung Nguyen, 2019) About Trung Nguyen café, it has been established since 1996 by Nguyen Vu Dang Le, its current CEO. Trung Nguyen ltd focuses on producing café-made products. Nowa- days, Trung Nguyen products is presented in over 60 countries. In general, Trung Ngu- yen currently has three major product lines: premium Trung Nguyen café, roasted café, In this case study, we will concentrate on Trung Nguyen café products, pure coffee bean packs and instant G7 café. In this study case, the Trung Nguyen premium Legend G7, which is a hybrid product between instant G7 cafe and premium Trung Nguyen café, will be our target product for selling on Amazon market.

7.2.2 Business model for the case study

The main objective is to establish an effective approach for budgeted enterprises to sell their product on Amazon platform. The planned approach needed to fulfill these criteria: manageable, feasible and well-constructed. After a careful consideration among range of Amazon business model, in my opinion, the most feasible business idea should be Fulfillment By Amazon (FBA) business. By completely outsourcing the logistics and warehouse activities to Amazon, we are able to concentrate my resources on supply planning, product launching and digital marketing plan.

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7.2.3 Business setting

In order to go further for the analysis, we need to have a concrete description of business setting regarding few aspects such as size of business, business model, products, etc. Thus, the table below will summarize a general view on the thesis’s business setting, then thanks to it, we may have a better perspective for deeper analysis:

Business setting Description

size With an estimate budget of $1.000, this project considers as a small sized project

Business model FBA model

Product Trung Nguyen premium G7 legend cafe Market Amazon U.S (amazon.com)

Table 4: Descriptions of business setting

7.3 Fulfillment By Amazon (FBA) business analysis

Therefore, in this chapter, the process of business analysis will be taken into consideration. The outcome of this chapter is to create a clear business analysis on the thesis case study. Due to thesis’s purposes, the business analysis flow has been modified to fit the thesis’s idea. Thus, the business analysis will consist of three steps: background information, business goals, recommendations.

7.3.1 Background information

The thesis focuses on the case of individual seller, as myself, in attempt to sell Viet- namese coffee product on Amazon website. Thus, Porter’s five forces analysis is cho- sen for this cases analysis due to its popularity and easily to conduct an analysis. In this case, we will focus on analyzing and examining the Vietnamese coffee products on Amazon ecommerce market based on financial capability of small individual seller.

Based on the framework of Poster’s five forces, there are five main sectors needed to investigate, included threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products, rivalries and environment. In detail, the analysis will be described below:

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7.3.1.1 Threats of new entrant

About threats of new entrant, in this thesis case, there are two matters that are worth to consider. Those matters are time and cost of entry and market knowledge. Firstly, regarding the cost and time of entry, these matters can be clarified by process of export/import from Vietnam and procedures of Amazon business setup. Considering the export/ import process from Vietnam to United states, the process is clear and easy-to- follow. Similarly, regarding Amazon business setup, Amazon has made a comprehensive instruction for every new seller to follow. Thus, there is no barrier on process of export/import and procedures of Amazon business setup. Secondly, although Amazon ecommerce business does require some specialist knowledge, for example, on digital marketing, import/export procedures and supply management, those knowledges may mostly acquire from Internet resources or experiences. Therefore, specialist knowledge for Amazon ecommerce seems not to be a significant barrier. In conclu- sion, threats of new entry in Amazon ecommerce market are relatively low due to the optimizations of Amazon website. In addition, since Doi Moi Reform in 1986, Vi- etnam transformed to socialist-oriented market economy. Thus, Vietnam started to open the market. Since then, activities in relation to export/ import are emphasized and promoted by government’s incentives. Regard to relation between Vietnam and United State, the 19-year embargo against Vietnam has ended in U.S on February 3rd, 1994.

This period was marked as a prospect period of Vietnam economy. For example, after the end of U.S embargo, Vietnam was second largest rice export in U.S market. Since then, there isn’t any political barriers between Vietnam and U.S. Regarding the thesis setting, the context is taking place of the ecommerce business between Vietnam and United State. In the current political context, Vietnam, since the political relation are stable, there will be no significant barriers in relation to economic and political situation. Instead, due to Vietnam government’s incentives to export, it may be an advantage for any local seller in Vietnam to export their product into U.S market.

7.3.1.2 Bargaining powers of suppliers

A Comprehensive Guide for traditional SMEs to enter an E-commerce Market

Phuoc Hong