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Zara is considered as the most lucrative brand of Inditex SA, which is a Spanish clothing retail group. The company was primarily inaugurated in 1975 (La Coruria, Spain) and thereby spread eventually in 45 other countries (Gamboa and Gonclaves 2014). The company currently possesses 531 stores, which are found to be located in the important shopping districts of Europe (almost in 450 cities), America, Asia and Africa. The company is said to develop its expansion strategies based on the core fashion philosophy. The business model of Zara is formulated based on three distinct goals of operations (Qrunfleh and Tarafdar 2014). This includes “developing a system that required short lead time, decreasing the quantities produced to minimize inventory risk and increasing the number of available styles and choices”. All these three distinct goals of Zara helped to devise a sole value scheme. “Combining the moderate prices with the ability to offer new clothing styles faster than its competition” is the primary objective of the company, which helps in triggering an effective brand value in the international market (Vu and Medina 2014). The flagship brand of the Spanish retail group is Zara; which is also the largest division of brand. The brand is associated with the stores, which are only focused on one particular market and provide great fashion at a low price. In 1975, the very first store of Zara was opened due to the cancellation of a big order. A case study on the supply chain of Zara shows that the company manufactures 50 % product in Spain and the rest of Europe and Asian countries. The company manages its supply chain in such a manner that the product produced in design team can be available at any global stores of Zara in just two weeks (Matzler et al. 2913). Zara can also manage a great variety of style and can monitor and shut down the line that is not worthy of selling. Three main strategies give the company a competitive edge. The strategy lies in the uniqueness of design, manufacturing process and distribution of the product (Matzler et al. 2913). The main motto behind the strategies is to increase the efficiency of cost and maintain the value to better service delivery. Apart from the seasonal fashion trends, Zara gives priority to the idea of understanding the dynamic trends of fashion so that the company can easily meet the demand of the customers. The parent company of Zara (Inditex) achieved success with an example of five figure linking the factory and customer. This paper highlights the framework that led the company forward with a competitive advantage (Caro and Martinez–de-Albeniz 2015).
Studies have shown that the operational strategy can be defined from four distinct perspectives.
Zara adopted the bottom up strategy to keep the innovation on track to cope with the change in market need. It is the best of strategy to find out the new invention and bring it to the market. Innovation gives the customers to think from a new angle of perspective of products. Zara not only depends on the basis of bringing new fashion but also create a trend in clothing that would result in an extra appeal to the customer (Gassmann and Frankenberger 2014). Zara also focuses on collecting the feedback of the customers to keep their thinking to bring variation. They collect the information regarding the customers’ view, thinking and needs from the store managers. This strategy gives the company the advantage to understand the demand of the market in a frequent manner and to launch updated product. Studies have shown that to understand the mindset of the consumers is the vital thing to keep the company running with its dynamic success. To maintain the success strong information collecting system and analysis process is needed (Girotra and Netessine 2014).
The fashion market is a frequently changing area that changes according to the demand of customers. Therefore, the company needs to focus on the perspective of the customer and control the thinking of the customer by supplying the demand (Friedrich von den Eichen et al. 2015).
Studies have suggested that to maintain the rapid growth of a company in a competitive environment is a serious job. The basis to deal with the market competition is to respond to the market and to work on the stock. For a long term, maintenance of reputation of a company comprises of creativity and maintaining the quality. Zara focuses on its short term goals and achieves it with increasing the variety of style and design (Girotra and Netessine 2013).
The operation strategy is associated with regular concern about the requirement of the market. Zara set an excellent level of performance goal and making the decision with right precession (Caro and Martinez–de-Albeniz 2015).
Zara manages its capacity by reflecting it on the storage function of the company where almost 400 extra staffs are working to follow the delivery schedule. Management works on the planning of manufacturing cost to adjust its capacity. A functional team always remains active during the examination period of production and adjusts the design and focus on the changes in a short period of time. As for example, a small change in that order sometimes results in a large fluctuation in supply chain starting from stockholders to the distributors (Zott and Amit 2015).
It has been reported that Zara team design almost 40000 styles in an annual year. Among the vast designs, only 10000 are shortlisted for production. Zara keeps a stock of almost 350000 new stock units per year. To achieve a fast response from the consumers, Zara maintains an effective supply network (Giménez and Valls 2013). To support the statistics, Zara supplies its product to almost 650 retail shops twice in a week (Giménez and Valls 2013). The statistical data itself is enough to ensure the commitment level of the company to its customers. The brand keeps its promise to bring freshness in design and renew the old stock via supply chain. The internationalization of the company has possible due to the qualified management officials and their strategy to outsourcing the labor task. Zara understands the fact that the globalization of a company depends on upon labor-intensive work over capital-intensive work (Girotra and Netessine 2013).
One crucial part of Zara’s success is its maintenance over the high level of communication and the technology it uses to maintain to update its information. Zara has reconstructed its distribution chain to share the daily data of sales immediately. The up gradation in the daily data exchange facility between the retailers and the manufacturing unit give the company an advantage to analyze the risk factor on the daily basis. The computer processed data sheet, customer values, the trend of selling keep the company in up to date. The boon of new technologies helped Zara to find out the faults in its supply system and to perform the necessary steps to recover from it (Zott and Amit 2015).
Zara has developed the reputation by maintaining a sound communication starting from the store manger to market analysts and from designer to production managers to distributors. The faster communication with the help of updated technology gives the organization a quick decision making the edge (Friedrich von den Eichen et al. 2015).
Responsiveness of Zara towards its market and the speed it maintains to deliver the clothes from production unit to stores ensures the company’s’ success. Studies have revealed that Zara can perform the cycle of design to distribution in just 10-15 days (Lueg at al. 2015). Zara targets to produce at least 12000 designs annually (Lueg at al. 2015).
Zara always ensures to deliver the order in time to maintain the terms of product availability. Though some of the stores run out of stock sometimes Zara try to maintain its regularity by providing excellent fashion quality (Girotra and Netessine 2014).
Zara has established the image of providing quality clothing in reasonable price. The company also adds a quality sense to its products by labeling it with made in Europe to ensure efficiency of operation (Foss and Saebi 2015).
The designing team of Zara designs the style of fashion and then discusses it with the planning officers to improve it further. The high number in the variety of fashion ensures that it can meet any range of consumer need. Zara also equipped with high innovative technologies to work faster with the new trends and demands (Lueg at al. 2015).
A majority of the product of Zara produce in Europe. The production cost is about 15% higher in Spain compare to Asia. However, Zara has maintained its operational methods in such a way that it can negotiate its extra expenses in Europe. Zara has maintained a lower inventory cost which helps Zara to manufacture the product at a cheaper rate and maintain the price of the product reasonable (Foss and Saebi 2015).
Figure: The Business Model of Zara, Source: (Foss and Saebi 2015)
From all the data mentioned above, it can be said the there are mainly five aspects of the basic business model Zara. These five aspects are the stores of Zara, the designs of Zara, the manufacturing unit of Zara and the logistics system of Zara. All of these five factors are considered important in a case of the business prospect of Zara (Gassmann et al. 2016). One fact, which should be kept in mind, is that every single aspect of the model mentioned above is vital and important in a case of the business and market Zara (García-Álvarez et al. 2016). If any one of them fails, then the entire chain of business flow will get hampered, and it will automatically hamper the business of Zara (García-Álvarez et al. 2016). The business model of Zara can be effectively disintegrated into three distinct components. This includes concept, value drivers and capabilities associated with the organization. The fundamental idea of Zara is to maintain an efficient design, develop the production and thereby distribute the entire process, which enables the company to respond quickly to shift consumer demand (Matherly and Richards 2013). As stated by Jose Maria Castellano (The CEO of Inditex), “The fashion world is in constant flux and is driven not by supply but by customer demand. We need to give consumers what they want, and if I go to South America or Asia to make clothes, I simply can’t move fast enough” (Gassmann et al. 2016). This statement focuses towards the efficiency of Zara’s operation model existing in the international market.
|
Strength |
Weaknesses |
Opportunity |
Threats |
|
Efficient distribution program and system of the products, cost leadership strategy, efficient use of information, technology, efficient, and delivery of new in trend fashion products. |
The distribution system is completely centralized, Zara does not spend huge amount of money on advertising, it has only one distribution and manufacturing unit in the world |
Opportunity to penetrate the global market, huge scope in the online market as well along with distribution center present in the United States of America. |
Growing competition from the local competitors along with the competition from other global brands as well, only centralized in the Europe region. |
Table 1: SWOT analysis of Zara, Source: (Johnson et al. 2014)
Though there is presence of some weakness of the business model and business strategy of Zara, with respect to the current market scenario, it can be said that there are several elements which support the current business strategy of Zara as well (Nielsen and Lund 2015). From extensive market research, it can be said that providing a stable and constant stream of different inputs in to their product development process gives then and edge and advantage over other market rivals who produce in batches or discrete seasons (Ko 2013). Another thing, which should be highlighted, is that locating the various business functions along with a close proximity to the headquarters with a very strict control mechanism allows Zara to function and coordinate into different jointly ventured decisions in a very short period time. This aspect allows them to quickly response to the change in market trends and adapts to the current situation in a very short period of time with respect to the other market rivals. Another fact which is needed to be mentioned with respect to the current prospect is that the communication and information technology are considered to be one of the most vital factors in order to manage the constant interface of Zara with respect to their business and in case of managing the huge variety of information regarding their vast product information as well (Gossmann et al. 2013).
The various capabilities of Zara need to exploit their market opportunities and thereby execute the conceptual strategies for the market. It can often be referred that Zara maintains control over their production protocol very intensely and thus monitors the design along with the manufacturing strategic partnerships quite efficiently (Hung 2013). Zara tends to maintain almost 80% of the total production protocol in Europe, where 50% of the total production is accustomed in Spain (close to La Coruna headquarter). The manufacturing unit possesses strategic agreement with the local manufacturers, which helps in ensuring timely services and delivery. Thus, the company is seemed to be associated with a well-informed Supply Chain Management, which develops the efficiency of the organization to several-fold (Ko 2013). Based on these strategic partnerships along with the benefits improved by the immediacy of operational and manufacturing protocol, Zara claims to maintain a flexibility regarding the production of 12000 innovative designs and units. This practical capability flow of Zara helps to achieve a grand strategy based on the expedited rejoinder to the customer demand (Divita and Yoo 2013).
The value drivers related to Zara are found to be tangible and intangible related to the benefits, which are returned to every stakeholder, associated with the company. Tangibly, the parent company of Zara (i.e. Inditex) has the net margin of 11.020% on the various operations along with their market capitalization (the equity market value is estimated to €13,980 in 2002). The net working capital (based on the current asset by current liabilities of the organization) is estimated to be around €133. This extra margin of Zara can be effective demonstrated through their overall financial performance (Reeves, Love AND Tillmanns 2012). The company has marked an increased profit of 315 during 1996- 2000. Intangibly, brand recognition, and customer loyalty provided effective value to the company. Most of the customers were attracted to the products of Zara (especially the style cuttings) and were considered a trendsetter during the times (Liu and Wan 2015). The most unbeaten execution of the company’s business model provides immense value to every stakeholder and thereby differentiate their essential business from their peers (Gossmann et al. 2013).
The basic formula for Zara’s current success was their pledge to the swift response to the customers. The company had a positive fame in responding to the needs of the customer. The company’s aims and objectives helped to achieve the zenith of the retail industry for an extended period. Zara had maintained a significant competitive advantage in the market, especially in the areas of the product, cost of production and the strategic partnerships (Liu and Wan 2015). The other factors, which are also analyzed by the company intensely, included the development of marketing strategies, advertising the products on a larger scale and developing the information technology infrastructure. The processes and the efficiencies of all these four functions tend to differ drastically from the other companies (competitors) and thus help in gaining competitive advantage in the market (Zott and Amit 2015).
Zara is entitled towards an effective product development strategy, which mainly helps in attracting millions of customer from all across the world (Hung 2013). Zara provides the various store managers a significant autonomy in terms of determining the product which need o be displayed in their stores and the products which need to be placed on sale. The company provides the team for commercials who mainly targets in designing the commercial for the company. The design team of the company is mainly associated to 200 people, which mainly produces 12,000 styles per year for the company. The protocol for obtaining effective market information is thereby to relay on the design implemented by the company. On the other hand comparing with other companies, it can be analyzed that the stores are entitled to limited autonomy in deciding which products need to be displayed and the products, which would be provided for the sale (Hung 2013). The headquarters of these companies’ plans accordingly, ships their products depending on their decision and does not support the decision of the store manager. Thus, this creates a huge difference between Zara and the other companies present in the market. This strategy of Zara helps in providing additional value to the customers, internal and external stakeholders and the stores for processing quality fashionable clothing at affordable prices (Divita and Yoo 2013). It can be very well assumed that these strategies of Zara would help in gaining future success (Hung 2013).
In order to gather a broad knowledge regarding the comparison of the competitors’ of Zara’s business strategy, it is important to evaluate the strategic competitive advantages. Unlike the other market competitors such as Benetton, Gap, H & M, Zara is not dependent on the Asian outsourcing materials (Gassmann et al. 2014). From the statistical data, it is known that eighty percent of the materials used by Zara are manufactured in different countries of Europe. In the text to that practical fact, it is important to be highlighted that most of the market competitors of Zara outsource 100 percent of their materials from various countries of Asia as they are cheap (Wrigley and Straker 2016). Though the cost production of the materials used is 20 percent higher than the cost of Asian products. As a result, it can be said that Zara possesses a competitive advantage over most of its competitors regarding this particular aspect (Gassmann et al. 2014). Another fact, which is needed to highlight in this regards, is that strategic partnership of Zara with its manufacturers in the Europe allows it to product throughput time to three to four weeks. In order to maintain this time, the company cuts its fabrics in the house and acquires its fabrics in only four colors. Another strategy, which is implemented by Zara, is that in postpones its dyeing and printing designs very close to the manufacturers (Jung and Jin 2015). As a result, it reduces both the waste and clearing time of the unused inventories. The majority of the Zara’s competitors use the Asian market for cheap labor costs, but the proximity of the suppliers of Zara also provide them a great amount of flexibility though the adaptation of the specific line of products based on the latest market trends and respective consumer behavior. Another aspect of such strategy is that it gradually decreases the costs of the holding inventories as well. This phenomenon of basic proximity and the amount of flexibility gives Zara a competitive edge over the other market competitors (Wrigley and Straker 2016).
As one of the most esteemed brand in the global market, Zara has a unique market approach in terms of marketing and advertising aspects with aspect to the specific business model of Zara in order to achieve success. From the statistical data, it is understood that the company spends almost 0.3% of the total revenue for the purpose of marketing and advertisement (Ghosal et al. 2015). From other market data, it is observed that this amount of revenue is comparatively lower than the spending of other market competitors who is of three to four percent. Hence, it can be said that in this particular domain, Zara maintains the advantage in terms to cost advantage over their market rivals. Another phenomenon, which is needed to be highlighted with respect to the current scenario, is that Zara places most of its stores in the prime locations. This provides them with an extra advantage over the target population prospect (Campaniaris et al. 2015). Another thing which is needed to be pointed out is that Zara stores do not stock their products. As a result, there is always a scarcity regarding the availability of certain products and as a result, the customer often visits the stores and frequently buy products. Another marketing strategy of Zara is that they remodel their stores in every five years. This aspect can be considered as one of the major marketing and advertisement strategy (Childs and Jin 2015). From all these aspects, it can be said that Zara do not invest heavily in the process of direct marketing, but their effort is focused towards the brand or image marketing in order to attract loyal customers. As a result, an effective cost advantage strategy along with sound brand recognition process is maintained (Ghosal et al. 2015).
From all the information collected in order to understand the business strategy and maintenance of Zara, it is important to understand the information and communicational technologies used by Zara (Childs and Jin 2015). From different studies, it is observed that the information and communication strategy of Zara is significantly different from the strategies of its competitors. Through the expenditure data, it is a known fact that Zara spends only 0.5% of the total revenue on Information and Technology and IT-related employees with respect to the entire work force of Zara. In a case of most of their market rivals, the value of spending is of about 2.5% of their entire workforce (Taran et al. 2015). The main reason for this scenario is that Zara mainly depends on the human intelligence that is information collected from the market research and the store managers along with information technology such as personal digital assistant to have a particular hybrid model for the purpose of information flow to the headquarters from stores. An example can be given with respect to this phenomenon is that managers of Zara use many types of handheld devices for the purpose of sending standardized information regarding the customer feedbacks and regarding the ordering needs directly to the in-house designers (Pedersen and Netter 2015). Another aspect, which can be, highlighted pro this particular practice is that it helps the company to track the fast-changing trends of the customer needs with respect to the market and target population along with the idea regarding the less desired merchandised of the company with respect to the customer needs (Siqueira et al. 2015). Unlike the hybrid model, which is used by Zara, the market competitors completely, depends on the information technology. From this aspect, it can be said that the unique approach of Zara regarding the human assisted Information and Technology Solutions is the example of a well managed and sorted out inventories (Morgan 2015). Another thing, which is needed to be mentioned, is that, the link between the demand and supply chain along with the reduction in the costs of merchandises. From all these aspects, it can be said the information and communication technologies of Zara is unique in nature and very effective with respect to current market trends. However, there are still areas, which are needed to be improved in the Information and Technology processes along with a more effective management with respect to the inventory levels (Taran et al. 2015).
With respect to management of a business and different policies along with the certain strategy of Zara, another thing, which is needed to be mentioned with respect to the current market scenario, is the retailing strategy of Zara. From the business point of view, it is very important to have a clear and focused, competitive strategy in order to achieve success for any organization. In the case of Zara, it is observed that they utilize a distinctive competence based approach regarding critical successes parameters in case of their value chain, which automatically increases their value in the current market scenario (Fida et al. 2014). Another aspect, which is needed to mention, is that each element of their particular value chain serves only to increase their value. This is needed to be considered as one of the most important aspects as in the case of their different market rivals; the absence of this particular aspect makes a huge amount of change. Another thing, which should be mentioned with respect to the current context, is that Zara understands the needs of customers more efficiently with respect to their other market rivals (Gallien et al. 2015). The clear understanding of motives, customer needs and decisions regarding patronage provides them and extra advantage over their other market rivals. With respect to the current market scenario, it is very important to state that the increasingly competitive market it is important to maintain a sustainable and effective retailing strategy, which will help an organization to seek growth in their business. Zara maintains this aspect very efficiently, which reflect on their market share as well (Morgan 2015).
Conclusion
From all the mentioned information regarding the business management and strategy of Zara, it can be concluded that the concept of Zara along with its value drivers and capabilities are demonstrated though their business model, which proves the fact that, they are extremely successful with respect to the current market scenario. One of the major reasons which can be highlighted for this phenomenon is that their strict resistance to the outsourcing and intense focus on their core operation along with their production capabilities which focus on to the pulse of the fashion industry which have made them one of the most branded and successful clothing retail of the world. With respect to the current scenario and keeping in mind the future prospect of global expansion, it can be said that the future success of Zara and its sustainability could be drawn into a question. In order to maintain their market share and growth, it important for Zara to adapt their respective business capabilities regarding the product development along with their strategic partnership and production cost as well. Advertisement and marketing along with the communication and information technologies are also needed to be expanded with respect to their huge scope of global expansion and operations.
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