Craft Trade has come up with a multimodal business and it does not have any subsequent competitors as its idea is unique and it connecting the artisans and craftsmen to the antique lovers. Therefore the chances of the rivalry among competitors is low and craft Trade can virtually move forward and serve the handicraft lovers.
Threat of substitutes (Medium):
Handicraft industry is a huge industry with variety of products and it is very common to find replicated products at various stores having similar designs and features therefore there will a possibility of copying of our products but at the same time the concept of Craft Trade is unique and it will have a market of its own and customers will buy products from the trusted Company which will be Craft Trade.
Threat of New Entrants (Medium):
This is the Decade of Startups and there are various business model coming one after the other hence Craft Trade will be facing some amount of threat from the new entrants but at the same time it’s about good reputations with the vendors, artisans and craftsmen which will be at the helm of Craft Trade.
Bargaining Power of Suppliers (Low):
The Suppliers to Craft Trade will be the handicraft manufactures, handicraft emporiums, local artisans and craftsmen. The industry is filled with a huge number of suppliers therefore the bargaining power of the suppliers will be very less as they are competing on the prices.
Bargaining Power of Buyers (Medium):
Customers are the kings in the market and we have tried to play with our margins to provide them handicrafts at low prices but they know how to bargain and they have got other handicraft options which they would be looking at even though our concept is unique in its own but when it comes to customers most of the times it’s not about the uniqueness but the options they have to choose from and they decide mostly on the basis of price rather than quality.