Introduction
The focus of this paper will be on examining the sources of competitive advantage for a global firm, Shein. The company describes itself as a global fashion and lifestyle e-tailer driven by the commitment to make fashion accessible to all people (Shein, 2022). Shein is an international business-to-consumer (B2C) fast fashion e-commerce business focusing on women’s wear, men’s apparel, accessories, children’s clothes, shoes, bags, and related fashion items. Founded in 2012, Shein now operates across 150 countries and territories on the planet (Shein, n.d.). To achieve the objectives of this paper, two main sections will be included. First, sources of competitive advantage will be discussed, and the theoretical foundations will be explained. Additionally, the theoretical foundations will be applied to the case of Shein. Second, the firm’s strategy and strategic position will focus on the resources and capabilities as they apply to Shein.
Sources of Competitive Advantage
Resource-Based Theory of Competitive Advantage
The resource-based view (RBV) has dominated organizational management studies for several decades now. RBV can be described as an approach for achieving competitive advantage that was developed in the 1980s and 1990s (Donnellan & Rutledge, 2019, p. 729; Rockwell, 2018, p. 84). the basic idea behind RBV is that companies should find sources of competitive advantage from within as opposed to looking externally. Additionally, RBV is founded on the principle that productive resources and administrative organization are indispensable as a bundle of potential services, which only supports the notion that the sources of competitive advantage come from within the business (Assensoh-Kodua, 2019, p. 145). Therefore, the basic tenet in RBV is that companies find competitiveness from the productive resources that they possess and how they apply them in their daily operations.
A firm’s resources are at the center of the RBV theory, which makes it necessary to explain what is meant by resources. According to Phina (2020, p. 27), the resources can either be tangible or intangible. A definition of the term ‘resources’ given by Holdford (2018, p. 2) is inputs that comprise human, physical, and organizational capital. Tangible assets include land, machinery, capital, equipment, and buildings, all of which can be brought bought in the market. Therefore, these cannot become sources of competitive advantage since all competitors can acquire them, making all businesses identical. Intangible assets have no physical presence, but businesses can still own them. Examples include brand reputation, intellectual property, and trademarks. Since firms cannot build identical intangible resources, it means that intangible resources are the main source of competitive advantage (Jerevicius, 2021). These arguments have been supported by (Stoelhorst, 2021, p. 4), who argues that sustained economic profit is only achievable if the resources cannot be easily substituted or imitated. In this case, competitive advantage requires the resources to be unique, and competitors cannot copy them.
From an RBV perspective, the main focus of a company seeking competitive advantage should be on what resources it has or can acquire to give it an edge over competitors. In this case, the key strategic and managerial decisions should include the allocation and use of resources (Yesodharan & Mohan, 2021). An efficient resource allocation means that managers can meet the scope and demands of production. Such decisions may require such developments as data-driven decisions that help leverage talent to the maximum potential. Human capital is part of the overall capital employed by a firm as long as the employers treat workers as strategic assets. Leveraging talent is a practice that allocates the best talent to critical tasks and positions to improve productivity. Sustained performance and worker productivity are sources of competitive advantage.
Examining the application of the RBV to the case company requires an assessment of tangible and intangible resources that give the company a competitive advantage. In this case, the ideas posed by Jerevicius (2021) that tangible resources can be imitated and, hence, not a source of competitive advantage is held. Therefore, it can be argued that the main source of Shein’s competitive advantage is the strong global brand present in over 150 countries. Brand reputation positively influences consumer behavior, which means that customers are more likely to shop in popular stores. According to Mazurek (2019, p. 45), the failure to build a good corporate image could prove costly, which means that businesses seeking international success should use branding as a tool for competitive advantage. Other intangible resources that can be sources of competitive advantage include intellectual properties and the digital or e-commerce platform used by Shein.
Core Competencies Theory
As mentioned earlier, the concept of core competencies is closely related to the RBV theory, which means that the key ideas under core competency involve what a firm can do to achieve a competitive advantage. According to Freedman (2021), core competencies denote unique abilities, services, and products that can give a business a competitive advantage. From a strategic perspective, the resources and capabilities define the competitive advantage of a business (Lorenzo et al., 2018, p. 94). This means that a business can be better than another in certain elements due to the capabilities it has. Being able to achieve something beyond the competitors makes a business stand out from the crowd.
Several capabilities form part of the core competencies of a business. Examples given by Freedman (2021) include consistency in providing high quality, incomparable value, continuous innovation, and large size and buying power. High quality is a subjective element, which can be transformed into a core competency by setting standards higher than the rest. The same applies to the idea of value since rational customers can be expected to make rational purchasing choices based on value maximization. Innovation, successful marketing, and size and buying power help companies gain an edge over their competitors.
Continuous innovation for modern businesses is an important core competency, which manifests itself in new product design or organizational processes. Innovation focuses majorly on technological capabilities used to help sustain competitive advantage (Feng et al., 2020, p. 1; Haseeb et al., 2019, p. 1). Innovation is a major driving force for economic development for all countries. For businesses, technological innovation is considered a critical capability used as an important tool for enterprise development (Distanont & Khongmalai, 2020, p. 19; Seddighi & Mathew, 2020, p. 220; Yams, 2017, p. 140). Therefore, high-tech businesses use technological innovation as a means of improving key resources and building on a capability that helps them compete effectively in business. In the case of Shein, one of the ideas expressed in the mission statement is continuous innovation that helps build the user experience.
Market-Based View
Market-based view (MBV) is a broad set of theories that focus on industry factors and external market orientation as the sources of competitive advantage. Examples of theories that fall under the MBV include structure-conduct performance (SCP) and Porter’s Five Forces model. According to Liu and Atuahene (2018, p. 7), the use of market-based assets can offer a competitive advantage in a competitive environment. In this case, the assets include cost leadership, customer orientation, and creative marketing. Overall, the basic idea of MBV is that a firm should look to the external environment for sources of competitive advantage. Therefore, the MBV theories tend to consider such aspects as industry trends and market orientations to boost a firm’s performance (Asset Strategy and Logistics, 2017). In this case, the performance levels can be sustained to help firms gain an edge over competitors.
One of the most commonly used theoretical models in MBV is Porter’s five forces model. Porter’s theory emphasizes the impacts of the five forces: the threat of new entrants, customer’s bargaining power, suppliers’ bargaining power, rivalry among current competitors, and the threat of substitutions, on the competitiveness of an industry and how the formulation of strategies should be done around these forces (Bartunek, 2020, p. 22). In this case, it can be argued that differentiation and market orientation work best where market competition is perfect and that changes to products and prices are noticeable by consumers and can become key determinants of purchase intentions. This argument is echoed by Bruhikk (2018), who argues that the basic idea behind Porter’s model is that corporate strategies should be based on the threats and opportunities external to the business and that competitive strategy should be built on the understanding of the industry structures and their changes. In this case, the competitive environment is shaped by competitors, which means that businesses seeking advantage should respond to the moves made by other businesses.
Porter’s five forces have also been modified by some scholars to reflect the global scope of businesses. For example, Isabelle et al. (2020, p. 28) argue that additional forces in a global market may include exposure to globalization, the threat of digitization, competitors’ level of innovativeness, and the industry’s exposure to de/regulation. Regardless of the approach taken or modification made, Porter’s five forces consider what other firms are doing and use these trends to help build competitiveness. Even such aspects as human capital are determined by the external environment, where the changing nature of jobs and employee competencies determine which labor markets to explore for workers (Anastasiu et al., 2020, p. 2). For example, trends in automation and the use of robotics tend to shape a company’s recruitment strategies.
From an MBV perspective, Shein has actively sought a competitive advantage by focusing on external sources. In this case, the level of competitors’ innovation has driven Shein’s efforts to build an interactive online platform where online shoppers can gain the ultimate shopping experience. Continuous innovation is seen as a strategy that allows the business to keep up and even go beyond the current market trends and ensure that all people across the planet can access fashion. The rationale is that for many fashion brands, targeted marketing means focusing on specific markets, some of which are exclusive.
SCP is another theoretical model under the MBV, which also focuses on the market as opposed to the business itself. The basic idea behind SCP is that market structures and market conduct determine the performance of a market and its businesses (Gordon, 2021). The SCP model states that there is a mutually influencing correlation between the conduct, structure, and performance of a firm in an industry (Lie et al., 2016, p. 118; Lelissa & Kuhil, 2018, p. 76). Therefore, the key components of this model include domestic growth potential, value-added scope, exposure to international competition, the potential for domestic demand growth, and industry growth (Brege et al., 2020, p. 1). Depending on the industry, such trends as innovation and research and development are also necessitated by the market structures and their conduct and the fact that they determine the performance of the firms in a market (Konno & Itoh, 2018, p. 6). From the SCP perspective, Shein finds a competitive advantage by operating in a perfectly competitive market structure characterized by growing innovations.
Dynamic Capabilities
The dynamic capabilities model suggests that the environment in which a business operates is important. The extent to which dynamic capabilities contribute to competitive advantage depends on the extent to which business changes in a dynamic environment. However, some scholars believe that the relationship between dynamic capabilities and competitive advantage is more complex and would require taking into consideration factors other than the environment (Fainshmidt et al., 2019, p. 759). For example, internal and external contextual factors are the key elements of an architectural model where dynamic capabilities affect performance. Overall, the basic idea behind the dynamic capabilities model is that organizations should possess capabilities that allow them to face the challenges posed by environmental dynamism (Kaur & Mehta, 2017, p. 1). Failure to possess such capabilities could threaten the existence of a business.
Shein’s dynamic capabilities include the ability to capture market trends and provide products that are in demand. The essence of fast fashion is that a business is quick to react to the rapid changes in consumer tastes and preferences. The fashion industry can be described as volatile since products quickly go out of fashion. For a company with Shein’s ambition, it can be argued that keeping up with the trends in the fashion industry is a critical dynamic capability that allows the business to face the challenges of the dynamic environment. Market research can also be considered another capability that facilitates innovativeness. The argument is that an innovative company captures the contextual factors in a changing environment, which allows the company to always produce acceptable and current products and services.
Firm’s Strategy and Strategic Positioning
Shein’s home page comprises several statements that help highlight the strategic inclinations of the company. For example, the company describes itself as a global fashion and lifestyle e-tailer seeking to make fashion accessible to everyone. Additionally, Shein describes its mission as serving as a leader in the industry and bringing fashion into the modern era. In light of these statements, it is possible to explore how Shein’s strategic positioning aligns with the company’s resources and capabilities. In this case, the resources and capabilities are examined in terms of the role they play in aiding a firm’s strategic positioning. However, it is important to understand the concepts of strategic positioning and resources and capabilities.
In strategic management literature, resources and capabilities are considered to be major sources of competitive advantage. Capability and competence can be used synonymously to imply the skills and resources that allow firms to achieve superior performance. From a resource-based perspective, resources are defined as tangible and intangible assets or inputs to production. A capability is defined as the ability of an organization to perform tasks utilizing corporate resources to achieve specified objectives (Guesalaga et al., 2018, p. 161). Resources and capabilities of firms include intellectual capital, financial capabilities, and other such intangible capabilities as corporate social responsibility and workers’ technical skills (Khan et al., 2018, p. 285; Benoit et al., 2017, p. 222). As mentioned earlier, intangible resources and capabilities have greater strategic and competitive value since they can be unique to a firm as opposed to the physical resources that can be acquired by anyone. According to Kamasak (2017, p. 252), intangible resources and capabilities play a critical role in such performance metrics as market share, turnover, sales, and profitability. Sustained performance is associated with the competitiveness of a business in an increasingly globalized environment.
The concept of strategic positioning can be understood from a market-based view since it focuses on how a business responds to the actions of competitors. According to Williams (2020, p. 1073), the positioning theory highlights how firms position themselves strategically through the utilization of the resources and capabilities possessed. In other words, a strategic position describes how a company sets itself apart from the competition while, at the same time, delivering value to the targeted customers (Christiansen, 2020). For example, powerful brands tend to resonate in the minds of customers, which means that the ability to build a desirable brand can be a tool for strategic positioning. The power of a brand is built around what a company offers and how its offerings are received by consumers. For example, a brand built around the core values of quality will attract customers who shop for quality. Therefore, it can be expected that resources and capabilities are the primary tools used in establishing a company’s strategic position.
With this understanding of the strategic positioning and resources and capabilities, it can be argued that the expressions made on Shein’s home page are a statement of how the company’s intention to pursue strategic positioning. In other words, Shein acknowledges that there is a strategic position it can occupy if it effectively utilizes the resources and capabilities it has. For example, the statement ‘a global fashion and lifestyle e-tailer’ expresses that Shein will serve the global lifestyle and fashion market, and it will do so using e-commerce platforms. To operate as an e-commerce business, business requires several resources and capabilities, most of which are intangible. For example, the information and communication (IT) systems are part of broader digital and interactive platforms for the business to engage with its consumers. Developing such tools creates intellectual properties and capital that distinguishes a business from the rest.
The size of the company is a major issue to consider when exploring capabilities since only large corporations can effectively serve global markets. Today, the company boasts of employing over 7000 employees in over 150 countries. In this case, the presence in all these markets is a key capability since it allows Shein easy access to the international markets. Businesses have several alternatives when exploring entry methods into foreign markets. Establishing a physical presence in a market is the best approach for companies that seek to seamlessly integrate themselves within the industry and the local competitors. Therefore, Shein will hardly be considered a foreign entity if it has offices and other facilities in the countries. Most importantly, physical presence allows semi-autonomous operations where the organizational behavior is dictated by the specific markets’ cultural environment. The ability to achieve this position is facilitated by financial capital since foreign direct investments require huge capital outlays in the targeted market. Therefore, Shein has aligned its financial resources to become a global business.
The global presence and financial capital invested in the process is not the only resource and capability used by the company. As mentioned earlier, branding is a major tool for building a competitive advantage for international businesses, which means that companies that fail to build proper brands can experience negative opportunity costs (Mazurek, 2019, p. 45). Therefore, the strong brand for Shein is a major resource that is aligned with the statements indicating the company’s desire to be global. A business whose brand has succeeded in one market is more likely to succeed in another due to its positive reputation. If Shein is positively received in Singapore and Guangzhou, where its headquarters are located, other markets may follow suit and embrace Shein and its products. With the proliferation of the internet across the world, consumers have easy and free access to information where they can learn about companies and their practices. The news of the introduction of a brand into a market would most likely result in consumers researching the company, where they embrace the views and opinions of those with first-hand experience.
Becoming a leader in the fashion and lifestyle industry requires a business to stay ahead of the curve. From a resource-based view perspective, it has been expressed that the way resources are utilized can help give the business an edge. In this case, it is evident that Shein has finances and digital platforms for e-commerce, as well as a large body of human capital that can be deployed to achieve the company’s objectives. These resources can be aligned with the need to become a global leader in the fashion and lifestyle industry using such capabilities as meeting consumer expectations and quick responses to customers. Shein prides itself on responding quickly to new trends and offers products needed by customers soon after a trend has been observed. According to Huang et al. (2021), customer agility can be can either be proactive, reactive, or coactive, with all these classifications helping a business survive in a turbulent business environment. It can be argued that the lifestyle and fashion industry is one of the most turbulent environments since trends change rapidly, and businesses have to strive to keep up.
Customer agility is a key feature of customer responsiveness since a business delivers what clients want and expect. In fashion, new trends can emerge at any time and disappear within a short time. Businesses that are slow to react will most likely find themselves behind the curve and trying to sell products that have become outdated. Responsiveness becomes a capability when it allows the business to become adequately flexible to modify its products, services, or processes to accommodate rapid changes. As Huang et al. (2021) suggest, agility is made possible by information management cultures, structure, and capabilities. Applying new technologies allows a business to quickly learn market trends and update effectively. At Shein, responsiveness is made possible by continuous innovation that allows the firm to spearhead fashion and lifestyle trends as opposed to always reacting to what other businesses are doing. This can be proactive agility, which entails deliberately exploring trends and preparing for them as they materialize. This way, Shein will not find itself following the market as many fashion businesses do. Therefore, modern technologies are aligned with Shein’s desire to lead the fashion industry.
Another major point worth emphasizing is the statement that Shein makes the beauty of fashion accessible to everyone. This statement can be interpreted to mean that Shein complies with the needs of all customers. From a marketing perspective, this can be interpreted to imply that Shein seeks to serve the general population regardless of demographic differences. On its home page, Shein indicates that its products range from children’s clothes to men’s wear and women’s apparel (Shein, n.d.). Such a diversified market is proof of the position that Shein serves all demographics across all markets. The alignment of the statements to the company’s resources and capabilities is manifested through the production capabilities that allow Shein to produce, market, and sell products along with the various markets. Product diversification can be considered to be a core capability facilitated by the resources of a company. In this case, tangible resources play a vital role since they form part of the main production inputs. The production facilities and the distribution channels owned by Shein make it possible for it to achieve the objectives set out in these statements.
VRIO Analysis
VRIO framework can be described as a strategic tool that can help organizations identify resources and capabilities that can give them a sustained competitive advantage. The tool was developed by Jay B. Barney to help analyze the resources of a company, where VRIO stands for valuable, rare, inimitable, and organization (Sridharan, 2022). These elements describe the basic characteristics of resources and capabilities that can give a firm an edge or sustain a strategic position.
For resources and capabilities to offer competitiveness, they have to be valuable, which means they should have the ability to create a strength for the company in relation to others. Shein has access to multiple markets, which makes the factories established across the world a valuable resource. The resource and capabilities have to be rare as opposed to being easily accessible in a market (Herder, 2021). Shein’s innovativeness can be considered a rare capability since it reflects the flexibility of a business that cannot be matched by competitors. The inimitability of the resources and capabilities ensures that there is no substitute that can be offered at a reasonable price. Even though there are several competitors in fast fashion, it can be argued that competitors will need to charge higher prices to keep up with Shein’s innovations. Lastly, the resources and capabilities have to be organized in a manner that allows the business to take full advantage of them. The company’s internal processes are an example of how Shein organizes its resources to give it an edge.
Table 1. Shein VRIO Analysis
As illustrated in Table 1 above, the two dynamic resources are the company’s access to multiple markets and the brand name it has built across those markets. Innovativeness is the dynamic capability that Shein has, which has helped it remain ahead of its competitors. All these resources and capabilities are valuable and organized. However, inimitability and rarity do not apply across all the resources, which should not be a major blow for Shein.
Conclusion
The focus of this paper has been two-fold: to examine the sources of competitive advantage and explore the alignment of the company’s statement with the resources and capabilities. For the first objective, several theoretical models have been used to describe the concept of competitive advantage, which has been described as the edge a business has due to its ability to achieve sustained performance as a result of utilizing the key resources and capabilities. In this case, the two broad theories used are the resource-based view and the market-based view. From the RBV perspective, the literature used indicates that firms use this theory to find sources of competitive advantage within the internal business environment. Key resources have also been classified as tangible and intangible, with the latter viewed as a better source of competitiveness. The MBV theory states that businesses should seek competitiveness from the external environment.
The second objective was to illustrate how the company’s statements align with its resources and capabilities. A brief understanding of these concepts, including strategic positioning, has been presented, and the knowledge applied to the case of Shein. Overall, the main observation was that Shein has major resources and capabilities deployed to meet the objectives set out in the statements. For instance, a global brand built using financial and human capital investments achieves globalization and market leadership.
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