LITEMARKET

Aaron Tan
Table of Contents
Coursework Header Sheet .................................................................................. Error! Bookmark not defined.
Business idea .......................................................................................................................................................... 2
The Value Proposition ............................................................................................................................................ 4
Industry Vulnerabilities and Market Dependencies ............................................................................................... 6
Discuss customer requirements ........................................................................................................................... 10
Business Strategy .................................................................................................................................................. 12
Marketing Aspects ................................................................................................................................................ 14
How the business is financed and the Revenue Model ........................................................................................ 16
Suppliers ................................................................................................................................................................. 1
The Team ................................................................................................................................................................ 2
References .............................................................................................................................................................. 3
Appendix ................................................................................................................................................................. 4
Business idea

LiteMarket will look to revolutionise the E-commerce industry in the United Kingdom by introducing the use of
cryptocurrencies. LiteMarket is a multi-vendor marketplace with sellers and shoppers on the same platform.
LiteMarket’s platform will be available in website and mobile application formats. Users of the platform will
be able to shop for and sell a large variety of items with more payment options than are currently available in
the market. Shoppers will be able to pay with FIAT currencies (GBP, USD etc.), through normal payment
methods such as Visa and PayPal, and digital currencies (BTC, ETH etc.) through blockchain payment methods.
Figure 1 shows how the payment method selection page may be presented.

F IGURE 1

LiteMarket will help sellers by providing solutions and support to sell items efficiently and grow their
businesses. LiteMarket will look to help and support small local businesses by promoting their items on the
platform and enabling another revenue stream for these businesses. LiteMarket will also look to provide more
luxury goods on the marketplace, taking into consideration the target market. Each seller on the platform will
be provided with a LiteMarket Wallet where they will receive and can store the currency they requested for
the item they were selling. A seller on the marketplace can accept any currency that is supported by the
LiteMarket Wallet and therefore receive cryptocurrencies for the items they sell if the seller desires. This
complements the fact that a lot of people use cryptocurrencies strictly as an investment, as sellers will be able
to accept and store cryptocurrencies for items they sell.

One of LiteMarket’s priorities will be to develop a very secure online wallet. If users have a LiteMarket Wallet
they will be able to store different currencies in their wallet and import or export currency to other accounts
or wallets. The ability of users with a LiteMarket wallet to exchange between currencies in an easy, user
friendly manner is very important. User interface and user experience will be very important to LiteMarket.
To start off building trust and recognition, LiteMarket will offer vouchers for well-known brands that can be
bought at a discount using cryptocurrencies. Vouchers for named brands such as Uber, Nike and Argos will be
available. This will allow people who use cryptocurrencies as a medium of exchange to save money if they
want to shop directly with retailers.

LiteMarket also strives to provide users of the platform with information about the industry and how to best
use their cryptocurrencies. The platform will have a newsfeed with news from verified sources. This newsfeed
will also be available on social media as LiteMarket will have presences on the major social media. It is very
important to make sure people are getting the right information and know what is happening in the market.
LiteMarket will also give people information and have a comparison page explaining the options available to
people for getting crypto-backed loans, crypto-interest accounts and other financial options. Corporations and
loan providers have moved into this space and it is important that people get the right information about the
available options.

One of the main objectives of LiteMarket is to make the customer experience as user friendly as possible.
LiteMarket will prioritise the development of the user interface to be as easy to use and aesthetically pleasing
as possible, so that anyone who is familiarized with using ecommerce websites and online banking can quickly
adapt to the LiteMarket platform.
The Value Proposition

“Competitive advantage grows fundamentally out of value a firm is able to create for its buyers that exceeds
the firm's cost of creating it. Value is what buyers are willing to pay, and superior value stems from offering
lower prices than competitors for equivalent benefits or providing unique benefits that more than offset a
higher price.” (Porter, 2004)

When discussing the value proposed and the internal environment of a company to achieve a sustainable
competitive advantage it is important to take various internal analysis into consideration, such as an analysis of
the strengths and weaknesses (figure, 3) as well as the VRIO matrix (Figure, 2). “A firm is said to have a
sustainable competitive advantage when it is implementing a value creating strategy not simultaneously being
implemented by any current or potential competitors.” (Barney, 1997)

F IGURE 2

MAIN INTERNAL FACTORS AFFECTING LiteMarket

Strengths (+) Weaknesses (-)

LiteMarket Wallet Marketplace variety

Brand Image Large quantities of capital
UX/UI
Propensity to innovation

F IGURE 3
Industry Latencies
Ability to spend a large variety of foreign
or Cryptocurrencies on an online
marketplace
Receive cryptocurrencies for goods
Multi-currency management with UX and
UI as priorities
Verified news sources covering the
Blockchain and cryptocurrency industry
Comparison page comparing the
available financial services available to
cryptocurrency users
Vouchers for high street brands that can
be bought with cryptocurrencies
(Crypto de change offers vouchers in the
UK, but no discount just a rewards
system)
LiteMarket solutions (value proposed)
Variety of payment methods for FIAT and
Cryptocurrencies
LiteMarket Wallet (multi-currency online
wallet)
Easily manage/exchange all your assets in
the LiteMarket Wallet (FIAT & Crypto)
LiteMarket Newsfeed (social media
outlets with news from verified sources)
LiteMarket Financial services comparison
and information pages
Vouchers available for big name brands at
a discount if bought using
cryptocurrencies.
Industry Vulnerabilities and Market Dependencies

It is very important that after a company investigates the internal factors effecting their business.
Understanding what their strengths and weaknesses are, they must analyse the potential opportunities and
threats that the company faces. “Opportunities and threats form one half of the Strengths, weaknesses,
opportunities and threats analyses that shape many companies’ strategy formulation.” (Whittington, Johnson
and Scholes, 2011) LiteMarket does this through using the PESTEL framework, Porter’s five forces and with a
conclusion in the form of opportunities and threats. These can be found in figures 4,5 and 6.

“The United Kingdom had the third largest e-commerce market in the world in 2015. The most recent UK
governmental figures placed the value of UK e-commerce sales at 533 billion British pounds in the same year.”
(Statista, 2017)
Cryptocurrencies have grown tremendously over the last decade and have become a very popular alternative.
“The combined market capitalisation (i.e., market price multiplied by the number of existing currency units) of
all cryptocurrencies has increased more than threefold since early 2016 and has reached $27 billion in April
2017.” (Dr Hileman, 2017) Since that report by the University of Cambridge the market capitalisation has
grown to over $160 billion. “A 2016 report from the Boston Federal Reserve has estimated that 75% of US
consumer who own cryptocurrencies have used them for payments within a 12 month period, while the
Coinbase/ARK Invest report indicates that 46% of Coinbase users use bitcoin as a ‘transactional medium’
(defined as making at least one payment per year).”( Dr Hileman, 2017) This research clearly shows that, on
majority, people who have invested in bitcoin will use it as a medium of exchange if it benefits them. The
research also shows that a lot of people who buy cryptocurrencies use them as an investment.
According to a U.K. website the number of online and offline retailers that accept bitcoin payments is just over
420 in England and most of these retailers are based in London. The most renowned retailers that accept BTC
on this list are Dell, e-liquids store and NordVPN. (Where To Spend Bitcoins UK, 2019)
F IGURE 4
 Porter’s Five-Forces Analysis
Force
Threat of New Entrants
Bargaining Power of Suppliers
Bargaining Power of Buyers
Threat of Substitute Products
Intensity of Rivalry
F IGURE 5
LiteMarket will sustain a competitive advantage over the competition by placing itself well within the market.
Ebay, Amazon and Depop all charge around 12 %. (FIGURES) LiteMarket will charge 10% in the marketplace
but charge for exchanges between currencies in the LiteMarket Wallet.
LiteMarket
Influence Factors
Moderate There are not many barriers of
entry for new entrants in these
markets.
The economies of scale are
very difficult to match to big
companies such as Ebay or
Amazon. But if a company
offers differentiation there is a
chance of success. E.g. Depop,
Etsy etc.
Weak Abundance of suppliers and
low level of uniqueness of
products. Also, high volume
orders reduce bargaining
power of suppliers.
Strong The low cost of switching, the
high availability of substitutes.
Moderate There are no current
substitutes for the LiteMarket
Wallet, but a universal
payment system could be
provided to allow people to
pay or receive with whatever
currency a client wants.
Strong The E-commerce industry has
become monopolised by the
biggest corporations.
Differentiation offers the
opportunity to target certain
market shares.
 MAIN EXTERNAL FACTORS AFFECTING LiteMarket

OPPORTUNITIES (+) THREATS (-)

Brexit Less disposable income

E-Commerce industry growth Cybercrime
New technologies
Move towards a cashless
society

F IGURE 6
Discuss customer requirements

To discover effectively what the customer requirements are, LiteMarket conducted a survey. Primary research
presented 3 major findings:
• Consumers on average tend to shop once a week and spend an average of £50.
• Consumers who knew at least a “moderate amount” about cryptocurrencies are more likely to use a
service like LiteMarket.
• Consumers tend to sell things online “less than once a month” or never and commented that it can be
too much hassle.
(Results and Methodology can be found in the PowerPoint report in the appendix labelled “Primary
Research”)
Mintel also conducted a survey for consumer data on online retailing in the United Kingdom from July 2018.
The Mintel report clearly demonstrates that it is of major importance that consumers have a large variety of
choice in products. The report also presented what people normally shop for:

All

Clothing, footwear and/or accessories 53%

Hard-copy books, CDs, DVDs, video games 36%

Food & drink 31%

Toiletries, fragrances and/or cosmetics 31%

Music, video, game downloads and/or ebooks 27%

Furniture and/or home furnishings 23%

Household electrical appliances (eg iron, washing

22%
machine)

Consumer electronics (eg TV, mobile phone) 22%

Toys and/or games 21%

DIY and/or garden products 19%

Jewellery and/or watches 16%

Any other products 10%

F IGURE 7 M INTEL REPORT ON O NLINE RETAILING JULY 2018

LiteMarket’s target market is:
People Aged from 20-50 years old and resident in the UK.
These individuals should generally shop online more than on the high street, be interested in either
Cryptocurrencies, Finance, Economics, trading or be tech savvy. Also other target markets could be online
marketplace salesmen and traders.
LiteMarket’s target customer is:
Age 25-30, full time job, with an income range of 30k-75k.
The target customer will be an individual that is interested in finance and new technologies such as Blockchain
and cryptocurrencies. The individual must be well educated and live in a big city and financial centre, such as
London. The target customer would be individuals working in the city and financial centres. As they have
higher disposable income and tend to be more tech savvy. These people also understand the potential of
purchasing power.

People who use this platform are people who own cryptocurrencies and want to use them to buy items, these
are the consumers on the platform. Either people who are interested in cryptocurrencies and want to sell an
item to obtain some. Or online marketplace salesmen and small businesses that want another revenue stream
and can choose what currency they would like as an investment for example, these are the customers of the
firm.
Business Strategy

Following the analysis of the internal environment of LiteMarket and the strengths, weaknesses and
capabilities. It was possible to analyse what value was added to the market by the products and services
LiteMarket offers through the VRIO Matrix. After that, an external environment analysis was conducted
through the PESTEL analysis, Porters five forces and opportunities and threats. These form all the elements for
the TOWS analysis where strategies can be formulated and a clearer vision of where the company wants to go
can be achieved. Strategies can then be analysed through the SFA framework.

TOWS Matrix EXTERNAL OPPORTUNITIES EXTERNAL THREATS

1. Brexit 1. Less disposable
2. E-Commerce income (consumers)
industry growth 2. Cybercrime
3. New technologies
4. Move towards a
cashless society
INTERNAL STRENGTHS Using strengths to maximize Using strengths to minimize
1. LiteMarket Wallet opportunities McDonald’s could: threats:
2. Brand Image
3. UX/UI The LiteMarket Wallet features The large increase in cybercrime
4. Propensity to combined with Brexit and the means that the LiteMarket Wallet
innovation effects on the economy it could must be continually developed
have, moving to a cashless society with security as a priority.
and new technologies emerging LiteMarket’s wallet can achieve
offer a safe position for the recognition through doing this
product offered. and increased brand image.
The growth of the ecommerce
industry and people using those
services combined with
LiteMarket’s differentiation and
priority of UX is a good
opportunity.

INTERNAL WEAKNESSES Minimize weaknesses by taking Minimise weaknesses and avoid

1. Marketplace variety
2. Large quantities of
capital
advantage of opportunities:
The growth of the ecommerce
industry and the lack of a large
variety of options offers risks that
LiteMarket must affront. The
move to a cashless society will
increase online retail growth.
threats:
To avoid threats and minimise
weaknesses LiteMarket must
focus on promoting the features
of the LiteMarket wallet for
sellers and use UX to combat the
lack of variety of products and the
reduced amount of consumer
disposable income.
It has been apparent from the early stages and external analysis of the market that for LiteMarket to find a
place to prosper in this industry the firm must concentrate on differentiation and offering services and
products that are different and offer different value to the current competitors, such as Amazon, eBay, Depop
and Etsy. “In a differentiation strategy, a firm seeks to be unique in its industry along some dimensions that
are widely valued by buyers. It selects one or more attributes that many buyers in an industry perceive as
important, and uniquely positions itself to meet those needs. It is rewarded for its uniqueness with a premium
price.”(Porter, 2004)

Criteria Strategy Strategy 2 Strategy 3 Strategy 4 Strategy 5 (

1(LiteMarket (Brand Image) (UX/UI) (Marketplace Marketing
Wallet) variety/ Higher
end products)
Suitability 4 3 4 4 4
Feasibility 4 3 3 4 4
Acceptability 5 4 4 4 4
Total: 13 10 11 12 12

From the SFA framework analysis of the strategies to focus on it has been visible that the main development
should be centred around the LiteMarket wallet, its functionality and features, and protecting it from the
increase in cybercrime. Following which there should be focuses on making sure the number of products and
types of products on the service meet the consumer’s needs. LiteMarket should concentrate on getting smaller
local, up and coming businesses selling on the platform and focus on more luxury items such as watches and
art to attract the target customers and consumers. These focuses must be met by a strong marketing plan that
can make sure our company obtains the reach it needs, and potential customers hear about the LiteMarket
platform. User experience and user interface are both very important but must take second place as the prior
tasks are completed. The other strategies should ensure that the brand image is acceptable and is trusted. This
approach to strategy, following a differentiation strategy and relatively premium prices will ensure that
LiteMarket outcompetes competition.
Marketing Aspects

LiteMarket must have a multisegmented marketing strategy as it needs to advertise to two segments.
Consumers who want to buy products with cryptocurrencies on the platform. Followed by customers that
want to sell products on the platform and receive cryptocurrencies or others. Developing an effective
marketing communication requires a six-stage process:
• Identify target audience
• Determine the response sought
• Choose the message (Information about products and brands/ Information about the company)
• Choose the channel
• Select the sources attributes
• Collect feedback
(Blythe,2016)
1) Consumers (buyers)
LiteMarket will market to these consumers who are middle to high income individuals, or people who
own cryptocurrencies. These consumers will potentially want to use the marketplace to buy products
or use the multicurrency functions of the LiteMarket wallet to hold a varied portfolio through the
following methods:
To market to these people advertising can be done on Google using Google AdWords for people in
the United Kingdom and London who are searching for related topics. These could be: Cryptocurrency
wallet, Bitcoin, ripple, shop with bitcoin, Cryptocurrencies, and cryptocurrency marketplace.
Google ads allows you to set a budget and is based on a daily rate for how much traffic is directed to
your website. An initial budget and plan can be found in the appendix.
Instagram is another platform where influencers have a big impact on people’s opinions of
cryptocurrencies. Instagram could be a very effective platform as it would be possible to advertise
through ad leads and have photos appearing on timelines, but also through influencers and crypto
enthusiasts with a U.K. based audience. These could be: Cryptonary, Cryptowzrd, EverythingFX,
TechnicalFX, Investedcrypto and cryptocrunchapp.
Another method for advertising directly to potential customers would be through cryptocurrency
podcast channels preferably based in the UK such as: Cryptopulse, Cryptonary, Cryptowzrd,
Unchained and Off the chain. This strategy would communicate directly with potential customers
through a trusted third party.
Following that, ads could be done on YouTube in the United Kingdom for people who search for
videos relating to the LiteMarket services.

2) Customers (sellers)
LiteMarket will market to its customers who will have a potentially lower income than the consumers
and want to sell items to obtain cryptocurrencies. These customers could also be sellers on other
platforms such as Depop that want to broaden their revenue streams and potentially accept
cryptocurrencies for their products. These companies will be found through LinkedIn, Facebook and
Instagram. LiteMarket will communicate through these methods:
To target the customers and sellers on the LiteMarket platform the strategy will be to use google ads
for people in London and other regions of the United Kingdom searching for: online marketplace, sell
items online, bitcoin marketplace, sell online for bitcoin.
The Instagram and Twitter pages will be very important for public relations. They will have a
newsfeed with relevant information from verified sources and interesting facts about the industry.
These pages will also provide the content that will boost the search engine optimization. This will
increase trust and number of contacts with the consumers and customers.
Advertising through cryptocurrency influencers has the benefits that people listen to these people for advice.
Google, Twitter and Instagram provide estimates of how many leads a company may get based on the
company’s monthly budget for leads. A report conducted by Mintel on Digital advertising published in March
2017 that 23% of the time people react to an ad by clicking on it and 10% would buy something. 15% of people
would read reviews so customer service and public relations are very important to attract customers to
purchase an item and to retain customers. The rate of retention of customers that LiteMarket would aim for is
60%.

People who Live in the United Kingdom that are interested in cryptocurrencies and use Ecommerce websites,
advertising through the methods mentioned earlier:
Total reach equals potentially 790,000 a month, with a monthly budget of £2000 per month. Around 100,000
of that audience is through podcasts and direct sales so cannot be reused but may yield higher rates of
retention. Mintel’s research suggests 10% of an audience will react by making a purchase, which means 79,000
customers in the first few months is possible.
How the business is financed and the Revenue Model

LiteMarket is a business that will require a substantial amount of investment in the first two quarters of 2020
to fund the development of the Wallet, website and app functionality. To understand when LiteMarket would
become profitable and how much investment the company would need, a breakeven analysis was conducted.
Based on LiteMarket’s Fixed costs of £285,845.00, Price per Unit of £50 (avg. sale amount based on primary
research) and Variable costs of £45. LiteMarket will breakeven at 57,169 units sold (orders completed).

7000000

6000000

5000000

4000000

total cost
3000000
sale

2000000

1000000

LiteMarket Revenue streams:

• Marketplace Commissions 10%
LiteMarket will charge 10% commission on products sold on the marketplace.
The vouchers will have a similar commission to the marketplace.
As the Company progresses and the economy scales the commission charge will be reduced so that
LiteMarket can scale and obtain a far larger market share. Initially differentiation is the main strategy.

• Commission on exchanges 0,5%

The LiteMarket Wallet will charge 1% on each transaction exchange when changing currency, but as
the wallet will be in conjunction with a partner such as Coinbase or Revolut, LiteMarket will receive
0.5% from the integration. LiteMarket could potentially have its own in-house exchange, but that
would take a lot more investment and experience. It is in the plan and can ensure LiteMarket grows
tremendously. (On the cashflow this number is also the number of customers retained).

• Affiliate Marketing
LiteMarket will receive revenue from the information and comparison pages, and the newsfeeds
through affiliate marketing.
LiteMarket will need an investment of £125,000.00 pounds to fund all the development, wages and costs until
LiteMarket is able to breakeven and generate enough traction for consistent profits. LiteMarket can seek this
funding through various methods. LiteMarket’s most feasible method for success is to look for an exchange
such as Binance, Coinbase or Revolut that may want to expand their companies in the United Kingdom and
promote the use of cryptocurrencies. These companies could provide the exchange integration for the
LiteMarket Wallet whilst LiteMarket concentrates on the marketplace and marketing to obtain more
customers and consumers who would also use the Wallet. In this case LiteMarket would receive a percentage
of the volume integrated to the exchange. This would reduce the costs of development of LiteMarket and
would allow LiteMarket to provide more features such as more currencies. The LiteMarket Wallet could
potentially become a payment service on more platforms and smaller ecommerce sites. The Cashflow shows a
potential scenario that would be like this, where a loan would be taken out with monthly loan repayments
over a span of 5 years. Another method to find investment would be through venture capital in this industry.
This would provide LiteMarket with the expertise and knowledge to make LiteMarket successful, but
LiteMarket would have to give up a lot of equity for the capital it needs just to become functional.
Suppliers

LiteMarket has a wide variety of suppliers for its Business:

LiteMarket must choose their suppliers based on the quality of the supplies, the efficiency and brand image of
the supplier, the price and the experience the supplier has. LiteMarket should work hard in building good
relationships with suppliers so that the growth and scalability of the business can be achieved. Also, the
performance of the suppliers should be monitored. (Slack, 2011)

• Sellers on the marketplace

Sellers are an important part of the business as they supply the products to be sold on the
marketplace. These can be individual sellers selling a few products, or a small business selling
hundreds of products.

• Website/App hosting and maintenance

A supplier will have to provide a website and app with hosting, ssl certification and good UI.
LiteMarket has looked for a potential website provider. LiteMarket will be hiring a website and app
manager for the maintenance.

• Currency exchanges and LiteMarket Wallet

LiteMarket needs to be able to exchange between currencies quickly and efficiently. Currency
exchanges LiteMarket could use are Coinbase, Binance or Kraken.

• FIAT payment providers

Visa, Mastercard, PayPal

• Contractors for Accounting and legal fees. Account and Legal quote (FIGURE)

• Telecoms provider (FIGURE)

• Customer service
Customer service is very important to LiteMarket for retaining customers. It will be outsourced to
Freshdesk (FIGURE)

• Office space
An office and headquarters for LiteMarket must be found in London. Preferably around the financial
centres (FIGURE)
The Team

“The difference between success and failure for a team was not dependent on factors such as intellect, but
more on behaviour.” (Belbin, 2015)
LiteMarket will have a small team at the beginning consisting of a CEO, App and website developer, Marketing
and PR manager and blockchain developer with cyber security knowledge.
The CEO will be responsible for coordinating team members, research and sales. The CEO will oversee the
project management and will ensure that every team member is doing their job effectively and within time
limits. He will also conduct extensive research for future development and further diversification of the
company. He will have the job to maintain good relationships with the corporate suppliers of the business and
ensure CSR conduct. Given the Executive personality and traits that the CEO demonstrates along with passion
and ambition, according to the Myers-Briggs personality test (2019), the CEO will be able to bring order and
clear guidance to the other team members through his leadership qualities. The stubborn and inflexible
mindset will help for difficult situations when quick decisions must be made but will need to be controlled
when it comes to internal problems with staff where the CEO may lack empathy or will be judgemental.
During the first year of formation of LiteMarket a Website and App developer will be very important to
oversee the creation and running of the Website and App. This individual will have to understand blockchain
technology to be able to help the blockchain developer and understand the overall goals of LiteMarket. Prior
experience in Web development, design and Blockchain will provide the right skills to LiteMarket to make sure
all tasks are completed with a high level of detail. This person would have the characteristics of the “Plant”
from Belbin’s team roles and therefore would be a perfect fit for the role. Having innovative ideas and bringing
new ways of thinking that will complement the more traditional “Executive” personality of the CEO.
The Blockchain developer with cyber-security knowledge will be very important for the development of the
LiteMarket Wallet. The Wallet will be developed with the help and partnership of an exchange so this person
will have to be an effective developer and cyber-security forensic, but also a good and clear communicator.
This role should be filled by a person with the “Teamworker” Belbin team role. “Teamworkers possess a mild
and sociable disposition and are generally supportive and concerned about others. They have a great capacity
for flexibility and adapting to different situations and people.” (Belbin, 2015)
The Marketing and PR manager will be tasked with completing effective and complex marketing campaigns
and must have experience in Ecommerce and digital marketing. This individual must have qualities of the
“Resource Investigator”. “Resource Investigators are usually enthusiastic extroverts. They are natural
communicators with people both inside and outside the company. They are natural negotiators and are adept
at exploring new opportunities and developing contacts. Although not a great source of original ideas, the RI is
effective when it comes to picking up other people's ideas and promoting them.” (Belbin, 2015)
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Appendix

P RIMARY RESEARCH

P RIMARY RESEARCH
8P RIMARY RESEARCH

9P RIMARY RESEARCH
10P RIMARY RESEARCH

11P RIMARY RESEARCH

12P RIMARY RESEARCH

13GOOGLE ADS
14GOOGLE ADS
15F ACEBOOK ADS
16ACCOUNTING AND LEGAL FEES

17CUSTOMER SERVICE
18T ELECOMS

19O FFICE SPACE

20 UTILITIES BILL
21 EBAY PRICES
22AMAZON P RICES

23 DEPOP PRICES