THE DEVELOPMENT OF PRINT ON DEMAND INDUSTRY IN THE WORLD AND LESSONS LEARNED FOR SPACE GRAY GROUP COMPANY IN VIETNAM

THUONG MAI UNIVERSIY INTERNATIONAL TRAINING INSTITUTE ~~~~~o0o~~~~~ INTERNSHIP REPORT TOPIC: THE DEVELOPMENT OF PRINT ON DEMAND INDUSTRY IN THE WORLD AND LESSONS LEARNED FOR SPACE GRAY GROUP COMPANY IN VIETNAM MAJORS: E-COMMERCE AND DIGITAL MARKETING Supervisors: Name MBA Le Viet Hung Students practice: Name: NGUYEN Minh Duc Class: CN16-ECO1 Student Code: 19K610020 Hanoi, 2022 ACKNOWLEDGEMENT First of all, I would like to thank my instructors MBA Le Viet Hung enthusiastically guided, helped and imparted knowledge so that I could complete this graduation thesis We would like to thank the School Board of the University of Commerce, the teachers and professors of the University of Toulon, the faculty leadership, and all the E-commerce and Digital Marketing teachers for their teaching Andreae conditions for them to study, acquire knowledge and have access to reality at enterprises to research and experienceresearchreby knowing how to apply theory in practice at enterpriseCurrentent industry At the same time, I would like to thank the brothers and sisters in Space Gray Group Co Ltd, especially my colleagues, the company's Marketing Department have created favourable conditions for me to study, work, research, and exchange proper practical knowledge during my research and completion Study Thank you sincerely! Hanoi, June 1, 2022 Student Nguyen Minh Duc TABLE OF CONTENTS INTRODUCTION REASON FOR CHOOSING TOPIC E-commerce is growing and booming with the outstanding development of information technology The purchase of goods has changed a lot compared to 5-10 years ago and will not stop having new products in the future It is also because of the outstanding growth of e-commerce and the robust infrastructure development that makes doing business more accessible and diversified This development has brought more business opportunities for individuals and opened up new business directions for businesses to decompaniesher and adapt accordingly mMarketand customer needs For businesses, inventory management is always a problem that causes many difficulties when it comes to it According to research, for businesses, inventory accounts for at least 40% of the total value of assets of the business; in some cases, this number increases to 80% for garment companies Therefore, inventory management is essential for companies; it will be harmful to businesses if they are not doing well When management is weak, it will cause not respond to customer needs, thus leading to a loss of revenue On the other hand, too much inventory in the warehouse will cost businesses the cost of the system's management, storage, and operation It mmaycacathe com the company may suffer heavy losses or even go bankrupt Today, the sr easthehee world has opened up a new type of business to solve this dilemma That is the Print On Demand business; for business, products only start to be produced after an order is placed, so you will not need to pay any fees Until is it successfulcreatedced, delivered is no need to buy and store inventory in large quantitiesBusinesses don't need to worry about shipping or handling inventory with Print On Demand party; a Print On Demand Fulfillment service provider will take everytakesg from printing to packaging and shipping Print On Demand Fulfillment service providers to allow businesses to connect to e-commerce sites through their platform Whenever a customer places an order for a product in your online store, the system will automatically send that order to the printing and fulfilment service provider to complete the order This business model has been growing strongly in major markets worldwide, such as the US market Takin Gray Group Company has focused on doing business in the US market and has since achieved much success in the international market The company's revenue is always stable and receives much love from consumers because it can personalise products, making them thpersonaliseisfied However, for the Vietnamese market, things are not so easy; due to the difficulties in infrastructure along with the habits and needs of the Vietnamese people, the company has not been able to conquer the market Domestic However, believing that the development of the Print On Demand industry will make the infrastructure in Vietnam more and more developed for business, the company has confidence that it will be successful in the Vietnamese market one day Far in the future For the above reasons, it is essential to develop a long-term plan to study the success of the Print On Demand industry in the US markets from which to draw lessons learned to apply the best methods to help develop the market Dev—creating trading Print On Demand industry in Vietnam Therefore, I decided to choose the topic: "The development of Print On Demand industry in the world and lessons learned for Space Gray Group company in Vietnam" as the thesis topic withtheo gives tons and solutions To promote the Tosiness activities of Space Gray Group Company RESEARCH OBJECTIVES AND TASKS The topic studies theoretical and practical issues to draw useful valuable from Space Gray Group in the international market to provide lessons learned to help develop companies in Vietnam’s Print On Demand industry Vietnam market To achieve the above goal, the thesis defines the specific tasks as follows: - Systematize the basic logic of the Print On Demand business form Analyse and evaluate the current status of the Print On Demand business of Space Gray Group - Provide practical lessons learned based on the company's success in the Print On Demand industry They are proposing solutions to promote the company developing and trading in the Print On Demand industry in the Vietnam market SCOPE, SUBJECTS AND MEANS OF RESEARCH Research scope - Time: The thesis focuses on studying the Print On Demand business situation of Space Gray Group Company from 2018 to 2021 and proposes a plan to promote social media activities within the next two years room 2022-to 2023) About space: Focusing on researching the Print On Demand business of Space Gray Group in the US market About content: o O, Analyze and evaluate the current status of the Print On Demand business of Space Gray Group o O, Provide practical lessons learned based on the company's success in the Print On Demand industry o o Proposing solutions to promote the company to develop and trade Print On Demand industry in Vietnam market Research subjects - The object of the research is the theoretical and practical issues related to the Print On Demand business of Space Gray Group in the US market Research significance - Theoretical significance: Provides basic reasoning about Print On Demand business The completed research will contribute a valuable reference to other studies on the Print On Demand industry, an important research document for the Print On Demand business of the Space Gray Group Company Practical significance: From analysing and assessing the current state of Print On Demand business activities to draw out lessons learned and solutions to develop and business in the Print On Demand industry Vietnamese school for the company RESEARCH METHODS 4.1 Data collection methods - Secondary data collection method Sources inside the company: The company’s open-source data is business reports and statistics about the company's Print On Demand business status in the US market Sources of documents outside the company: Documents on E-commerce and Digital Marketing in general and Print on Demand, in particular, are mainly collected through books, newspapers and fear, ch websites, statistical data from organisations, and the website of the E-commerce Association The data from books, newspapers, and the internet are often articles associated with reality or textbooks with witrelativelyirly extensive theoretical basis on the research problem However, this data is often not close to the research goal of the topic, often having to select citations and good ideas or through data processing to get data applicable to the research - Primary data collection method Primary data was collected through questionnaires and interviews Primary data is not available, collected and processed by the researcher to serve his research Therefore, preliminary data provides information in a timely, promptly source of material and is suitable for the research topic 4.2 Data processing method - Quantitative methods Using Microsoft Excel software (Microsoft Office Excel) is a spreadsheet program in the Microsoft Office suite of Microsoft software Microsoft Excel includes many cells made up of rows and columns, used for entering data and formulating calculations In addition, Microsoft Excel has many advanced features and a userfriendly interface And it can generate tabular reports, char and ts As for the customer survey, because it is aimed at online customers, the survey form is built by building a questionnaire/survey on Google Forms From the feedback, Google Forms will allow a spreadsheet view of the collected data or a summary view, which will enable seeing how many people have filled out the forms, statistics tables and data diagrams Based on these statistics, the collector can make assumptions and verify the data's reliability and authenticity - Qualitative method Using the synthesis-inductive method: the two mewaysomplement each other The synthetic approach focuses on presenting facts and explaining them causally Then, induction establishes the relationship between the data and rule The deductive method: is a rule-based method that gives specific examples useful for testing theories and hypotheses This method aims to arrive at a coconcludeon must necessarily follow the given reasons These reasons lead to conclusions andecisionsstrated through specific examples CONTENTS OF THE GRADUATION COURSE In addition to the introduction, conclusion, and list of references, the graduation thesis is structured into three chapters, specifically as follows: Chapter 1: Some fundamental themes and overview of Print On Demand business Chapter 2: The reality of the Print On Demand business of Space Gray Group in the US market and the business situation of the Print on Demand industry in Vietnam Chapter 3: Conclusions and recommendations to develop Print On Demand business in Vietnam market for Space Gray Group CHAPTER 1: SOME BASIC THEORIES ON PRINT ON DEMAND BUSINESS ACTIVITIES 1.1 Basic concepts 1.1.1 Concepts of e-commerce 1.1.1.1 The concept of e-commerce in the narrow sense E-commerce is the process of buying, selling, and exchanging goods, services and information through computer networks, including the Internet In a narrow sense, e-commerce is simply buying and selling goods and services through electronic means and telecommunications networks Electronic means and telecommunications networks commonly used in e-commerce are telephones, televisions, fax machines, television networks, the internet, intranets, extranets, etc.; Computers and the internet are used It is most used mainly to conduct e-commerce activities because it has a high ability to automate transactions 1.1.1.2 The concept of e-commerce in a broad sense In a broad sense, e-commerce does not just stop purchasing and selling goods and services, but it also expands in scale and application fields Currently, there many organorganisationsconcept of e-commerce, such as WTO, AEC - Association for Electronic Commerce, besides there are some other organisations such as UNCTAD (United NNationsConference on Trade and Development): • From a business perspective, e-commerce includes business activities horizontally: “E-commerce is the performance of all business activities including marketing, sales, distribution and payment through electronic means” This concept refers to the whole business activity, not just limited to buying and selling alone; all business activities are carried out through electronic means This concept is abbreviated by four letters MSDP, in which: M - Marketing (have a website, or promote trade over the internet) S - Sales (has a website that supports transaction and contract functions) D - Distribution (Distribution of digital products over the network) P - Payment (Payment online or through a bank) Thus, by using electronic means and networks in basic business activities such as marketing, sales, distribution, and payment, businesses are considered to be participating in e-commerce • From the perspective of state management, e-commerce includes the following fields: I - Infrastructure for e-commerce development (I) M - Message (M) B - Basic Rules (B) S - Specific rules in each area (S) A - Applications (A) This IMBSA model covers the areas that need to be built to develop e-commerce: I - Infrastructure: Infrastructure “Information technology” and communication is the first requirement for e-commerce development M - Message: Issues related to "data messages" Key messages are all types of information conveyed over the network in e-commerce For example, electronic contracts, offers, online inquiries, and electronic payment documents are all considered messages, more precise, sell "data messages" B - Basic Rules: Basic rules governing general e-commerce: are the laws governing e-commerce-related fields in a country or region and internationally, such as regulations on commerce WTO, intellectual property regulations of the World Intellectual Property Organization WIPO S - Sectorial Rules/ Specific Rules: Separate rules regulating each specialised area of E-commerce, such as electronic authentication, electronic signature, and Ebanking (electronic payment) A - Applications: It is understood that e-commerce applications, or e-commerce business models need to be adjusted, as well as invested and encouraged to develop, based on having solved four protoforms above topic 1.1.2 The concept of Print on Demand Print on Demand , or POD, is a relatively new and obscure field, an e-commerce model that allows you to sell customised products printed only after placing an order With a POD, you won't store any physical inventory Instead, you sign up with a POD platform that takes care of the printing and finishing process for you POD is a dropshipping model in which the seller does not have to deal with inventory management and shipping A third party handles all components, and the seller does 10 customisable products that you cannot find elsewhere, such as jewellery, watches, and watches , shoes or water bottle With a diverse and unique product portfolio, these ecommerce sites can help businesses and customers print everything on demand 2.2 Actual situation of Print on Demand activities of Spae Gray Group in the US market 2.2.1 Current status of Print on Demand industry in the US market 2.2.1.1 The development of the Print on Demand industry The Print on Demand industry grew by 12% from 2017 to 2020 While other sectors stumbled during the pandemic, Print on Demand was getting record-high interest Several factors have contributed to that First, there’s a growing demand for personalised and one-of-a-kind products Many consumers (36%) are expecting some form of personalisation by default and would even be ready to wait longer for customised products (48%) Since Print On Demand products are made to order with no minimum, even an order of a single product with a specific design can be fulfilled This opens the door to satisfying a demand for personalisation while still profitable Another factor is the shift from traditional retail to eCommerce COVID-19 forced us to adopt new habits, and online shopping is here to stay even in the postpandemic world In 2019, the eCommerce share of global retail sales amounted to 13.8% In 2021, the claim was already up to 19.6% That’s an increase of almost 6% in just two years Sustainability and the demand for eco-friendly products are other critical factors In a 2021 survey, 27% of respondents said that, in the last 12 months, they tried out a new product for sustainability reasons, and 25% spent more money on sustainable fashion Print on demand has become the sustainable alternative to fast fashion products made only once ordered, meaning fewer items go unsold and waste As communication and printing technology have gone digital, the commercial printing industry has become “too small” to matter However, that has also coincided with continuous evolution and the development of new business models With a lower per-unit cost and small to no-minimum quantity batches, PoD is quickly becoming the method of choice for both emerging and established eCommerce operations With 23 rising demand, technology has advanced rapidly to accommodate new product categories, primarily across accessories and forms of apparel The global print on demand market size was valued at USD 4.90 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 26.1% from 2022 to 2030 Factors such as rising disposable income, increasing internet penetration and smartphone adoption, and inclination toward fashion apparel and unique products fuel the demand for Print on Demand The growing e-commerce sales are also fueling the growth of the market The COVD-19 pandemic had a positive impact on the market As the lockdown restrictions were imposed, people shifted to online shopping, and Print on Demand products witnessed growth 2.2.1.2 Print on Demand Industry and Product Statistics The digital printing industry started in 1993 and grew exponentially to be worth $187.7 billion in 2018, just 25 years later From 2017 to 2020, the Print on Demand apparel industry grew at a compound annual growth rate of 12% Custom stickers were among the most searched for Print on Demand items in 2020, with interest growing Personalised gifts have become more popular year after year, with 2020 signalling the highest good (an increase of about 20%) out of customers is willing to pay up to 20% extra for personalised products and services Individual customers widely use products decorated with photographs as personalised gifts The Print on Demand market has been segmented into software and service in terms of platform The service segment is anticipated to register the highest CAGR of 28.4% over the forecast period This can be attributed to many service providers offering drop shipping and end-to-end fulfilment services The service providers also provide other services such as marketing & branding services like custom packaging and creative services like photography and graphic design These services offer convenience and options to Print on Demand merchants and artists The software segment accounted for the largest revenue share in 2021 and is expected to retain its dominance throughout the forecast period The growth of the software segment can be attributed to the increase in technology investments by service providers in the Print on Demand market Service providers offer software solutions such as Application Programming interfaces (API) and design-making tools 24 The API makes it convenient for Print on Demand merchants to integrate their online store with a Print on Demand platform The integrated segment accounted for the largest revenue share in 2021 and is expected to retain its dominance throughout the forecast period It is expected to grow at a CAGR of 23.7% throughout the forecast period This can be attributed to the increased awareness and popularity of integrated software The presence of many third-party e-commerce platforms and ease of connecting are driving factors for the segment’s growth Benefits such as flexibility, enhanced computing power, and costefficiency also demand integrated solutions The stand-alone segment is expected to grow at the highest CAGR of 26.7% and maintain its position over the forecast period Prominent Print on Demand players such as Australia-based Redbubble Group and U.S.-based Zazzle Inc are stand-alone platforms The stand-alone platform is like a marketplace where the artist or merchants can create designs and put them for sale on the forum It makes it convenient for the sellers as they don’t have to look into technical details 2.2.1.3 The development direction of the Print on Demand industry in the coming years Personalisation And Product Assortment Remain Important Consumers who wish to stay in and shop from the safety of their homes during the pandemic will likely be no less demanding in 2021 Personalisation trends in the POD industry will continue, and fast shipping possible, thanks to more adaptable supply chains, will continue to drive online demand I've seen that shoppers expect a steady stream of new products and a more comprehensive range of goods in terms of product assortment 2021 will be a year of constant adaptation and refinement POD platforms should incorporate merchant suggestions for new products; examples include natural and organic clothing, new designs, and face masks As part of the ongoing evolution of the POD market, companies should constantly work to offer unique items and onboard new global providers to meet changing customer needs 2.2.1.4 Orientations for Print on Demand in the coming years A more adaptable platform is necessary to serve a dynamic, growing market, so POD platforms should build new capabilities, including order routing features that migrate new and existing orders to alternate providers as needed, as part of an overall 25 strategy to help merchants streamline optimise their stores Interest in POD and drop shipping will likely continue to grow because many people are looking for new ways to start a business and make money while working from home by opening stores Companies should lean into this trend by making their platforms easier for everyone with new e-commerce integrations POD companies should continually seek new ways to maximise their users’ success For example, a key 2023 strategy will be leveraging process automation to streamline time-consuming manual processes like product publishing, sending to fulfilment and shipping I'm also predicting that the most growth will come from new sales channels beyond the online store, like Etsy, eBay and Shopify The most effective sellers of 2023 will think more about their target audience before designing products — because a common POD mistake is to create generic designs and then think about how they will be sold Next year’s leaders could be the ones who follow trends; target lucrative, personalised markets; and offer differentiated products that fit that specific niche Print on demand is all about making your customers successful And your ability to predict market trends should be built on research, constantly monitoring your customers’ stores, evaluating their performance, gathering feedback and then leveraging that information to make changes that optimise the experience The market has a fragmented competitive landscape featuring various global and regional market players Leading industry players adopt partnerships, mergers and acquisitions, and agreements to survive the highly competitive environment and enhance their business footprints Moreover, service providers are spending substantial funds on research and development activities to develop advanced products and integrate new technologies in their offerings to achieve a competitive lead over other market players 2.2.1.5 Operational scope and target market Following a year of seismic shifts in online shopping, surges in digital revenue tapered off in 2021 as store sales rebounded But because eCommerce and offline spending grew roughly the same rate, online penetration held steady with 2022 at 18% Compared with 2021, online sales increased 49.3% Amazon also accounted for more than 40% of all U.S eCommerce in 2021 26 After the giant eCommerce surge brought on by the start of the pandemic, online sales growth slowed significantly for 2021 as many vaccinated and weary consumers returned to stores Digital spending during the holiday-centric increased 19.1% year over year, bringing the total jump in Print on Demand for 2021 to 49.3% Sales rise 49.3% for the year, given the trajectory of 2021 And the market performed as anticipated Consumers spent $4.06 billion online with U.S merchants last year, up from $2.63 billion in 2021 2.3 Actual situation of Print on Demand industry in the Vietnam market 2.3.1 The process of formation and development From the end of 2013 to the beginning of 2014, the Print on Demand business model began to thrive in Vietnam; However, it had been imported to Vietnam in previous years; it was not until this time that the business model Print on Demand was well known and flourishing Typically, the movements of making class shirts and making football shirts are still developing today At that time, the Print on Demand business model was applied by individuals, by independent sellers, with the only means of work being their laptops It was almost spontaneous, only temporary, with no stability and professionalism After nearly ten years of development, Print on Demand business teams in Vietnam has grown enormously; some groups have grown very strongly, expanding the staff size to 20 30 people; with large teams, it can be 50-100 people In particular, some groups have reached 150 - 200 employees with significant financial success 2.3.2 Potentials and Opportunities Print on Demand Vietnam The trend of personalisation originates from the change in the desired value of consumers and the mindset of Gen Z In the 4.0 technology era, along with the impact of the covid 19 epidemic, an explosion has been brought For Vietnam's e-commerce industry in particular and the world in general From 2017 to now, the years when Vietnam's economy has grown tremendously, the cross-border business community, MMO and many sellers in Vietnam have chosen & pursued models that have been and are being operated Works well in many developed countries worldwide like Print on demand a model capable of helping you achieve your creative and business goals Accordingly, personalised products are one of the practical support tools for you in building your brand and keeping customers 27 coming back to your store Customers now want to express their unique image and impressive style through the items they use, products that can be customised to their needs Up to 22% of consumers shop more often at stores that offer personalised products In addition, today's consumers are not only looking for personalisation and customisation, but 34% say that they find the standard products and services available to them no longer a distraction Pay attention to them and make them genuinely want and like In addition, there are many other reasons why customers seek personalised products and services: Figure 2.3.2 Reasons why consumers want personalisation (Source: Podorder.io) Up to 93% of respondents say they like personalised products because they make them feel special and help others know who they are Figure 2.3.2.1 Number of people who like personalised products (Source: Students synthesise) 2.3.3 Business situation and consequences of Print on Demand businesses in Vietnam 28 Despite being in the market for almost ten years and boasting some fantastic results in revenue and significant growth, most Prints on Demand businesses are still like big kids - just growing up physically A body that is barely mentally developed Despite the increase in scale, the Founder's business model and management ability remained the same as in the early days of establishment The business model is not sustainable, leading to good sales when it sells and the company's morale is very high, but when it can't sell, the company stagnates This is also a feature of the POD business model that depends on Facebook (Paid Traffic) Due to the lack of systematic management, whenever the company encounters difficulties, the Founder is always the one who has to revive the company personally This loop repeats continuously, causing employees to lose the opportunity to cope Challenges, making them poorly adapted to difficulties and losing growth opportunities Although many Prints on Demand businesses are springing up, few or almost no companies have built a competitive advantage over other companies because nearly all businesses focus on making short-term profits without paying attention to the longterm CHAPTER 3: CONCLUSIONS AND PROPOSES FOR BUSINESS DEVELOPMENT OF PRINT ON DEMAND INDUSTRY IN VIETNAM MARKET FOR SPACE GRAY GROUP COMPANY 3.1 Forecast of development prospects and orientation of Space Gray Group with the development of Print on Demand industry in the Vietnam market 3.1.1 Forecast of development trends in the coming time Print on demand market size is expanding Meagre investment costs, potential and abundant profit sources are the advantages that make the POD model more ideal than ever for businesses POD remains a reasonable and practical business model in the coming years The future for the POD market is encouraging because buyers seem to have grown tired of the same standard clothing styles They want to have a 29 unique product of their own, and the POD model can completely meet this "personalisation" need A recent Deloitte customer behaviour study found that in consumers will spend 20% to buy a "personalised" or exclusive product Everyone will love an item just for them, no matter their age More surprising is that people over 55 prefer buying "personalised" products on holidays to customers in the 16-24 age group 3.1.2 Development orientation of the company Space Gray Group Most Prints on Demand companies in the Vietnamese market are going toward MMO - MAKE MONEY ONLINE These businesses are only interested in selling as many products and making as much profit as possible This is not wrong; with MMOs, money is the most important thing; these companies will not care about anything but make a lot of money However, Space Gray Group wants to take a different path - a longer, more sustainable and more stable path An approach that can build trust and joy not only for the Founder but also for customers, partners and employees in the company That's the way to become a Business - The Business Way If calling MMO is easy, business is the much more difficult path With MMO, you only have one standard - profit as much as possible - all the others are just extra concerns But with Business, you have to meet all kinds of measures - profit is just one of them Some of the minimum requirements that must be met include: • Product quality: Enterprises will try to improve product quality as much as possible to make customers satisfied and satisfied with the product and will come back to buy again in the future • Reduce delivery time: The company will choose suitably, quality, trusted carriers to quickly send products to customers and ensure that the rate will arrive intact Customer’s hand • Personnel training and development: Human resources are also a competitive factor Therefore, the company will focus on and offer good training routes to 30 develop employees, thereby directly improving the level of the entire company 3.3 Proposals to the Company 3.3.1 Proposals to the State and related organisations 3.3.1.1 Regarding legal issues The state should develop a legal system to ensure the reliability, clarity, and safety of posted information and business operations on the business side Customers always want the information posted by businesses to be accurate, unambiguous, and safe for users (not infected with viruses or at risk of fraud) As for users, future customers of enterprises and the state should also have good monitoring and control policies E-commerce sites are a vast, public online community There are not many barriers to entry, so the appearance of hackers, scammers or individuals participating with malicious intent is not a big deal Very difficult to prevent Therefore, user authentication and security implementation on social networks are worth noting Along with the policies of each social network, the state and related ministries should have policies and laws to ensure safety and build trust among the subjects, thereby helping communication activities communication is easier and more efficient 3.3.1.2 Regarding investment and development of infrastructure Information technology infrastructure is still considered one of the significant problems in developing e-commerce And for social networks, the development of telecommunications networks is substantial Having a good connection will help you access the Internet more quickly and securely Thereby assisting the users in accessing and using the Internet conveniently Therefore, the State should increase investment and develop telecommunications technology infrastructure and Internet transmission lines with modern technology and good quality, creating favourable conditions for the development of the part participating in Internet use, especially the participation on the Internet Join social networks There are new steps on fees and services of telecommunications and Internet resources for businesses and organisations 31 3.3.2 Proposals for Space Gray Group Company • Proposed cost per new customer: The company should focus on Organic Traffic, significantly reducing the cost per customer and spending part of the cost on developing and improving product quality The better the product quality, the more frequent and continuous customers will come back, reducing the cost per order • Retail price: One of the inherent characteristics of the POD e-Commerce industry is that the price of a product is often relatively high compared to the price of that product in regular Brands Because partly due to high shipping costs and partly because advertising costs in this industry are incredibly high Customers often have higher expectations for product quality, shipping time, and service with increased selling prices If they don't meet that expectation, customers will find it difficult to return The company should choose the option to adjust the price lower than the market Low prices will help have a much higher conversion rate than usual, which means there will be a larger production volume, and it is easier to negotiate prices with Suppliers Lower prices will lead to more customers, focusing more intensely on maximising value from returning customers for more profit With this approach, it is necessary to carefully control the Base Cost to see which factors should invest costs instead of simply doing everything well At this point, the company must find ways to optimise costs while still bringing the best possible value in that price range for customers In addition, it is essential to focus on how to get customers to buy again and again - not only for the 2nd time but also for the 3rd, and 4th time, even referring friends to buy The less dependent on Paid Traffic, the more profitable the company is • Core products: The company should train and improve the level of the R&D department well to constantly find new market-leading products With new products, almost no party has implemented the ability to sell that product regardless of the price The company will set the price for that product and get many benefits from this • Personalization Ability: 32 This is a factor that has only appeared in the past year At first, it was simply Personalized the customer's name on the product - but gradually, many Stores have fully applied this Personalization ability - can Personalize each image element such as hair, shirt, pants, dog breeds, etc., so that each customer will have a personalised product as profoundly as possible, instead of just an effect with a generic, easy-to-reach design This feature makes it much easier for the company to sell (better conversion rate) while still keeping the selling price high for a good profit margin In return, the company needs to have a significant advantage in handling Designs, as well as Ideas need to be more creative in building products • New Features: Personalised has only appeared on the market for more than a year now After only a short time, Personalized has become a competitive feature and remains a highly lucrative market share for those who can—from there, create new features to turn into a different market for you CONCLUSION Along with the development of the Internet and social networks, the result of Print on Demand for businesses is an essential thing Space Gray Group Company has also applied many solutions in its business process However, the Print on Demand business has not achieved the desired effect yet Therefore, I researched the topic: "The development of Print On Demand industry in the world and lessons learned for Space Gray Group company in Vietnam" with a desire to contribute the most overview of social networks And social media activities for the company, and at the same time, offer solutions to promote this activity based on the analysis of the company’s current situation Hopefully, my analysis and recommendations will help your company promote social media activities and bring the best results In the process of doing the graduation thesis, despite many efforts and receiving the enthusiastic guidance of Mr Le Viet Hung and the active help of the leaders and all 33 employees of Space Gray Group, my graduation, due to limited qualifications and not much practical time thesis inevitably has shortcomings I look forward to and sincerely accept all comments and suggestions from teachers and the company to make the graduation thesis more complete Thank you sincerely! REFERENCES VIETNAMESE Đỗ Minh Hiếu (2021), Phương thức hoạt động ngành Print on Demand, thị trường ngách gã khổng lồ Báo cáo Tài năm 2019-2021 Cơng ty Spcae Gray Group Trần Văn Hịe, Thương mại điện tử bản, NXB Đại học Kinh tế Quốc dân, 2015 Nguyễn Thị Bình, Tầm nhìn Thương mại điện tử 2022 Nguyễn Văn Tuấn, Luận văn Thương mại điện tử: “Thị trường ngách Thương mại điện tử, liệu có đáng đầu tư?” ENGLISH Adam Levi “Print On Demand Market Size, Share & Trends Analysis Report By Platform.” David Sernovitz “GLOBAL PRINT MANAGEMENT.” Jessica Young “US eCommerce grows 14.2% in 2021.” Richard Barocci “Print On Demand Online - Print on Demand for E- Commerce.” 10 Lâm Nguyễn “Print on Demand in Vietnam: MMO or Business?” 34 APPENDIX 35 36 ... Print On Demand business of Space Gray Group in the US market and the business situation of the Print on Demand industry in Vietnam Chapter 3: Conclusions and recommendations to develop Print On Demand. .. Print on Demand activities of Spae Gray Group in the US market 2.2.1 Current status of Print on Demand industry in the US market 2.2.1.1 The development of the Print on Demand industry The Print on. .. SITUATION OF SPACE GRAY 17 GROUP COMPANY IN THE US MARKET AND PRINT ON DEMAND INDUSTRY BUSINESS SITUATION IN VIETNAM 2.1 Overview of Space Gray Group Company Brief introduction of Space Gray Group Official