FIGS, Inc. (FIGS): Business Model Canvas

Key Partnerships

FIGS, Inc. (FIGS) understands the importance of forming strong partnerships to achieve its business goals. The company has established key partnerships with various entities in the healthcare industry to enhance its operations and broaden its reach.

Collaborations with healthcare professionals: FIGS works closely with healthcare professionals such as doctors, nurses, and other medical staff to understand their needs and preferences when it comes to medical apparel. By collaborating with these professionals, FIGS is able to design and manufacture high-quality and functional scrubs that meet the demands of the healthcare industry.

Strategic partnerships with medical institutions: FIGS has formed strategic partnerships with medical institutions such as hospitals, clinics, and healthcare facilities to supply them with its premium scrubs. These partnerships not only help FIGS expand its customer base but also enable it to gain valuable insights into the specific requirements of different healthcare settings.

Supplier agreements for high-quality fabric: FIGS has established strong relationships with suppliers of high-quality fabric to ensure that its scrubs are made from the best materials available. By partnering with reputable fabric suppliers, FIGS can guarantee that its products are durable, comfortable, and meet the standards expected by healthcare professionals.

Key Activities

FIGS, Inc. engages in a variety of key activities to ensure the success of its business model. These activities include:

• Designing fashionable and functional medical attire: FIGS places a strong emphasis on creating medical apparel that is not only stylish but also practical for healthcare professionals. The company's design team works tirelessly to develop innovative products that meet the needs of medical workers.
• Marketing and brand promotion activities: FIGS invests heavily in marketing and brand promotion to create awareness and attract customers. The company leverages social media, influencer partnerships, and other advertising channels to reach its target audience.
• Managing online and offline sales channels: FIGS operates both online and offline sales channels to sell its products. The company manages its e-commerce platform and partnerships with retail stores to ensure a seamless shopping experience for customers.
• Continuous product development and innovation: FIGS is committed to ongoing product development and innovation. The company conducts research and gathers feedback from customers to improve existing products and introduce new ones to the market.

Key Resources

Design and production team expertise: FIGS, Inc. boasts a team of experienced designers and production experts who are dedicated to creating innovative and functional medical apparel. With their expertise, they are able to stay ahead of trends and provide customers with stylish and comfortable clothing options.

High-quality, durable fabric suppliers: One of the key resources for FIGS is its relationships with high-quality fabric suppliers. By sourcing only the best materials for their clothing, FIGS ensures that their products are not only stylish, but also durable and long-lasting.

Established online sales platform: FIGS has invested in building a robust online sales platform that provides customers with an easy and convenient way to shop for their favorite medical apparel. This platform allows FIGS to reach a wide audience and make their products accessible to healthcare professionals around the world.

Brand reputation and loyal customer base: FIGS has built a strong brand reputation based on their commitment to quality, innovation, and customer satisfaction. As a result, they have developed a loyal customer base that continues to support the brand and recommend FIGS to their colleagues.

• Design and production team expertise
• High-quality, durable fabric suppliers
• Established online sales platform
• Brand reputation and loyal customer base

Value Propositions

FIGS, Inc. is committed to providing healthcare professionals with stylish, comfortable, and functional medical wear that not only meets their professional needs but also allows them to express their personal style. Our value propositions include:

• Stylish, comfortable, and functional medical wear: FIGS offers a range of medical scrubs, lab coats, and other healthcare apparel that are not only fashionable but also comfortable and durable. Our designs are tailored to the needs of healthcare professionals, ensuring that they can perform their duties comfortably and confidently.
• Premium fabric quality and innovative designs: We use only the highest quality fabrics that are soft, breathable, and moisture-wicking to keep healthcare professionals comfortable throughout their shifts. Our innovative designs are inspired by the latest trends in fashion, ensuring that our customers look and feel their best.
• Regular releases of new collections: FIGS releases new collections on a regular basis, allowing healthcare professionals to update their wardrobes with the latest styles and trends. Our seasonal collections are designed to keep our customers looking fresh and stylish year-round.
• Personalized options through online platforms: Our online platforms allow customers to personalize their medical wear by choosing custom features such as embroidery, monograms, and color options. This level of customization ensures that healthcare professionals can create a unique look that reflects their personal style and preferences.

Customer Relationships

At FIGS, Inc., we prioritize building strong relationships with our customers in order to provide exceptional service and create a loyal customer base. Our approach to customer relationships includes:

• Providing exceptional customer service: We are committed to going above and beyond for our customers, whether it's helping them with a purchase or resolving any issues that may arise. Our customer service team is trained to provide top-notch service and ensure that our customers feel valued and supported.
• Engaging through social media and community events: We understand the importance of engaging with our customers through various channels. We have a strong presence on social media platforms and regularly host community events to connect with our customers in person. This allows us to build a sense of community around our brand and strengthen our relationships with our customers.
• Customer feedback loops for product improvement: We value feedback from our customers and use it to continuously improve our products and services. We have established feedback loops that allow us to gather input from our customers and incorporate their suggestions into our product development process. This helps us ensure that we are meeting the needs and preferences of our customers.
• Loyalty programs and exclusive offers: We offer loyalty programs and exclusive offers to reward our customers for their continued support. These programs not only incentivize repeat purchases but also help us strengthen our relationships with our customers by showing them that we appreciate their loyalty.

Channels

Official Website for Direct Sales: FIGS, Inc. operates an efficient and user-friendly official website where customers can directly purchase their products. The website is designed to showcase the full range of FIGS products, offer detailed product information, and provide a seamless shopping experience for customers. This channel serves as the primary platform for direct sales and allows FIGS to reach a wide audience of healthcare professionals.

Pop-up Stores in Hospitals and Medical Schools: FIGS strategically partners with hospitals and medical schools to set up temporary pop-up stores on their premises. These pop-up stores provide healthcare professionals with the opportunity to see and try on FIGS products in person before making a purchase. This channel not only allows FIGS to engage directly with their target market but also helps to build brand awareness and establish credibility within the healthcare community.

Distribution through Selected Retail Partners: FIGS carefully selects retail partners who align with their brand values and target market. By partnering with reputable retailers, FIGS is able to expand their distribution channels and reach customers who prefer to shop in brick-and-mortar stores. This channel allows FIGS to tap into new markets and increase their brand visibility.

Online Marketing and Social Media Platforms: FIGS leverages digital marketing strategies and social media platforms to promote their products and engage with their target audience. By utilizing platforms such as Instagram, Facebook, and LinkedIn, FIGS is able to showcase their products, share user-generated content, and run targeted advertising campaigns. This channel helps FIGS to build brand loyalty, drive website traffic, and generate sales leads.

Customer Segments

FIGS, Inc. serves a wide range of customer segments in the healthcare industry, including:

• Healthcare professionals: This segment includes doctors, nurses, and technicians who require high-quality, durable, and stylish scrubs for their demanding work environments. FIGS offers a variety of scrubs that are designed to meet the unique needs of healthcare professionals, such as moisture-wicking and antimicrobial properties.
• Medical students: As future healthcare professionals, medical students also require functional and comfortable scrubs for their clinical rotations and training. FIGS provides a range of stylish scrubs that are tailored to the needs of medical students, helping them look professional and feel confident in their work.
• Veterinary staff: Veterinary professionals, including veterinarians and veterinary technicians, rely on functional scrubs to perform their daily tasks in animal care facilities. FIGS offers a selection of scrub options that are suitable for the specific needs of veterinary staff, such as hair-resistant fabrics and pockets for essential tools.
• Dental professionals: Dentists, hygienists, and dental assistants also form a significant customer segment for FIGS. These healthcare professionals require durable and comfortable scrubs that can withstand the demands of their fast-paced and often messy work environments. FIGS provides scrubs that are both functional and fashionable, allowing dental professionals to look polished while working efficiently.

Cost Structure

Production and procurement of high-quality materials: FIGS Inc. invests heavily in sourcing high-quality materials for their medical apparel products. This includes premium fabrics that are durable, comfortable, and resistant to stains and wrinkles. The company works closely with suppliers to ensure the highest standards are met, which can result in higher production costs compared to competitors using lower quality materials.

Operational costs of design and fulfillment centers: FIGS Inc. operates multiple design and fulfillment centers to streamline the manufacturing and delivery process. This includes the cost of rent, utilities, equipment, and staff to ensure smooth operations. By having these centers strategically located, FIGS can efficiently fulfill orders and minimize shipping times to customers.

Marketing and advertising expenses: To promote their brand and products, FIGS Inc. invests in marketing and advertising campaigns across various channels. This includes digital advertising, social media marketing, influencer partnerships, and collaborations with healthcare institutions. These efforts help increase brand awareness and drive sales, but they come with a significant financial investment.

Technology development and maintenance for online sales: As an e-commerce company, FIGS Inc. relies heavily on technology to support their online sales platform. This includes the cost of developing and maintaining a user-friendly website, secure payment processing systems, mobile app development, and customer relationship management software. By staying up-to-date with the latest technology trends, FIGS can provide a seamless shopping experience for customers.

• Production and procurement of high-quality materials
• Operational costs of design and fulfillment centers
• Marketing and advertising expenses
• Technology development and maintenance for online sales

Revenue Streams

Sales of Medical Apparel and Accessories: FIGS generates revenue primarily through the sale of its high-quality medical apparel and accessories. This includes scrubs, lab coats, and other medical gear designed to meet the specific needs of healthcare professionals.

Limited Edition Collections and Collaborations: FIGS periodically releases limited edition collections and collaborates with influencers, designers, and healthcare institutions to create exclusive products. These limited edition items help drive sales and add a sense of exclusivity to the brand.

Bulk Orders from Medical Institutions: FIGS also generates revenue through bulk orders from medical institutions such as hospitals, clinics, and long-term care facilities. These institutions often purchase FIGS products in large quantities to outfit their staff with high-quality apparel.

Subscriptions and Membership Fees for Premium Services: FIGS offers premium services such as customization options, exclusive discounts, and early access to new releases through subscription and membership programs. Customers pay a recurring fee to access these premium services, providing FIGS with a steady stream of revenue.

• Sales of medical apparel and accessories
• Limited edition collections and collaborations
• Bulk orders from medical institutions
• Subscriptions and membership fees for premium services