Introduction
Shopping in brick and mortar stores has become outdated. Instead of traditional stores, customers now prefer online stores. To significantly increase the participation of customers in the market, an innovative business idea has been provided to attract and retain the customers in the market. The idea presented encompasses detail information regarding the product/service offered to the customers along with the target market and the unmet needs of the customers in the market. In addition, the point of differentiation and the alternatives available in the market have been described in detail. This section will clearly entail reasons for the business to be better than others that are already operating in the market. Furthermore, the issues that might become barrier in the business idea would also be briefly evaluated.
Business Idea
The business idea is quite unique and simple. Teleportation has always been an unachievable dream of mankind due to the limited technology and it is quite clear that the dream would never come true until the next millennium. The next big thing to teleportation would be providing the customers with an opportunity to shop for their family members, relatives or friends through smartphone.
The business idea is quite simple; scan and buy the product from retail stores around the globe and then send the notification to the giftee’s phone. By doing so, redeeming the gifts would become comparably easier for the receiver. In simpler words, you will have to go shopping in a brick-and-mortar store and select item(s) that you would like to purchase for someone, the item’s barcode have to be scanned with the smartphone. Now, pick a friend that you would like to send the item(s). By doing so, a gift code will be created and emailed to that particular friend. The friend would have to simply download the application to redeem the code and share his residential address with the store’s staff so that the product could be delivered instantly at his/her footstep. Nonetheless, the person can also collect the item by visiting the retail store near them.
The application will also be equipped with wish-list feature which will allow your friends and family members to be informed regarding your desires. To gain complete acceptance, the application will also support charitable organizations by incorporating the ability to donate gifts to charitable organizations all over the world. This reflects that the idea is regarding the provision of complete retail shopping solution for the customers in the market.
Selection of Target Market
The business idea appeals to a wide magnitude of customers that intends to show their gratitude and appreciation towards others in the society by sending gifts and souvenirs. This business idea intends to provide exceptionally outstanding service to the customers that are frequently in search of modern ways to send and receive gifts.
The target market will be selected on the basis of demographics and psychology. The factors that are going to be taken into consideration for the business idea to be successful are as follows;
- Age
Age will play the most dominant role in the selection of target market. The audience between the ages of 18 and 40 are to be taken into consideration due to their frequency of purchases for their loved ones, family members and friends. In addition, the buying power of such individuals has always been underestimated all over the world and is far greater than any other age group. Due to such associated advantages, this age group (i.e. 18-40) will remain the primary target market while the secondary market will be individuals above 40 years of age.
- Education Level
Education level of the target market also plays an influential role in acquiring acceptance. The higher the education level, the greater would be the opportunity for the business to gain customer’s acceptance as providing them with services this unique will eventually motivate the customers to take optimal advantage of the opportunity.
- Attitude/Behavior
Attitude and behavior of the individual towards advancing technology will also play a keen role in the success of the business. It has been previously observed that one after another organization fail due to their lack of understanding of customer’s attitude and behavior. To gain customer’s confidence that will eventually positively impact the attitude and behavior, advertisement will highly be relied upon.
- Lifestyle
Individuals with luxurious lifestyle tend to shop online as well as traditionally. By providing them with a mean to send gifts and item(s) through the internet, the business will be able to convince such customers to prefer this mean of shopping over others due to convenience along with other associated benefits.
Analysis of Existing Alternatives and Substitutes
Being the pioneer will eventually provide the business with utmost importance in the industry. Although, the business will not face any direct competition from others in the market but due to the rise of technology and boom in the retailing trends, the business will surely have to deal with the indirect competitors. Retailers and e-retailers will present the greatest threat to the business as their market share will be significantly impacted due to the introduction of such business.
Moreover, the business will also have to face tough competition from existing companies (i.e. retailers and e-retailers). However, the first mover advantage will significantly allow the organization to create barriers to entry along with certain restrictions in the market so that entrance of new businesses in such an industry could be restricted.
This business idea will be beneficial for the retailers as well. The higher frequency of visits by the individuals will eventually attract them to purchase for themselves as well while purchasing for others. Due to this fact, the retailers will be fond of working together with the business which will eventually help in the significant increase in the product availability as well as extensive product range and variety.
Although, e-retailers in the 21st century tend to provide the customers with almost identical services but the time consumption from the selection of products to the delivery of product in such businesses is significant higher. This reflects that the customers in the 21st century will tend to prefer sending gifts through application rather than through e-retailers.
Identification of Unmet Needs of the Customers
Visiting a traditional brick-and-mortar store and selecting a gift for someone is quite bothersome. In addition, travelling all the way to present the gift significantly increases the difficulty level. Despite all the brutalities and despairs thrown at the customers, they frequently visit the stores for shopping and then spend most of their time travelling to present the gift. As a result of such extensive time consumption, the individuals lack the ability to concentrate on their career development and growth. As a result, their ambitions and goals in life are constantly in conflict and put to risk due to such extensive time consumption.
The time consumption and brutalities of life have influenced the individuals to look for means through which the gifts could be selected and sent instantly to the designated locations.
Point of Differentiation
Unique selling proposition (USP) of this business will be the convenience of the customers from selection to the delivery of gifts at designated place. In addition, the numbers of product available at the time being are limited but with the passage of time, the business will seek support from major retailers for their cooperation in terms of product variety and product availability.
Browsing physical stores and buying items and gifts instantly for others will be the point of differentiation for the business. Although, there are several other organizations working in the e-retailing industry but providing the customers with an ability to deliver gift to someone in just some clicks on their smartphone will eventually gain superiority over competitors in no time.
Once the product is redeemed by the designated individual, the product will be instantly delivered to his/her doorstep. This feature of the business will also act as a point of differentiation in the market.
Conclusion
