After thinking of my venture concept I needed to decide who the target audience would be. The target audience for my product is a college girl all the way to a working or stay at home mom. More specifically, everyone in my target audience has an extremely busy schedule on a day to day basis and also enjoys shopping. The force in the environment creating this opportunity is new technology. Most of my customers are females between the ages of 18-45. However, my customer base can be expanded to males in this age range as well. Although males could be interested in my product, I am primarily focusing on females because I find more females enjoy the connivence of online shopping and shopping in general. My customers are currently satisfying the need to online shop through amazon and online retailers. I think my customers are extremely loyal to amazon. What sets my product apart from is Amazon is that my product includes local boutique and you can get the item you ordered in the same day rather than waiting 2-3 days for a product ordered off of Amazon. I think this is a big opportunity and I have a large window of time because the online shopping market is huge. A lot of people enjoy the convenience of shopping from their home.
Innovation
My idea is incrementally innovative, but extremely useful. My innovative idea is to have every big box store/local boutique in a 20 mile radius from a customer on one central app. On the app customers will be able to browse the different stores and select what product they need/want. Once they selected the product and are ready to check out they can chose to either pick it up from the front of the store or have it delivered. For users my app will cost 99 cents. I will also reach out to companies offering them to pay to be advertised on my app. I would charge them a monthly fee of $10-$15, depending on how often they want their company to be advertised on the app.
Venture Concept
My innovation will save my customers time and is extremely convenient. I think customers will switch to my product because it is a lot cheaper than Amazon prime and my customers can get the products they want on the same day. My product is appealing because customer’s can take it anywhere because it’s an app and it’s extremely affordable.
As stated in my previous post, my “secret sauce” is the connections I have in my local community. Having connections in the retail business will get me a good customer base and will also provide me with a lot of guidance and valuable information. What’s next for my venture is to be able to make my app available in any location in the U.S. In order to do this, I would have to contact a lot of local boutiques and retailers.
Hi Haley, I absolutely love your venture concept. I think that reading this as a current female college student, I wish I could use your product right now! I personally fall under your target audience of someone that likes to shop (or specifically likes to have new things) but has a very busy schedule and doesn't have a lot of time to compare prices and brands. I agree with you that connections in your local community is probably your strongest aspect of a competitive advantage! I wish you luck on your venture - keep up the great work!
ReplyDeleteHaley,
ReplyDeleteYou did a great job on your venture concept! I am definitely your target market because your ideal customer that you described is me! I would download your app in a heartbeat and I know most of my friends would as well. In college, we don't always have time to run to the store (I don't even have a car to get there) or we need something urgently so this would really help everyone out. I think guys would use it as well so you shouldn't limit your market! Overall, great job!
Hello Haley! Your venture concept was very interesting. In my opinion, you really knew how to engage with the customers and form a new idea. Your post was great and your idea would definitey be used by many students. (I would be one of them ;)) It is definitely true that your strongest connection would be your local community.
ReplyDeleteHi Haley,
ReplyDeleteI think that this is a really great idea. Shopping can be incredibly annoying when you go to a store and the item that you are looking to purchase is not available. I think that the most important aspect of your idea is the fact that you can save so much time. I think this would be great for busy people who are working and do not have time to go from store to store looking for a product. The app would definitely be downloaded by many people.
This is a great venture that could definitely become very successful if managed properly. People love saving time and shopping around can take a whole day for some people, so this app could be very useful for those customers. One negative for this is that stores want customers to go around and look at as many products as possible so they buy more, so they may not like this app.
ReplyDeleteThis is a great venture that could definitely become very successful if managed properly. People love saving time and shopping around can take a whole day for some people, so this app could be very useful for those customers. One negative for this is that stores want customers to go around and look at as many products as possible so they buy more, so they may not like this app.
ReplyDelete