Reference no: EM131072847 , Length: word count:8000
Thesis
Research & Financial Projections should be conducted based on that idea.
Project should include: Executive Summary
Proposing to start a conversational commerce where Vogue4Kidz will be changing the way consumers (mostly moms) shop on their mobile devices using a highly personalized approach given that the E-commerce is old and commercial conversational commerce is the new wave. Consumers will engage with Vogue4Kidz (personal shopper) via text messaging which will help these consumers find exactly what they have in mind. This model will be applied to our target demographic of moms and will focus on kids apparel from the ages of zero to twelve as a start.
This idea came to my mind when meeting and talking with several moms at events and finding out how frustrated they become when not just finding the right clothes for their kids for the right occasion but amount of time invested in shopping and getting something unique in style that stands out. In this era of smartphones and indulgence in online shopping, moms are sifting through tons of online information to buy the best indie/brand name for their kids and are overwhelmed by the barrage of non-personalized information. Being a mom myself,I could very well relate to this.
What is the customer problem that my business will be solving?
Moms especially working moms are always on the go - running after her kids and tackling her long list of errands. She does not have time to sit down and shop. She wants the best for her child and has a lot of questions. In most cases, she is also the primary decision maker for household purchases. This makes her the prime demographic for conversational commerce - the convenience and personalization of shopping over SMS fits directly into her lifestyle and gives her time back in the day.
What is my solution?
Partnering with software engineers and stylists to build a central commerce platform on SMS that would utilize this untapped medium of communication for buying products. The idea is to connect consumers with personal shoppers who assist them in making purchases. This medium allows for the truest form of personalization in online shopping since it takes place in a conversational setting. Personal shoppers will use technology that recommends the best options for the customers they are engaging - enabling them to scale to more moms.
What is my business model?
Vogue4Kidz is anticipating to make 30% margins on a purchase while not holding any inventory allowing us to maintain a low-cost operational model. Planning to sign up 20 brands on a 30% revenue share model, meaning we keep 30 cents of every dollar spent to purchase an item of the brand sold on Vogue4Kidz. We collect payment on Vogue4Kidz, provide the shipping label to the brand and ask them to ship directly to the customer. All returns are sent directly to the brand.
Competitive advantage
Vogue4Kidz emphasizes personalization and convenience for the consumers and better economics to the brands by allowing them to sell direct-to-consumer and make retail margins. Vogue4Kidz will be a technology platform and will hold no inventory, which differentiates us from traditional commerce companies. Our focus on moms as a primary demographic and kids clothing as a starting point gives us a great competitive advantage over competition.
Exit strategy
The goal is to become the touch-point of commerce on SMS/Text Messaging. There are a lot of big retailers like Nordstrom and Macy's that are potential acquirers of this technology since they would want to tap into this new medium of commerce. Facebook and Amazon maybe already working on building their personal assistant plays. By focusing on kids clothes and mothers, this also becomes an attractive acquisition for big tech companies as a way to incorporate domain data on this demo and maintain market share.
Next Steps
After obtaining approval, I will start working on compiling information on the following areas:
Basic Demographics / Competition and Market Assessment
Financial Analysis / Sales Forecast
Marketing Plan
Operational Planning
Table of Contents - List of Figures - List of Tables Abstract Part I. (section or chapter) Introduction (background information, including the purpose or objective of the project, methodology and literature review, if applicable) Part II, III, IV. (section or chapter)
All other project sections that constitute the body of the project. Subheadings will vary according to the nature of the project) Final Part. (section or chapter) Conclusion, Findings, Implications and Recommendations References: Bibliography Appendices
Please make a note that I would only like online references (websites) that I can easily access.
Prefer US english.
Words: 8000 body of project not including table of index, references
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Build a central commerce platform on sms
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