i need to do a conclusion for this assignment and ppt slide.
Introduction In the current fast paced world, everyone wants things done instantly. In order to ease the hassle people often go through and to save their time our team has developed an idea that could bring change in the retail fashion outlets. Everyday thousands of people go shopping at fashion outlets and spend a lot of time searching for their desired fashion clothing. People roam in different aisles and get confused; some even can’t find the right section for male and female clothing. Even when they find their desired item to check the right size, they wait outside the changing rooms with a long serial to check the right size and see how it would look on them. Keeping these things in our mind, our team has developed a new idea to reduce the sufferings of the people. A “Virtual fit-on Room” is the solution to all the trouble a customer goes through while shopping in a fashion outlet. With the help of these rooms customers can virtually see how they would look in their new clothes without even wearing them, they can even see recommendations of clothes with the help of a built-in artificial intelligence in the program of these rooms/pods not only this but they will know the exact location of their desired dress in the store. This newly innovated rooms are for large fashion outlets like Myers, David Jones and other those have sales warehouse. There will be 5-10 fit-on rooms with devices/pods, which will be placed inside the stores replacing the conventional changing rooms. The technologies used in these rooms will be completely modernized and updated yet simple to use. Imagine how these rooms would change the conventional fashion outlets with next generation technologies. The objective of this Proposal is to attract the potential investors for our Entrepreneurial venture. Our research and development team has gone through numerous issues a customer can face while being in a large fashion outlet and they came up with technologies like IR sensors for measuring the body, skin tone detecting sensors, high-tech cameras that can give 360-degree angle outputs. Using this system, customers can get their desired clothing with suitable sizes and would match their body shape and skin tone. The system will be technologically so much advanced that it would help a customer to see them in their desired clothing in 360-degree angle. With such amazing technologies but easy to use imagine how much easier it would be for customers to shop in large fashion outlets. Business Model The business model of this proposed project explains how this virtual fit-on rooms creates value to their target market and the key activities for the successful operation of the business. The large fashion outlets such as Myer and David Jones and sales warehouse have been identified as target market for these innovative fit on-rooms. By Investing on this new product, the fashion outlets can attract more customers to their shops by providing high visibility of products range to their customers. And, the product has been designed in a way to provide easy product comparison between various colours and designs and allow more convenience of purchase for users. Moreover, the product helps to maintain more hygiene during this pandemic period and avoid the tear and wear clothes and stealing products. All these factors help fashion outlets to provide quality and efficient service to their customers. Furthermore, the product is helping to increase productivity and sales as factories can manufacture outfits according to most demanding size and style. The company has all four phases of business model and planning which are Develop the business model canvas, Test the value proposition with customers, Test product with prototype and Pivot Business Model until ready to expand. The product has been tested properly to verify whether it meets the customer expectations and based on the test results the relevant alternations has been made. The prototype product has been placed in few fashion outlets to get real world customer feedback. Moreover, the company is continuously working on product improvements. The brief business Model Canvas as bellow. Key Partners Key Recourses Key Activities 1. Software Application Company 1. Hardware Partners 1. Innovative Pods (Body scanners, Screen, HD camera, IR sensors) 1. Software application 1. Capture body measurements 1. Capture customer’s face and fit it to the relevant body size 1. Virtually fit items to customer body 1. Allow to select different colours and design 1. Provide recommended fashion items 1. Find the exact location of the dress Customer segments Value Proposition 1. Large fashion outlets 1. Warehouses 1. Attract more customers 1. High visibility of product 1. Easy product comparison 1. Convenience of purchase 1. More hygiene and less damage 1. Increase productivity and sales Cost structure Revenue Structure 1. Pods manufactures 1. S/W application developments 1. Sales and Marketing 1. Product Sales Vision/ Mission/ Strategy The Vision of the project is “Use the modernized technology to provide a totally new shopping experience” and our mission is to provide correct representation of the appearance in selected item of clothing to the figure and skin tone of the customer and make their purchase easy and quick. In order to achieve the ultimate vision, the company is following Differentiated and Niche marketing strategy by providing innovative features in the product and targeting only large fashion outlets and warehouses. Also, the company has made Strategic Alliance with sole traders who wish to standardize this product as a means of marketing to their brand. This means if a particular brand wants to sell various sizes based on US, Euro or Asian size, then this product can be programmed according to the client’s usage. Risk Management Plan In today’s technology era where tech has changing the world rapidly also the customer demand one thing is for sure is that product life is getting shorter and shorter whether it is electrical product or clothing product. It seems like companies or manufactures are not able to keep it with the demand. The ever increasing trend of outsourcing and globalisation is leading the local firms to trust business often positioned outside the countries. This make local business to lose the control of quality of their product which makes product life shorter. 1. Market orientation Our product provide brand to be more attractive to consumer so they are sure that they will have better clothing every time they buy. It will also improve the market sensitivity with brand attractiveness. 1. Cost reduction Our product will provide reduced cost to brand and manufacture by reducing the waste and also minimising the display product. This will provide companies an advantage to maximise the profit. This will improve time management as well as flow management. 1. Environmental sustainable Clothing companies are recognised as big source of pollutants and also numerous other environmental problems. Our product will lead to reduce all of this environmental problem and will provide to reduce the waste and effectively use the material with measure to make to order. Identifying risk factors 1. Market orientation risk factors 1. To catch the customer attention is expressed by demand prediction process and change in demand process during the festive and selling seasons. 1. It is always difficult to achieve accuracy for one item in clothing so it is better to club few more clothing accessories in order to reflect purchasing behaviour. 1. Lack of consumer taste and information what customer wants. 1. Lack of understanding of festive seasons trends people follow. 1. Not enough comparison in fabric and environment. 1. Cost reduction factors 1. Delays in selling the clothing can cause delays in production orders which may lead to incorrect dimensions orders. 1. Lack of virtual integration. 1. Usage of low cost transport. 1. Inefficient separation and division in stores. What is augmented reality shopping? Well augmented reality normally refers to create digitally and virtually any content into the customer real world atmosphere including the environment where end user are familiar of surroundings. How does it help? It enables the consumer and brand to engage with brands products through virtually from anywhere and providing them the experience to try it on and personalise their preferences. This experiences provide better and more detailed information and intuitive product than going physically trying them out. What is our business Proposal? What is our business Proposal? Virtual Fit-on Room What is a Virtual Fit-on room? Digital room for smart shopping 3D body scanning chamber 3600 view of a person Necessity of these rooms Fast paced service Making shopping easier Scenario during a pandemic Business Model Business Model Canvas Vision /Mission/ Strategy VISION Use the modernized technology to provide a totally new shopping experience MISSION Provide correct representation of the appearance in selected item of clothing to the figure and skin tone of the customer and make their purchase easy and quick. STRATEGY Differentiated & niche marketing Strategic Alliance