25A - What's Next?

 Existing Market

After I have successfully launched my app service Virtual Shopping, I plan on utilizing virtual reality technology further to create a mirror-shaped computer monitor. Users can link their smart devices to the monitor through Bluetooth. The monitor will be equipped with a camera and will act as a reflection of the user, displaying their avatar-self in real-time while trying on clothing picked out through Virtual Shopping. This will allow users to break free from the restraints of VR headsets. They will know be able to virtually try on clothing through their avatar reflection, being able to view a complete 360-degree perspective of the true fit of the clothing article.

Interview 1: Jackie, CPA, late-twenties

What do you believe is next for this business venture?

I feel that you have a fairly good grasp of what market you want to target and what exactly your app will do. I think next you should focus on the design and aesthetic of your app. That’s crucial to maintaining users; people don’t like using ugly or basic apps. I also think you need a better grasp of how you will fund the start-up of the business, especially before you begin construction of the app. 

What should I be doing that I have not planned to do?

You should be drafting brand agreement contracts. Competition will be a major threat to your venture. You’ve explained your concerns with this in regards with individual brands creating their own similar service. Therefore I think it would be important that when you approach brands with this idea you should bring with you two contracts: a non-disclosure agreement and a partnership contract. Before you disclose your venture idea, you should get the brand to sign the NDA so you can protect your idea. If at the end of the meeting the brand decides to come on board, then you get them to sign a contract agreement to solidify your partnership and also to protect yourself. 

What do you think of my ideas of what customers might want?

I think you have a really good grasp of what your targeted customers would want from your service. Your demographics seem likely to use your app and pay for its services. I would be willing to pay $19.99 a month to skip the trips to the mall and to eliminate shipping charges. 

Interview 2: Lynn, Music Teacher/Student/Aspiring Opera Singer, early-twenties

What do you believe is next for this business venture?

I think this idea is really cool and in high need. My schedule is always busy and non-stop so I know that I would use this service for sure. I think you should start getting in contact with app developers and get some drafts of how your app will look once it’s downloaded. 

What should I be doing that I have not planned to do?

Maybe you could try to incorporate different country platforms. Like for each country that you offer this service to, they can enter their own shopping mall that has all the local brands. There could be the option to shop from different countries too. 

What do you think of my ideas of what customers might want?

I think your ideas are really good. Obviously you know whom you’re trying to target and you’re developing a service that doesn’t exist yet. So you’re definitely filling a need. 

Interview 3: Matthew, Wealth Management Assistant, mid-twenties

What do you believe is next for this business venture?

Next you could think of partnering with courier systems, like Amazon or UPS. Have you decided how your customers will receive their packages? You will have to make agreements with couriers to fulfill your 2-day shipping guarantee and make sure that your shipping costs stay low enough that you can cover them with your monthly subscription fees. 

What should I be doing that I have not planned to do?

Well like I said you need to figure out your shipping method. But you can also be thinking of taking your product global. In that aspect you will also have to develop courier relationships. If you offer your app service in the UK, they will have to use a different shipping service. 

What do you think of my ideas of what customers might want?

I like the 2-day shipping guarantee that comes with your service. Just the other day I had an issue dealing with shipping. Your service seems very in touch with what customers want. You obviously did the research on which your targeted market will be. It’s smart to include men because I think a lot of people gear all shopping services to women. 

Feedback

I received some really good points from these three interviews. I tried to focus my interviews on twenty-something millennials who are very busy and utilize online shopping. The idea of protecting my idea with an NDA was very helpful. It makes sense that I could go to meet with a huge fashion brand like Forever 21 who might turn down my business opportunity, but then create their own service with my idea. These brands have the financial means to go about this service much quicker than I could so I need to make sure the correct measures are in place to protect my business. I also didn’t think of handling the shipping courier agreements. Obviously this is something that is vital to my service so I will need to make sure what I want to guarantee is feasible before I make the promise to consumers.

New Market

After giving some though to what my new market could be, I have decided to target a demographic of older consumers. My original market will be geared towards millennial-aged consumers. This new market will be geared to consumer’s aged 35-55. After doing some research, it seems that consumers in that age group spend the most amount of money through online shopping. Although millennials make up the most online shoppers, consumer’s aged 35-55 consistently spends more on their purchases than millennials do. This may because they have more disposable income.

Interview 1: Patricia, Hospital Psychologist, 53

What do you think my business should do to help meet the needs of customer’s like yourself?

I do a lot of online shopping for myself and my family and friends. I find myself online browsing during my down time and very often. I would feel like a lot of customers in this new targeted age group would also be buying for family members, most likely young children. What I think would be an interesting way to meet this need would be to allow users to link multiple avatars to their account. So if I wanted to buy something for my daughter without her knowing, all I have to do is log into the app and use her avatar to find clothing that fits her. Maybe even if you are connected to a friend through the app you could do the same for them. Basically I think it would be important to have access to other avatar measurements, but obviously only those that you are connected to. Like friends on Facebook type of thing. 

What kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

Other than the idea I mentioned before, I think maybe you should have a few questions at the beginning of the app sign up that asks for the users age. That way you could set up a mall of clothing brands that would pertain to them. Rather than me seeing brands like Forever 21 and Gap Kids, I would see Ralph Lauren or Chicos. And then obviously if I wanted to I could search for other brands for my family or friends. 

Interview 2: Marlyne, Mother of 2 young boys, 35

What do you think my business should do to help meet the needs of customer’s like yourself?

I would like the idea of a reward point system. I spend a lot of money online shopping and use it as my primary means of shopping. It would be cool if I could earn points from every purchase I made. And then you could use those points to redeem discounts or something. Like for every 100 points you earn 10% off your purchase. I think a lot of people would like that because you can’t always earn points at physical store locations. 

What kinds of adaptations to the product/service mix do you think I should make to be successful in this new market?

Maybe you could make brand suggestions for users. If the user filled out a little survey at the beginning of the sign up process then the app could recommend brands that the user might like. I would like that because it might introduce me to brands that I might not have heard of but like their clothing. As a mother, I am always looking for new, trendy children’s clothing but I don’t have a lot of time to search for brands. This would be a cool feature for mothers or older people who want to stay trendy but don’t know where to look. 

Feedback

I really enjoyed my interviews with these two women. Despite not originally targeting this market, I feel they gave me really interesting suggestions on ways to grow the app in new directions I didn’t even think of. I think it was a good idea to go outside of my intended demographics. On the topic of growth, we are able to learn new ways to build our product or service to meet the needs of new potential consumers. I might not have had these suggestions from consumers within my existing market.