Actual Manufacture of prodcut would be outsourced
Dealer Network-
The Distribution Channel
Designing
Marketing
Customer Support
Maintenance
Convenience to stores customers
lower staffing requirements
Lowered business operating costs
creating a novel shopping experience
Call centers
on call service staff
large stores would have an engineer/rep on hand
trained reps at stores
Hypermarket stores
supermarket stores
other large stores with low staffing needs
tech savy populace
Key Resources
Channels
Engineers involved in product design and improvement
Pure B2B operations
Primarily by approaching large stores and product demos and trial phases
Cost structure
Revenue streams
Primary Costs: Manufacture and R&D
Premises Rent
Staff: R&D team, Custimer support, business development, software development
Product sales
Maintenance and service contracts
VII. IDEA ASSESSMENT SCORECARD
Element | Question | Low 1-3 | Medium 4-6 | High 7-9 | Reason for the score |
Product | Is this really a product or process innovation? |
|
| 7 | A large improvement over what exists |
Can the intellectual property be legally protected |
|
| 7 | The product and design can be patented | |
Market | Are customers receptive? Does this solve a problem? | 3 |
|
| The current alternatives are very attractive |
Industry | Is the industry attractive? |
|
| 7 | Attractive
|
People | Does the venture's mission fit the personal aspirations of the entrepreneur(s), their willingness to take the to risks and give up control? | 3 |
|
| There are discrepancies between the venture’s mission and the entrepreneur’s personal aspiration and their willingness to take risks and give up control |
Is the entrepreneurial team sufficiently connected, up, down and across the value chain? | 2 |
|
| The entrepreneurial team has no personal or professional ties with customers, suppliers and competitors | |
Money | Are the gross or operating margin satisfactory given the typical industry or cost structure? |
| 4 |
| Ventures gross or operating margin are typical for the industry |
Are operating and cash cycles optimized? | 3 |
|
| Inventory is ineffective. Venture must prepay suppliers. Little control on accounts payable. Possible bad debts | |
Does the venture’s revenue model entail customer repeat sales or recurring revenue |
| 4 |
| Some limited revenue generated through repeat sales and/or subscription | |
Total Scores | 40
|
|
|
|
|
A score of 45-44 indicates a likely to be funded project. The venture can provide a point solution to a narrowly defined problem. Opportunity here means possible grants, alliances, and license agreements to build a more complete end-customer solution.
VIII. FEASIBILITY
A. Technical Feasibility
Bangalore has a strong technical infrastructure, with a thriving startup ecosystem and a large pool of talented engineers and developers. The country also has a growing electronics manufacturing industry, with several government initiatives aimed at promoting local manufacturing. Overall, the technical feasibility of developing a smart trolley in Bangalore is high.
B. Market Feasibility
Bangalore has a large and rapidly growing retail market, with a diverse range of customers and a growing demand for innovative products. However, the market for smart trolleys is still relatively new and untested in Bangalore, and it may take time to build awareness and demand for the product. Additionally, the price sensitivity of Bangalore consumers may be a challenge for a premium product like a smart trolley.
C. Financial Feasibility
Developing a smart trolley would require significant investment, including research and development, manufacturing, marketing, and distribution. While Bangalore offers several government incentives and subsidies for startups and manufacturing, accessing funding can still be a challenge. However, if the product is successful, there is potential for high returns on investment, given the size and growth potential of the Bangalore retail market.
D. Legal Feasibility
Bangalore has a well-established legal and regulatory framework for intellectual property protection, safety regulations, and environmental standards. However, navigating the regulatory landscape can be complex and time-consuming, particularly for a new product category like a smart trolley.
E. Operational Feasibility
Bangalore has a complex and diverse retail landscape, with different formats and channels, and varying levels of technological sophistication. A smart trolley would need to be designed and marketed to address the specific needs of different types of retailers and consumers, and it may take time to establish a reliable and efficient distribution network.
IX. CHALLENGES
A. Price Sensitivity
As mentioned earlier, Bangalore consumers are highly price-sensitive and may not be willing to pay a premium price for a smart trolley. This may require the development of a cost-effective product that still offers significant value to consumers.
B. Competition
The Bangalore retail market is highly competitive, with both domestic and international players competing for market share. This means that a smart trolley would need to differentiate itself from existing offerings and provide a unique value proposition to retailers and consumers.
C. Regulatory Compliance
Bangalore has a complex regulatory landscape, and navigating the various legal and regulatory requirements can be challenging. This may include compliance with intellectual property laws, safety regulations, and environmental standards, among others.
D. Infrastructure
The infrastructure for retail and distribution in Bangalore is still developing, and there may be challenges in establishing a reliable and efficient distribution network for a smart trolley.
E. Consumer Education
A smart trolley is a new product category in Bangalore, and there may be a need for consumer education to build awareness and demand for the product.
F. Technical Challenges
Developing a smart trolley involves a range of technical challenges, such as developing robust and reliable hardware and software, integrating different sensors and systems, and ensuring compatibility with existing retail infrastructure
[1] Suryaprasad J, Praveen Kumar B O, Roopa D & Arjun A K, “ A Novel Low-Cost Intelligent Shopping Cart,” IEEE, 2014. [2] Amine Karmouche, Yassine Salih-Alj, “Aisle- level Scanning for Pervasive RFID based Shopping Applications ,” IEEE. [3] Chandrasekar.P , Ms. T. Sangeetha, “ Smart Shopping Cart with Automatic Central [4] Billing System through RFID and ZigBee,” IEEE, 2014. [5] Paxal Shah, Ms. Jasmine Jha, Nirav Khetra, Manmitsinh Zala “A Literature Review Improving Error Accuracy and Range based on RFID for Smart Shopping,” International Journal for Scientific Research & Development(IJSRD),2015. [6] Retail Industry Report, (2022), https://www.ibef.org/industry/retail-india [7] S Suraj, Vishal Guruprasad, R.P. Udayagiri and Preetham S Nag, \"RFID Based Wireless Intelligent Cart Using ARM7\", International Journal of Innovative Research in Science Engineering and Technology, vol. 5, no. 8, 2016. [8] Mayur Subhash Chaudhari, “A Review on Electronic Shopping Cart Based RFID,” International Journal & Magazine of Engineering, Technology Management & Research, ISSN No: 2348-4845. [9] García-Sánchez, A., Caba-Pérez, C., & López-Guzmán, T. (2012). Smart trolleys: A new approach for retailing. Journal of Theoretical and Applied Electronic Commerce Research, 7(3), 143-156. https://doi.org/10.4067/S0718-27242012000300016 [10] R. (2006). “An Introduction to RFID Technology”. IEEE Pervasive Computing, 5(1), 25–33. doi:10.1109/mprv.2006.2 M. Young, The Technical Writer’s Handbook. Mill Valley, CA: University Science, 1989. [11] Tom\'s Hardware. (2019, February 4). Arduino Nano Boards: Specs for Every IoT and BLE Sense. Retrieved from https://www.tomshardware.com/news/arduino-nano-boards-specs-every-iot-ble-sense,39371.html [12] Anderl, E., Becker, I., von Wangenheim, F., & Schumann, J. (2020). Mapping the customer journey: Lessons learned from graph-based online attribution modeling. Journal of Business Research, 109, 292-307. doi: 10.1016/j.jbusres.2019.11.048 [13] Zaidi, S. A. H., & Aziz, J. (2015). Retail Shoppability: The Impact of Store Atmospherics & Store Layout on Consumer Buying Patterns. Journal of Basic and Applied Scientific Research, 5(5), 274-281. Retrieved from https://www.academia.edu/download/89826746/Retail-Shoppability-The-Impact-Of-Store-Atmospherics-Store-Layout-On-Consumer-Buying-Patterns.pdf [14] Zhang, J., Zhang, W., Zhang, S., & Zhang, J. (2014). Design and Implementation of Smart Shopping Trolley System with RFID Technology. In 2014 IEEE International Conference on Mechatronics and Automation (ICMA) (pp. 741-746). doi: 10.1109/ICMA.2014.6885889
Copyright © 2023 Akash Singh, Ankita Panda, Jude Passanha, Preetham R, Puneet Jain, Shylendra Raja S, Dr Shakeela Banu C. This is an open access article distributed under the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Authors : Jude Angelo Passanha
Paper Id : IJRASET51661
Publish Date : 2023-05-06
ISSN : 2321-9653
Publisher Name : IJRASET
DOI Link : Click Here
Business model canvas, value proposition canvas, five forces analysis, market data, value curve (blue ocean strategy), intellectual property strategy, minimum viable product design, implementation plan and budget, works cited.
A Mind-Reading Shopping Cart is a useful device for those who think that grocery shopping is a burden. The cart will provide information on the selected products as well as customer reviews so that the user knows what product is worth buying. Furthermore, the software will be able to warn the user about products that do not fit the user’s dietary standards. To avoid wasting time at checkout, the cart will be able to scan all purchases and accept digital payment.
As already mentioned in the presentation on the Mind-Reading Shopping Cart, key partners of the company are software providers that develop software for the cart itself. Service providers like grocery shops or shopping centers can also become partners within the business model canvas since they can promote the cart inside their facilities. Key activities that relate to the Mind-Reading Shopping Cart include the development of the product itself, it’s manufacturing, distribution, and, lastly, product marketing. In the age where technologies dominate every aspect of the business, the key resource for product marketing is social media since it reaches the widest audience across all levels.
When it comes to the primary segments of customers, the Mind-Reading Shopping Cart is predominantly targeted at bust individuals that have very little time for shopping; however, this product can also appeal to the elderly that need assistance when shopping for groceries. Individuals interested in the latest technologies should also be targeted since they can bring significant revenue to the company.
Within the business model canvas, relationships with customers are what bring the most success to the business. The company-developer of the Mind-Reading Shopping Cart should establish a strong, trusting relationship with its customers who will be able to ask for assistance if any issues occur. Through the establishment of a strong relationship with clients, a company will have a more unified business model across all levels; by knowing what customers need or want to improve, the developers of the Mind-Reading Shopping Cart will quickly and efficiently cooperate with primary stakeholders to keep customers satisfied.
The channels through which customers can be reached involve five stages: awareness, evaluation, purchase, delivery, and after-sales. The value propositions involve reaching the target audience, finding new talent to work on the innovation, and build a professional network. Primary costs involve web hosting costs, product development costs, marketing costs, as well as general and administrative costs.
The value proposition canvas for the Mind-Reading Shopping Cart consists of the value proposition and the customer segment. Within the value proposition, the primary services the shopping cart offers include user-friendly voice recognition software, kinetic motion sensors, and quick access to the Internet. Gain creators are the latest technologies, the cart being a convenient solution for shopping that saves time and effort, and immediate replacements of repairs in case of problems. The ‘pain relievers’ for customers the Mind-Reading Shopping Cart offers are the ability to visualize a shopping list, quickly get product reviews, as well as no need for pushing the cart since it drives itself.
The customer segment includes gains, pains, and customer’s jobs. The gains the shopping cart offers include time-saving, innovative interactive technologies, easy shopping experience, and getting new information about products. Pains include the lack of mobility of the gadget in its early versions, getting used to new technologies, and the fact that the cart does not replace human presence. The jobs customers should do involve bringing the cart to the store, downloading the shopping list into the database, and follow the gadget’s instructions.
The market of technologies is dominated by smartphones, laptops, and tablets while unique devices like the shopping cart constitute only two percent of the market share. Figure 1 below illustrates 2011-2016 data on the usage of various gadgets:
Blue Ocean Strategy created by Chan Kim and Renee Mauborgne is a range of tools a business can implement to be successful in capturing an uncontested space on the market. Using the strategy, developers of the Mind-Reading Shopping Cart can achieve the following result as shown in Figure 2 below:
Because in recent years the concept of intellectual property (IPR) has become significantly strategic (Eckardt par. 2), the developers of the Mind-Reading Shopping Cart should have a clear IPR strategy to protect the innovation of copying. Apart from patenting the innovation, the following strategic steps should be implemented:
This step involves observation of all layers of the external business environment as well as internal processes within the organization.
This step involves analyzing acquired information from the previous step and then choosing which information is the most important for the organization.
This step involves making decisions about the appropriate orientation of the business and actions related to intellectual property.
The last step means implementing all possible IPR actions: creating an IPR department, the creation of the innovation protected by the IPR, creation of IPR assets, and finding a way to leverage all assets within the marketplace (Eckardt par. 18).
Minimum Viable Product (MVP) is a particular variation of a product that allows the company to gains the most information about the customer without too much effort (Ries par. 3). To create the MVP for the Mind-Reading Shopping Cart, the company should divide it into two dimensions: the software and the cart itself. First, the company should present the application that is the core of the cart and see how customers respond to it: what is successful and what needs improving. Second, the developers should offer the cart itself to the customers and get all the necessary information.
The primary budget for innovation is 9,6 million Dirham. It will be divided into the following costs:
Using establishing a concise pattern of connections and relationships between all units in the company, the Mind-Reading Shopping Cart Developers will be able to implement their primary objectives of bringing value to customers. The execution of the plan is linked to preparing action plans and estimates of the budget, program monitoring, and plan evaluation.
“ Data on Gadget Ownership ” n.d. Web.
Eckardt, Ralph. What Is IP Strategy? . 2012. Web.
Ries, Eric. Minimum Viable Product: a Guide . 2009. Web.
“ Value Curve Using the Blue Ocean Strategy ” n.d. Web.
IvyPanda. (2020, July 11). Mind-Reading Shopping Cart: Business Plan. https://ivypanda.com/essays/mind-reading-shopping-cart-business-plan/
"Mind-Reading Shopping Cart: Business Plan." IvyPanda , 11 July 2020, ivypanda.com/essays/mind-reading-shopping-cart-business-plan/.
IvyPanda . (2020) 'Mind-Reading Shopping Cart: Business Plan'. 11 July.
IvyPanda . 2020. "Mind-Reading Shopping Cart: Business Plan." July 11, 2020. https://ivypanda.com/essays/mind-reading-shopping-cart-business-plan/.
1. IvyPanda . "Mind-Reading Shopping Cart: Business Plan." July 11, 2020. https://ivypanda.com/essays/mind-reading-shopping-cart-business-plan/.
Bibliography
IvyPanda . "Mind-Reading Shopping Cart: Business Plan." July 11, 2020. https://ivypanda.com/essays/mind-reading-shopping-cart-business-plan/.
Amazon says it has built a better smart shopping cart.
George Anderson
Amazon.com has introduced the newest version of its Dash Cart, a smart shopping cart that enables customers to skip a store’s physical checkouts and go right out the door. The retail and technology giant says this next-generation cart includes a number of enhancements that will make it easier and more convenient to shop.
Dilip Kumar, VP physical retail and technology at Amazon, writing on a company blog says the new carts are lighter than the previous version and are able to hold twice as many shopping bags as before (four compared to two). The carts have an added “delicates shelf” and a lower shelf for oversized packages.
“We doubled the capacity of the cart while maintaining the ability to quickly measure produce weight for certified accuracy and price,” wrote Mr.Kumar. “Consider stepping onto a scale, which usually takes a few moments to stabilize and produce a final weight. The Dash Cart stabilizes nearly instantly — we’ve created algorithms that can determine signal from noise, like the cart moving through the store (noise), so it can calculate weight (signal) without asking shoppers to stop the cart.”
The new Dash Cart is now weatherproof, which means customers can wheel it out to their cars.
“To test durability, we baked the technology in an oven and froze test carts in a giant freezer to ensure they would survive harsh weather conditions. We also dropped heavy weights into test carts’ baskets more than 100,000 times to ensure they would remain usable after impact — needless to say, we feel confident the Dash Cart is durable,” wrote Mr. Kumar.
Shoppers will see images of nearby items on the screens of their carts as they shop along with messages about the products and special deals. Amazon said it has “evolved” the ability of the carts to determine where they are located within the store.
The carts’ battery-life has also been extended, which cuts down on the amount of time they spend charging and make them more available for customer use.
Mr. Kumar said that the new Dash Cart, which has been available to customers in Amazon Fresh stores, will also be deployed in the coming months at a Whole Foods located in Westford, MA. Amazon intends to continue offering the technology at its new Fresh stores and plans more deployments at Whole Foods, as well.
DISCUSSION QUESTIONS: What are the reasons that motivate people to use — and to not use — smart carts when they shop? Has Amazon built a better smart shopping cart?
How close is smart shopping cart technology to being widely scaled in grocery stores?
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AI Generated Business Plan
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Business plan for Smart Shopping Cart. Convenience for shoppers, increased sales for retailers, personalized shopping experience, and reduced checkout time. ... A smart shopping cart equipped with RFID technology and connected to a mobile app to streamline the shopping experience and offer personalized recommendations.
Business plan for Smart Shopping Cart. Enhanced shopping experience, increased accessibility, and time-saving benefits for all types of shoppers. ... A smart shopping cart equipped with RFID technology, touch screen interface, and mobile payment integration to streamline the shopping experience and make it more accessible for all individuals.
Business plan for Smart Shopping Cart. A seamless shopping experience that is more efficient and enjoyable for shoppers. ... A mobile-integrated smart shopping cart with a touch-screen display that is connected to the store's inventory system. MVP Features Touch-screen display, inventory system integration, basket-level scanning, and payment ...
Oct 22, 2023. In the ever-evolving landscape of retail, Amazon Fresh has once again redefined the way we shop for groceries. The introduction of smart shopping carts in Amazon Fresh stores has ...
The Solution. Smart carts have become possible thanks to technology that's often called computer vision AI. This type of artificial intelligence uses both a weighted scale and recognition technology to detect when any item is added to a shopping cart regardless of the angle at which placed in the cart. The technology can also accurately ...
The Smart Shopping Cart Experience. Smart retail carts like the EASY Shopper, created through a partnership between faytech AG and Pentland Firth Software GmbH, deliver a unique, streamlined experience. Before entering the store, customers have the option to make a shopping list with the solution app. Once inside, they activate their cart by ...
Here are some compelling reasons why smart trolleys are set to become an integral part of retail's future: 1. Seamless Shopping Experience: Smart trolleys leverage cutting-edge technology, such as RFID (Radio-Frequency Identification), to create a seamless shopping experience. Shoppers can simply place items in their trolley, and the ...
In the ever-evolving retail landscape, the implementation of smart shopping carts represents a transformative approach to enhance the shopping experience for customers and streamline store operations.
He also hosts GeekWire's weekly podcast. Twitter: @toddbishop. Email: todd@geekwire.com. Contact him via phone, (530) 230-3439, or encrypted messaging app Signal, 1-206-300-0265. Smart ...
Smart shopping cart startup Veeve, for example, was started in 2018 by a team that includes two former Amazon employees who were among the first to experience the Amazon Go technology.They saw an ...
Business plan for Smart Shopping Cart. Saves time for customers, improves the shopping experience, and provides valuable insights for retailers to optimize their operations. ... Introduce a smart shopping cart that integrates technology to help customers navigate through the store, access product information, and checkout seamlessly. For ...
Smart Shopping Cart Business plan by yanir edri on Prezi. Blog. July 25, 2024. Sales pitch presentation: creating impact with Prezi. July 22, 2024. Make every lesson count with these student engagement strategies. July 18, 2024. Product presentations: defining them and creating your own.
Smart Cart Malfunctions. Smart carts, too, pose many of these same challenges, and for years, vendors promised to improve the shopping experience while delivering countless business benefits with ...
IV. MARKETING PLAN. Smart carts are technologically advanced shopping carts that use sensors and artificial intelligence to improve the customer's shopping experience. They typically include features such as touchscreen interfaces, barcode scanning capabilities, and automated payment options.
View Smart cart business plan.docx from MKT 200 at California State University, Long Beach. Running head: SMART CART BUSINESS PLAN 1 Smart cart business plan Student name Professor ... Smart Shopping Carts.pdf. Rijksuniversiteit Groningen. MARKETING EBM075A05. Work # 244 Business plan - GO (2000 words) Dec 28, 2017.docx. University of the ...
Akindele E. Ayoola, Member, IAENG Awodeyi I. Afolabi, Victoria W. Oguntosin, Olaitan A. Alashiri, Victor O. Matthews, Member, IAENG and Odunayo O. Akande. . Abstract— It has been observed that Supermarkets witness long queues during the peak of shopping period. These long queues have resulted in the loss of time both for the shoppers and the ...
A Mind-Reading Shopping Cart is a useful device for those who think that grocery shopping is a burden. The cart will provide information on the selected products as well as customer reviews so that the user knows what product is worth buying. Furthermore, the software will be able to warn the user about products that do not fit the user's ...
Business plan for Smart Shopping Carts. Customers will have a more efficient, hassle-free shopping experience, and stores will improve their customer service and increase sales. ... Smart Shopping Carts designed to help customers navigate around the store, scan items, and pay upon checkout. MVP Features Cart tracking, item scanning, digital ...
July 12, 2022. George Anderson. Amazon.com has introduced the newest version of its Dash Cart, a smart shopping cart that enables customers to skip a store's physical checkouts and go right out the door. The retail and technology giant says this next-generation cart includes a number of enhancements that will make it easier and more ...
Running head: ONLINE SMART CART BUSINESS PLAN 7 endorsements to-arrange period (Yang, 2020). That's also where the acquisition equation comes into play. Many of the meta-cart variables you choose and plan well before the vast number of client log-ins and passwords are transmitted to your representative local area are included in the procurement calculation (Yang, 2020).
The smart shopping carts will increase customer convenience, accuracy in tracking and monitoring store inventory, and increased customer engagement. Business plan for Smart Shopping Carts. Menu
This business plan proposes a solution to the issue of long lines at billing counters in shopping malls, particularly during holidays and weekends when there are large discounts and offers. The ...
The smart shopping cart will target both individual consumers and businesses looking to streamline their shopping processes. Solution A smart shopping cart that integrates with a mobile app to provide real-time product information, price comparisons, inventory visibility, and seamless checkout experience.