Smart Closet
Opportunity
·
The opportunity that I have identified is
offering individuals a product that helps styling be easier. I believe there is
an unmet need for people who struggle to pick outfits to wear. This need has
been an existing need that applies to teenagers and adults. I am more so
targeting the younger audience which would include young adults anywhere from
18-25. The nature of the need is not immediate, it really depends on the person
buying the product and how much they struggle with this need. I want to start
off small first, so my market will be in South Florida around high schools and
colleges.
·
The forces that create this opportunity is
self-confidence and how society perceives you. Many people will find this need
because they want to look and feel good. If they feel like their outfit doesn’t
look good or fit the occasion, they will not feel confident. Also, it is
especially important because in today’s society people may judge you based on
your outside appearance, so they want to ensure that they always look good.
·
Customers can satisfy this current need by
hiring a personal stylist, buying a monthly styling subscription service, or
planning in advance. The customer’s loyalty fluctuates; they are only loyal to
these solutions if they are continuously satisfied with the quality of service,
convenience, and price.
·
This opportunity is kind of small because not
everybody finds this as an unmet need. It really depends on the person because
some people care about what they wear, and some don’t. However, this window of
opportunity will be open forever because people always struggle with coming up
with any outfit.
Innovation
·
The innovation in this product is using user
feedback to style outfits and allowing them to see how it will look virtually.
This will help avoid the struggle of putting together outfits and wasting time
trying to figure out a good combination of clothes.
·
To do this, Smart Closet will use a
scanner software system that will download and read all pieces of clothes in
your closet. Once all the clothes are in the system it will be linked to the
app so users can scroll through their items. Users will be then prompted to
upload a 360-degree image of their body onto the app to have a virtual image by
using their phone camera to scan their bodies. Each day, users will go on the
app and answer a short amount of questions that will help the software pick
suggested outfits based on their answers. Also, it will show how the
options look on the user through the virtual image.
·
I will be selling this service for a one-time
fee of $10-20 to accommodate the technology costs and the app will be free.
Funds will also come from investors, in-app purchases, and in-app
advertisements.
Venture Concept
·
My innovation will solve this opportunity by
picking out outfits for a customer to wear decreasing the amount of time it
takes for them to pick an outfit and get ready.
·
Customers will buy my product because they are
looking for a solution that will actually solve their needs and won’t be
inconsistent in producing results. Younger people who have this need, want a
consistent service that will help dress them for any occasion and decrease the
amount of time it takes to get ready. They will switch to this product because
it is affordable, user-specific, and reliable. Also, other businesses in this
market don’t really advertise their products, so individuals will be ready to
take advantage of my product once it’s out there.
·
The one company that I know is similar to mine
is Rabbit Tech Inc. There are also some styling websites like Dailylook and
Stitch Fix. All these alternatives make people pay monthly subscriptions, which
can be costly for the demographic I am targeting. Besides, I had to do some
searching for these companies because I don’t see much advertising for their
service.
·
To have a “business” to support the production
of this product I would need 30 employees. I would need technology,
advertising/marketing, HR, and finance departments. The technology department
will consist of the IT techs who create the code for the app and deal with any
malfunctions in the app. The marketing department will target our market
audience and work closely with the advertising department. Advertising will be
in charge of promoting the app, finding companies who want to promote within
our app, and finding brand ambassadors. HR will hire/fire the employees and
ensure policies are in place so everyone is treated fairly. The finance department
will manage the funds in the business and secure investment opportunities.
3 Elements:
·
My most important resources will be being
affordable, as well, as user-specific. It is most important to my venture
because it sets me apart from the competition and allows my customers to
directly feel like their need is being met. Affordability is good for my target
audience because they are young and may not have flexible funds to use. Being
user specific is key because my audience will know this is the product for them
and will help them not regret their purchasing decision.
·
I don’t think I can tackle another opportunity
with this current innovation because it is pretty specific to the opportunity.
However, I would choose to launch two new product/service that can be aimed at
my existing customers. My first product will build on what Smart Closet already
offers. I was thinking of a service that will suggest outfits based on
inspirations you like or your preferences, allow you to buy them, and have it
shipped to your home for customers to wear. The suggested outfits will be under
2 categories. One category will be the regular line, offering stylish clothes
but for an affordable price; and an upscale line that is stylish as well but for
the wealthier individuals. My next
product will be creating heels that are durable, but also stylish for dance
use. In the modeling organization, I am in, we always struggle to find heels
that are durable to practice in for our performances. We go through heels about
once a month, which is costly and a waste of heels.
· In the next 5 years, I hope that this innovation
will be successful and adopted by individuals and retail stores. As an
entrepreneur, this venture will have shown me the do’s and don’ts of my next
vision. For my next vision, I feel like I will be more prepared and will have the
resources/tools to have another successful product.
Feedback & Changes:
·
I didn’t receive any feedback on my previous
venture concept. However, from the “What’s Next” exercise I received feedback
that encouraged me to continue with implementing a service that gives consumers the ability to shop from the app and have it shipped to their homes. They also suggested that with this new service, I should also make an additional line of clothes that caters to the wealthier individuals. I enjoyed receiving this feedback and implemented
it into my 3 elements of my venture concept. I believe this feedback will be beneficial
and will help my product get more exposure.
