In the current context, where more and more consumers are ultra-connected, virtual fitting will undoubtedly revolutionise the customer experience and that of the stores, regardless of the positioning of the stores.
PART 1: THE THEORY: THE DIFFERENT STEPS
In order to think about preparing a report to create a new business, it is important to respect certain mandatory steps, which are essential help for new entrepreneurs.
How and why do effectual entrepreneurs use business plans?
The business plan
The business plan is a document that describes the strategy of the future company, both at the organisational and commercial levels. The stakes are multiple since it is thanks to this type of document that banks or credit organisations can approve or not the project in question. It also makes it possible to measure the resources which are necessary for the development of the project and to measure its profitability. Overall, this report gives confidence to the various partners of a future company. It also reassures entrepreneurs about their ability to succeed, which in a context as competitive as ours, can be very important.
Market research
The market study is complementary to the business plan, it is a document that must be able to reduce the risk of failure. It deals with various elements such as consumer needs, preferences, purchasing habits, and prices to be implemented, but also how competitors manage to stand out in the market. Trends and prospects are also described, in order to prove that the new business in question is based on not only the present but also on the future.
Strategic Marketing
This is anything that can be used to highlight the performance of the company, and this is all the more important as all sectors of activity evolve in a highly competitive context. This step usually takes place after the market study, because to establish a marketing plan that holds up, it is important to know the market in depth. One of the main objectives is to achieve relatively quick profitability for the company and to be able to develop its business.
Project management
A project is defined through several stages, the launch, the planning, but also the implementation, and its closure. When starting a business, it is important to respect a series of objectives. A project, to be viable and accepted in the long term, must be realistic, it must also have clear objectives. All of this can help future entrepreneurs to develop partnerships and also to obtain various grants. In addition, underperforming projects waste companies’ money and this increases the risks even more.
User experience design
It is more commonly about the customer experience, which is of course among the most important things when starting a business. Future entrepreneurs must take into account customer feedback, in similar brands, for example, or more generally on the net and social networks. Newcomers to the market use this feedback to optimise how they themselves perceive the experience or future experiences of their customers.
PART 2: THE PRACTICE: STARTING A BUSINESS
The business plan
Company presentation
The "Essay'a'dom" group is an online fitting platform that wants to contribute to the well-being of consumers by allowing them to try on their clothes and other accessories directly at home. Avoiding travel also has an ecological aim, allowing the company to best personalise the customer experience. The main vision is to be able to revolutionise the customer experience by facilitating all procedures in sales areas. More and more consumers no longer like to wait for hours in front of the fitting rooms.
Objective
Develop effective partnerships with at least 10 companies within three years.
Make new technology an infallible way to improve the customer experience in a particular area of fitting.
Highlight ecological processes that will save time for all and less pollution of all kinds caused by potential returns.
Business strategy and project
The strategy put in place consists of offering a fluid and fast service, which meets the needs of consumers as well as their expectations. The platform must also be sufficiently easy to use, to attract an increasingly large clientele, and not just the youngest. We want to highlight a range of tailor-made services and to make ourselves known on all social networks. It is also a question of creating partnerships with major brands in order to encourage customers to try the service. It is about using digital innovations to encourage people to buy more. According to our forecasts and studies conducted on the subject, 45% of 18-45-year-olds would be more inclined to place an order if they were sure that the product suited them perfectly.
Financial plan
The initial investment would be mainly linked to the establishment of a reliable and referenced platform on the net. It is then a question of soliciting major brands to allow them to associate with our services, thus allowing them to generate more than 30% more orders. It is also a question of getting to know luxury brands. The initial contribution would be 200,000 euros, in order to be able to meet the expenses related to marketing and the creation of the platform.
The profits made over the years would be 8% in the first year and will increase over time, reaching more than 50% after three years.
The study and research of different fields of certified financial planning
Market analysis
The virtual fitting market is constantly growing, and it will be increasingly present in the world of luxury. By 2030, more than 150 million consumers should make their purchases online via this system. Thanks to smart mirrors, the entire customer experience is radically transformed.
Engagement rates on the net are also higher. Online sales will reach more than $6.54 billion in 2022. 67% of the youngest consumers try online, test and share on the networks, which will increase the notoriety of Essay'a'dom even more.
Strategic marketing
Target
The intended targets are women, men, and children. Age does not come into play since the platform can interest everyone, however, it is mainly people between 18 and 50 who are likely to use the service on a regular basis.
Positioning
We want to develop partnerships with all kinds of brands and all kinds of online platforms so that we can increase our reputation more quickly over the long term. The quality and fluidity of the platform will be an effective means of guaranteeing customer satisfaction over the long term. Ideally, it is a question of reaching as many brands as possible, which will be interested in increasing their turnover in a short time.
Project management
Project management must be as rigorous as possible so that quality control is not affected in any way. A team will, therefore, be dedicated to this task. The objective is to create an easy-to-access platform, where customers can actively participate in its creation, in particular, through the Internet and social networks. Each project put forward will be monitored and validated based on feedback from customer experiences.
User experience
Customer experience is one of the most important things in building this business. In a few years, the competition will be much more important, so it is necessary to position yourself among the leaders as quickly as possible. Involving them in the development of the platform also improves its notoriety and e-reputation. We will also give customers advice on choosing their items to further optimise this experience and not be limited to the simple try-on function. Consumers who will use the platform should feel like they are saving real time, and learning a number of things as well. Involve customers and encourage them to leave comments on the platform but also on dedicated pages on social networks. We will respond to as many people as possible, and use negative feedback to improve quickly.
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