Category: Uncategorized

My venture Lotus is a software system that uses augmented reality to help customers with their online purchases. Through this augmented reality customers will be able to visualize themselves with their clothing selection through their phone before purchasing an item.

MVP:

1. I believe that creating a landing page will allow my customers to have an understanding of how the software system will work.
2. Users will be able to sign up for our newsletter in order to become aware of our launch and allow the organization to gather data on our customer’s range.
3. I will prefer to use social media like Instagram and Tik Tok in order to showcase our customers the potential the software system could have.

Landing Page- How it works:

1. The first thing I will love the customers to view is either a short clip that showcases people using the augmented reality or an image of people standing in front of their camera being scanned.
2. The page will also allow customers to see our organization’s progress in order to get an idea of how our augmented reality could be adjusted.

Landing Page- Call to Action: 

1.  My landing page call to action is “Envision your future in the present”. This call to action will be on top of the page as the first thing customers see when they come to the page. The call to action allows customers to visualize their future clothing purchase in the present rather than waiting for the package to arrive.

Forma Tech- 

This organization has been able to achieve my desire in creating a software system for online shopping. The organization is a small start-up with two current employees. Currently, the organization is heading in the same direction as the software system. They however are still focusing on a business-to-business model rather than a customer model. Currently, this organization is growing and has achieved a high level of networking funding in order to grow their organization. I believe that my organization disrupting the current market and providing the virtual fitting room software system to business will allow my organization to grow and gain customers quickly.

Fit Analytics-

This organization was founded in 2010 and they focus on providing customers the ability to receive feedback base on their measurement input. Recently this organization was acquired by a large social media platformer Snapchat in March 2021. Fit Analytics provides virtual assistance for customers purchasing online by allowing customers to see where the clothing might have not fit in a certain area. Fit analytics also learns base on your shopping preferences and would help customers make decisions much quicker base on their previous shopping.

Stylebook-

Stylebook is an organization that provides virtual assistance when clothing selection. Customers are able to personalize their clothing selection and even allow themselves to set what clothing they want for another day. While I believe this organization is able to provide for their customer assistance I believe this organization has much growth to do. My organization aims to let customer visualize their clothing selection before purchase. Stylebook is an organization that mainly focus on helping customer organize their clothing selection while also providing them tips with their selection. Stylebook does also allow customers to purchase any clothing selection they prefer base on their preferences.

Trimirror-

Trimirror is an organization founded in 2010 that focuses on providing an online avatar service for its customers. Trimirror also provides a mirror for their customers in order for them to stand in front of them and visualize themselves in other clothing selections. Trimirror while being around for a couple of years they have slowly seen a decline in the visit growth by 20.45% I believe while this organization is able to provide a physical mirror that customers could use, their still very limited to their feature. Trimirror avatar limited the realistic view that customers wish to see in their clothing selection. The avatar feature also could be low quality and can’t showcase themselves properly towards their customers.

Astrafit- 

This organization has been establishing for a while and has created connections with multiple businesses. Astrafit focuses on virtual assistants for customers. They provide a service that allows customers to input their clothing measurements and when customers are shopping this virtual assistant will inform them if their clothing selection will work or not.  While this organization has been around for years, lately have seen a decline in their website foot traffics. Overall, this organization provides a service that allows their customers to input all their clothing size, but only provide virtual assistants rather than implementing augmented reality.

The Factual–

My original interviewee, unfortunately, had last min plans and had to cancel our meeting, but I did interview a close buddy of mine who works with computer engineering. One important question I ask him was how does this software system differs from creating an app. He was able to explain the process of creating this software system and while it might look better to create it on an app this could be problematic in the long run. He stated that being able to create this software system through a webpage will allow the creator to spot any issues quickly and will be much transferable to a mobile app. My expert loved the idea and believe that this software system could benefit others in the long run. He did share the concern that even if I made it free for all customers I will still need permission from e-commerce stores to run the software system on their webpage which could be difficult.

The Reflective–

During the interview, I had much thought about what was being said to me about my idea and the process behind it. For starters what thing that brought relief was the idea that security is included through iCloud services, this made me less concerned about the security system as I originally thought this security system needed to be created with the software system. The follow-up questions gave me a better response as the interviewee was able to discuss more about the software system and how it could play out when creating the system. The interviewee did have questions for me about how I believe this system could distribute the current market and how I plan in getting other e-commerce businesses in using my software system.

The Next Step–

After this interview, I believe that there are many steps forward with this idea. I believe that a software system could be created with someone’s help and the idea being brought to life will be much understandable now that I was able to see how the software system works. While I believe this idea will be worth pursuing I think that the struggle in getting started will extremely difficult. My idea is to disrupt the current market by providing this service for free to others, but at the same time, this software system could be recreated with current organizations. I believe being able to find another expert will allow me to obtain more information and could possibly see new problems that could occur with it. I believe that I will continue to research this idea and find ways to change the concept of this idea in order to make it more unique towards customers and the existing market.

I would love the opportunity to interview either the two founders Benjamin Chiang and Qianyi Zhou.  Both these founders manage to recreate an Augmented reality software system that allows individuals to envision themselves in clothing selection online.

Here are a few questions I would love to ask:

1. What made you come up with the decision to create an augmented reality software system in the heavy market?

   I hope by asking this question I will have an understanding of their decision in why they came up with this decision for the software system. I also plan in understanding what needs they saw in the market that they could fulfill for the customer’s needs.

2. Could you explain why you choose to have this software system available only through the Apple app store?

   Through this question, I want to know why did they choose to only feature their software system only through an app. I want to understand if providing this feature through an app will it be easier than creating a web extension.  I also want to understand their decision to first include only apple products in their decision rather than branch out to google as well.

3. I see that you manage to gain a large sum of capital in recent months. How were you able to gain such a large capital for a start-up business?

   I want to under their methods in pitching to investors about an idea that wasn’t fully operational. I also plan on understanding how they manage to obtain a market cap for $7 million dollars through just a small number of investors. lastly, through this question, I want to understand how they manage to obtain big-name investors in their network.

4. Looking at your business now are there some changes you made that differ from your original business plan?

   I want to hopeful have an understanding of how flexible an organization’s business plan should be. I want to also see if they had to face any issues in the direction they wanted their organization to head. I believe that understanding their shifts in their business plan will help me understand what changes I will face should I pursue this idea.

Upon reviewing one of many of my competitors in the market I decided it was best that I select a small competition named Forma Tech. The one thing I want to replicate from this organization is their software system. They were able to create the idea I wanted. The ability for customers to view themselves in their clothing selection with just a single photo, none of that 3D avatar. The one thing that I would want for my organization to be different from Forma Tech’s business model is its source of income. At the moment I believe that this software should be free or an internet extender for all websites. Rather than collecting income through subscription, I believe my organization can gather data on customers when online shopping and provide this as a source of income. I believe their main competitive advantage they have is their strong networking background and software system. Currently, they have recently started to move their software system through the Apple app store and have big investors such as Roblox and Sandbox VR  to assist them. I will continue pursuing this value proposition as this is the close organization I know that was able to create what I want. I also want my organization to focus their resource on the customer rather than other businesses, therefore being able to build a direct connection with the customers. I believe it might not be a good idea to move forward with this idea because it’s already created. Forma Tech has a large capital that will allow them to grow at a faster rate while also limiting their expenses. I also believe that it might not be a good idea to move forward because I already lack the skills to achieve my organization goals and therefore will take longer for me to build what I want to create.

 

 

Lean Canvas Version 1

Problem 

Online e-commerce has become part of our daily lives when it comes to online purchases.  While this has made purchasing items much better many of the online apparel stores have made it a bit difficult when selecting clothing items for ourselves. Sometimes there is a clothing selection that can run too big or small. Other times clothing selection could look different when it comes to our body size.

Solution 

People should be able to see themselves wearing this clothing idea in order to gain an idea of how they will looking in the clothing size and color. while there are many apps that provide these features, some of these features could only be used for one store or require precise measurements.  Other times the app will instead create an avatar rather than showcase someone themselves.

Unique Value Proposition 

While there are multiple apps that could provide these functions many of them focus on a business-to-business model. My solution software will become an internet extender for online purchases. People will be able to upload a photo of themselves and use it on all websites in order to visualize themselves in their clothing selection. This will be considered almost like a fitting room however could be done completely online.

Unfair Advantage 

While there are many software businesses that offer these features my software will innovate things differently. For starters rather than focus on capturing other businesses to run their software, I’ll heavily focus on the customer directly.  This will allow us to create empathy towards them and make them feel welcome on our platform. Another unfair advantage will be our low cost for business. Rather than charging them for each clothing selection, I’ll want to create a general price that will allow online businesses to showcase our software for their entire website.

Customer Segments 

A majority of my customer segment will come from college especially those from minorities group.  Some customers feel that sometimes when they shop online websites aren’t showcasing the clothing selection that will best suit them. Another addition will be customers who are plus size. The website sometimes doesn’t even try anything to showcase people that are plus size unless it’s a website just for plus size.

Existing Alternatives 

Currently, there are multiple software systems that could showcase people in clothing selection. An example of this website is”Fit Analytics” where customers could input exact measurements in order to get a better understanding of clothing fitting size. Other software companies choose to work directly with other businesses ( Bussines to Business Model) and charge them to include this feature at a higher cost pre clothing selection. Although these selections exist many of them are either too many steps a customer must take in order to use their feature or at times not even have this feature unless the web store allows them.

Key Metrics

This software will allow many people to have an online fitting room at their fingertips, there still multiple information we can review in order to see the effect of this software. One important piece of information we can gather from online purchases is the rate of return. If the rate of return for online purchase decrease with the usage of this software this will show that many people love the idea of seeing themselves in their purchase. Another key metrics we are able to see is the rate of abandoned carts.

High- Level Concept 

While there multiple software systems that offer these services I believe that their still potential in creating a solution for the e-commerce business. One such solution will be by creating a software system that will focus on the customers feeling welcome when purchasing online apparel. This software system will be very simple to use, and people will be able to upload images of themselves and change the images throughout time. This will create an emotional connection with the customers, knowing they will feel like they are being represented in their clothing selection.

Channels 

One of the most effective channels that I believe will play a key role is through a web extension. Allowing a web extension for this software will people to visit other sites and see themselves in their appeal selection. Another channel I believe will play an important role is through an app.  Through an app, people will be able to simply see themselves on a mobile device and scan the selection they wish to purchase.

Early Adopters. 

This solution could be used by everyone as this could give them an idea of how they will look with their appeal selection. I believe that a majority of college students will be the early adopters of this software. For starters, some college students can’t afford to receive and return the appeal selection should they feel that it’s not a perfect fit. Another reason I believe that college students will be one of their early adopters is because of their strong will for change. Some college students want other groups of people to be represented in these websites and appeal selection.

Assumptions 

I believe these are a few assumptions that must happen in order for this solution to be successful:

• People feeling an emotional welcome when being able to see themselves in the clothing selection they choose.
• People are willing to share their experience through this platform and referral others to this software.

In 2020 Tik Tok has come along way in becoming a profitable app business they faced many challenges in their United States market with the federal government, but through all Tik Tok manage to still become a strong social media platform for many.

Tik Tok has been able to solve many issues that other social media platform faces in entertainment. Tik Tok has been able to establish short video clips for others to view, rather than following other social media platforms where people submit long clips. They are also able to add much audio to their videos. Tik Tok manages to receive their funding from multiple investors such as byte dance and soft bank with a total of $3 Billion.

Tik Tok business model is to become a unique social media platform for many users. Their owner ByteDance heavily focuses on their artificial intelligence for their customers. Unlike other social media platform, Tik Tok are able to adjust the app to a person’s needs base on their likes, follow and views. This allows the app to adjust the app to become unique for everyone.