Sei sulla pagina 1di 3

Business Concept Plan

Industry Background

An industry that use for this assignment is retail industry. Retail comes from the

French word retailler, which refers to "cutting off, clip and divide" in terms of tailoring. The

retail industry is a sector of the economy that is comprised of individuals and companies

engaged in the selling of finished products to end user consumers. Multi-store retail chains

in the U.S. are both publicly traded on the stock exchange and privately owned. The Retail

Industry was valued at USD 23,460 billion in 2017 and is expected to register a CAGR of

5.3% during the forecast period (2018 - 2023), to reach USD 31,880.8 billion by 2023. The

market provides products such as food, apparel, furniture, jewelry, and various others. Apart

from this, the stores can be classified into the convenience store, specialty retailer, internet

retailing, and various others. Internet retailing is the modern way of shopping. With growing

penetration of smartphones and mobile devices and the internet services, e-commerce has

emerged as a major shopping platform in the world.

Problem / Opportunity

The retail industry mostly facing a customer loyalty problem. Good customer

experience is a key factor in creating brand loyalty. One of the common mistakes made by

retailers is let their existing customers go and think they can easily replace them. If you keep

this mind-set, you will find it hard to sustain your business growth. While promotions and

special offers are still the mainstay of the retailers to retain their customers, the real key to

an amazing customer experience is personalization. In order to keep your customers loyal,

you need to use a personal approach, for example by sending them mails that have been

adjusted to their preferences and needs. Companies need to be more attentive to their
customers, monitor their actions closely, use campaigns wisely, use more emotional

intelligence and basically try harder to get their customers to come back and keep buying.

High-level Solution

A CRM system can help you maintain your customers’ details and send personalized mails

more easily. For small to mid-sized enterprises, a customer relationship management (CRM)

system or software platform is one technology that offers an abundance of benefits that can

not only make work-life simpler, but also transform the entire business. A CRM, however,

can help your business better understand the needs and concerns of its customers and be

more precise and deliberate in nurturing those relationships. Managing customer data,

tracking leads, and answering customer feedback requests are some basic functionalities of a

CRM. One of the toughest challenges for any product-oriented business is managing

inventory. SMEs that have inventory needs but lack internal resources can utilize a CRM to

manage purchase orders, customer product orders, and even monitor all inventory in

multiple warehouses.

Business Model

Gap Analysis

Competitor Analysis

Unique value proposition

Ideal Customer Profile

Total Addressable Market

Business Model Canvas

Value Proposition Canvas

Potrebbero piacerti anche