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Gift Store Concept

Everyone wants something special
by

Reuben Yong

on 9 January 2013

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Transcript of Gift Store Concept

Gift Store Concept Everyone wants something special Our Gift Store Inventory and Target
Audience Do we keep stock?
Yes and No Target Audience So what are we waiting for?! Personality of Gift Store Website & mobile Layout Product Verticals Online Commerce set to
GROW. What about Mobile Commerce? People buy all sorts of things online How big is the online commerce
market really? -Airline Tickets ($156 million)
-Fashion and Accessories ($153 million)
-Financial Products and services ($89 million)
-Travel Packages ($77 million)
-Books ($63 million)
-Others ($862 million) -$328 Million in Mobile Commerce in 2011
-People are more wary buying expensive
products and services via the mobile phone.
Hence, fashion and accessories topped mobile
commerce spending ($63 million), followed by
movie tickets ($48 million), books ($40 million)
and apps ($33 million). -Thematic Verticals (Christmas, CNY)
-Special Offers (Discounts, promotions)
-New Stuff (Product Releases)
-Gifts (Gift vouchers, For Him, For Her)
-Gadgets (iPhone accessories, laptop cover, Audio)
-Toys (Working with Toy Manufacturers)
-Entertainment (DVDs, Blu-Rays, Books)
-Experiences (Paintball, Fine dining) -Strong User Interface/Experience (UX/UI) (www.airbnb.com/ www.mrporter.com)
Strategic and concrete Information Architecture
Live chat with customers (Personal Concierge like Vertu)
Responsive Design
Speed Optimized
Life Cycle Marketing through Technology (Edms)
E-Commerce simple checkout (2 Steps)
-Shopping Assistance and User Experience
Predictive algorithm
"Others bought these too"
"Have you tried this?"
-Content rich pictures (www.firebox.com)
Strong product visuals
Shopping widgets on website -Hold your horses! We need PJ's approval
and she will ask us about inventory and Target Audience! -To reduce the risk to our business, we will do
consignment first (Phase l)
Pros:
Low risk involved for unsold products
Good bottom line
Possible Top Line Revenue coming in for high price point items
Cons:
Suppliers, vendors will be unwilling to partner unless we ensure SALES and VOLUME.
No control of prices and weak bargaining power
Slow delivery to end consumers -No Cheap Verticals (i.e. Minimal Discount elements except for occasions and fire sale)
-Middle-High Income Group
-Price range: $10-$500
-Multiple niche market segments

-As mentioned, customers are not afraid to spend online as long as we ensure strong UI/UX. They will come back.
-With our live chat, this would make engagement strong -In 2010, online commerce in Singapore was $1.1 billion dollars
-In 2011, it grew 30% to $1.4 billion dollars.
-By 2015, it is projected to grow to $4.4 billion dollars in Singapore alone. All these in Singapore alone. How do I make sense of these? -Price is no longer an issue (i.e. People have no issues paying for high ticket items online)

-Convenience, User Experience/User Interaction and security still triumph What about Asia Pacific? LOADS OF CASH
TO BE MADE when we insert
'ourselves in the cash flow -In 2012, companies spent $2.41 million per US$1 billion revenue in Asia Pacific
-By 2015, this investment will grow to $2.85 million per US$ 1billion revenue
-Asia Pacific will surpass US states in 2013 for having 34% of the entire worlds Ecommerce transactions Seriously, how is this even
special or unique that others don't already offer or can potentially have? Yes, we can try to bring in
as many unique verticals from all around the world. However competitors could still find our sources hence we need to... 1) To Ensure Speed to Market (offer the products first, trend setting)
2) Personality of our gift store (UI/UX/Branding) Source: http://www.youngupstarts.com/2012/05/24/singapore-2011-the-year-mobile-commerce-took-off/ -As the business evolves, we will begin to stock top selling products based on trends with high margins (Phase ll)
Pros:
Top Line Revenue will become more visible as we have control over prices.
Bottom line to improve by clearance of inventory
Marketing has more lee way to play with price/promos
Inventory can be sold in other markets
Cons:
Risk of Unsold Products
Inventory management nightmare (order processes) Do we keep stock?
Yes and No http://www.firebox.com/ -Approximately SGD$28.52 million turnover a year since 2010 (Founder in 1997 and became profitable in 2001) http://www.iwantoneofthose.com/ -Approximately SGD$19.8 million turnover a year since 2006. Founded in 2000 and sold to Hut Group in 2010. Is this a big enough market to enter?
Yes. -With our product verticals alone, we can expect similar run rates to that of firebox and iwantoneofthose when the correct platform, UI/UX, content and etc are employed.
-Secondary revenue can be seen from our "Intangibles". How is this going to work? Building on our personality,
with our live chat,
we can be a personal concierge to those coming online to our gift store Example: -We have our product verticals as one source of revenue which other online gift stores are doing in the United States and Europe
-Products are tangible
-Leveraging on our live chat services, we can create the intangibles by providing a "Concierge Service". -A customer is looking for a gift but could not find any on our online gift store (A pop up could say, "Cannot find anything, chat with our consultants?" the moment they are on our site for 5 mins"
Alternatively, a pop up can immediately say, "Need help?"
-Customer can request for intangibles such as Spa, Beauty , Travel Packages and etc so long as a budget is given
-Our Sales Consultant would then advise them accordingly what are the "intangibles" available and push the sale to them.
Alternatively, sales consultants could be given 24 hrs to source for a good bargain on the customer's behalf and revert there after.
We can liaise with merchants on this but there is an element of discounting involved
We can take high margins
Leaning towards experiences Source: http://www.newmediatrendwatch.com/world-overview/101-ecommerce Top 3 choice of naming (Branding of Website)
1. Pretty Fine Things
2. Source: http://e27.sg/2012/05/18/mobile-commerce-grows-660-from-2010-to-2011-says-paypal-study/ $10 Billion Pounds
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