AI Generated Business Plan
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Smart Finder
- Industry
- retail
- Product Type
- physical
- Problem
- How can offline retailers capitalize on the convenience of online shopping?
- Market Size & User Personas
- Mid-sized to large brick-and-mortar stores with an emphasis on convenience. Target demographic consists of millennials, business professionals, and other individuals that prefer online shopping without sacrificing time.
- Solution
- Smart Finder is an artificial intelligence enabled device that automatically locates physical products in retail stores for customers.
- MVP Features
- An AI search engine with a clean interface and easy-to-understand instructions. Results page will provide customers with product availability, location, shelf placement, and a map guiding customers to the item. A “recent searches” tab will display searches previously made by the customer.
- Implementation Details
- The Smart Finder device will be comprised of an AI search engine and an automated miniature robot that scours the store for items on-demand. Additionally, digital displays with instructions and product information will be integrated into the device.
- Value Proposition
- Smart Finder will enable customers to shop in a brick-and-mortar store with the same convenience as online shopping.
- Pain Points to Solve
- Sales & Marketing Channels
- Direct sales to retailers, ecommerce websites, and payment gateways like PayPal and Stripe.
- Revenue Stream Sources
- Revenue will be generated from product sales, in-app purchases, and commission.
- Cost Structures
- Production, maintenance and upgrade costs, marketing and advertising costs, staffing and personnel costs.
- Key Activities
- Research and development of product, manufacture and supply of product, marketing and advertising, customer service support for product.
- Key Resources
- Hardware and software components for the device, personnel and staffing on production and sales, marketing and advertising budget.
- Key Partners
- Payment gateways, retailers, ecommerce sites.
- Competition Landscape
- Retailers like Walmart and Amazon are already leveraging AI and robotics to locate items in their stores, however, our device is more user-friendly and provides customers with an interactive map showing them the exact location of the item they are looking for.
- Competition Advantage
- The Smart Finder device is simpler and more user-friendly than competing technologies, providing customers with a more interactive experience when searching for items.
- Idea Validation Steps
- Survey existing customers to gauge their need and interest in the device. Release a beta version of the device and collect feedback from users. Launch a crowdfunding campaign to gauge interest in the device and to secure funds for production.
- Potential Business Challenges
- High production costs, stiff competition from existing retailers, and difficulty obtaining traction in the market.