Virtual Shop Business Idea

This assignment analyzes the feasibility of a virtual shop business idea, examining its market attractiveness, target segment, competitive landscape, and potential for success. The paper highlights the benefits of a virtual shop for customers, particularly high-class businessmen and working employees, and discusses the critical success factors for achieving customer satisfaction and continuous improvement.

ENTREPRENEURIAL
OPPORTUNITY ,MARKET
ATTRACTIVENESS

Table of Contents
Business Idea – “Virtual shop”........................................................................................................1

Business Idea – “Virtual shop”
There are various new business ideas being developed by organisations or companies in
the modern world due to the advancement of technology. It is important to think out of the box to
be a leader and achieve a good position in the market. A new business idea that can be useful to
achieve a success in the competitive business environment. The idea of introducing a virtual
shop for customers can be very effective in attracting a huge number of customers. This shop
will provide a real and great experience to buy clothes and shoes without visiting a physical store
shop. The customers can choose and experience any kind of apparel or shoes by trying it on their
body. Customers may upload their photo and provide their body measurement to let the virtual
shop create their profile. Then they can try and see which clothes or shoes suits them. The
business will be base on 20% commission which will be charged from the brands or companies
of the products.
Mission – “To generate profit without much investment with the utilisation of advance
technology”
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Illustration 1: Virtual shopping

Vision – “The vision of this business idea is to introduce and promote a new shopping
experience to the customers”
Propensity for risk- Lack of interest among the brand or manufactures to share their profit
margin.
Market Attractiveness – The market potential value for Virtual shop is very high, as there is no
such shop presently available in the market. It can attract a huge number of customers.
Target segment benefits and attractiveness – The target segment for this business is the high-
class businessmen as well as working employees for whom time is very precious. They can do
shopping from their home without wasting much time in visiting store.
Competitive and economic sustainability – The virtual shop can be highly competitive, it is a
unique and innovative concept. The ease of shopping and real experience can attract a huge
number of buyers in the market. There is no big investment needed as there is no production or
physical stores . The Virtual shop can be successful as there is no high competition in the market
right now and it is fresh business idea, therefore it can achieve a high economic sustainability in
the market.
Ability to execute cfs – The critical success factors for Virtual shop can be customers satisfaction
and continuous improvement. These factors can be easily achieved through executing this
business, virtual shop can provide a high level of satisfaction to the customers as compared to the
other online shopping business who do not provide real or virtual experience. This business can
be further developed by introducing accessories, make-up products etc, which can be purchased
by the customers after experiencing or trying it on their face or body.
Industry attractiveness – It is highly attractive for the industry such as clothing and footwear,
virtual shop can increase sales of the manufactures by providing a convenient way of shopping.
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