Entrepreneurial Opportunity: Virtual Fitting Rooms Using Emerging Technology

This report discusses the concept of entrepreneurial opportunity and proposes a new business idea of virtual fitting rooms using emerging technology. It describes the business problem of declining online shopping due to lack of physical touch and traditional trial, and how virtual fitting rooms can solve this problem. The report also explores the application of 7 domains of business model for better industry analysis and market research.

Entrepreneurial
Opportunity

Table of Contents
Task 1...............................................................................................................................................1
Covered in PPT.......................................................................................................................1
Task 2...............................................................................................................................................1
Introduction............................................................................................................................1
Description of the business start-up.......................................................................................1
Application of the domains to the business start-up...............................................................2
Conclusion..............................................................................................................................3
References........................................................................................................................................4

Task 1
Covered in PPT
Task 2
Introduction
Entrepreneurial opportunity refers to the process through which the demands of the
customer are identified and according to which the feasibility study is conducted. This ultimately
helps in producing the product and services as per the needs and requirements of the customers
with bitter market research. The below report is totally based on the new business idea according
to the business problem identified. description about the business problem such that nowadays
there is a negative impact of declining online shopping of clothes and other essentials due to the
lack of physical touch and traditional trial by the customers (Reuschke, Mason and Syrett, 2022).
This problem has emerged with the business idea of introducing the virtual fitting rooms in
which the advanced technology will be implemented and installed in the form of augmented
reality and artificial intelligence along with the virtual reality. The new business ideas depended
upon the emerging Technology with the emerging problem nowadays so that the advanced
solution can be proposed in the form of new business ideas. The following discussion provides
the insight of the in that discussion of the virtual fitting rooms in context of the application of 7
domains of the business so that the business idea can be examined with proper conclusion.
Description of the business start-up
The new business ideas are based on the virtual fitting rooms which are followed up by the
organisations in their operations to grow their online presence. This is an idea which is used by
most of the retail organisations for better selling and purchasing of the product in an online
manner with the help of websites and adopting the emerging Technology. The Technology used
in order to propose the new business idea of virtual rooms is the augmented reality and virtual
reality along with the artificial intelligence so that the customer can have the comfort in
purchasing online. This helps the customer to try any product from the organisation with the help
of a website and opening their front camera so that they can recognise the suitability of the
product on their body either in the form of clothing or cosmetics (Lee and Xu, 2022). Moreover
customers are also assisted not to visit the physical stores and perform traditional shopping
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instead online purchasing can help them to try each and every product available in the store as
compared to the traditional shopping. This can help the Organisation in improving the online
presence of the business and also enhancing the large number of sales in the online selling. The
technologies used in the virtual fitting rooms have the ability to identify and recognise the human
body so that the selected product can be applied comfortably on the human body. Virtual fitting
rooms help the customers to try every product from the store which is not possible in the
traditional stopping. This also helps the organisation in improving the sales and productivity of
the company so that the organisation performance can be enhanced in order to have the long term
relationship with the customers and improved loyalty towards the brand. It further helps in
reaching out the target market easily with efficient cost and time and that is why the proposed
business idea is economic in nature (Lee, Xu and Li, 2020).
Application of the domains to the business start-up
There are a total 7 domains of business model which helps the organisation in the form of tools
that assist in the decision making process in the company. If the company is proposing the new
business idea and wants the proper feasibility study then it is important to conduct and use the
seven domains of business model for better industry analysis along with the market analysis and
team and analysis as. This is a model which has the seven domains in order to analyse the micro
and macro analysis of the industry along with the company level analysis as well. First domain is
the Attractiveness of the market at the macro level. New business ideas have the target market
according to the age group and lifestyle of the people who are mainly the youngsters and are
more comfortable in using the technology rather than traditional shopping (Sparviero, 2019).
Second domain is the market attractiveness at micro level. This specifies the unique selling
proposition of the new proposed business idea which is the virtual fitting room and how it can be
differentiated from other companies in terms of online purchasing and website so that the
customer can have the comfort in purchasing in an online manner. Third domain is the industry
attractiveness at macro level. It states the entry of the business in the new industry which is
difficult because it requires a large capital and the high knowledge of Technology implemented
and the security concerns as well. Fourth Domain is the industry attractiveness at the micro level.
It states the sustainability of the company that the new business proposed is sustainable or not
which must have the proper ethics and corporate social responsibilities. Fifth domain is of the
team mission and respirations along with the propensity for risk. It aligns the goals and
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objectives of the company with the new proposed business idea that is of the virtual fitting rooms
so that the proper working culture can be maintained in the organisation. 6th domain is the
ability of the team in order to execute the critical success factors. 7th to main is the team
connections and value chain management in order to proceed with the idea of a virtual fitting
room (Bouncken, Kraus and Roig-Tierno, 2021).
Conclusion
It is concluded that adopting the emerging technologies in order to propose the new
business idea is an important concept to learn and study so that its applications can be applied in
the real world organization. This is because now a day’s no business can survive without the
adoption of new technology in the market place. The reason being is that it boosts the operations
and functions of the organizations to maintain stability within the industry. That is why the new
business idea must contain the use of advanced technology. Therefore, it is important to analyse
the in depth business concept while studying the seven business domains which is essential in
order to study the entire market with pre research and analysis. This presentation has covered all
such areas in order to better understand the concept of seven business domains and
entrepreneurial opportunity while adopting the emerging technology to provide the solution for
the business problem in the form of new business idea.
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References
Books and Journals
Bouncken, R.B., Kraus, S. and Roig-Tierno, N., 2021. Knowledge-and innovation-based
business models for future growth: Digitalized business models and portfolio
considerations. Review of Managerial Science, 15(1), pp.1-14.
Lee, H. and Xu, Y., 2022. Influence of motivational orientations on consumers’ adoption of
virtual fitting rooms (VFRs): moderating effects of fashion leadership and technology
visibility. International Journal of Fashion Design, Technology and Education, pp.1-11.
Lee, H., Xu, Y. and Li, A., 2020. Technology visibility and consumer adoption of virtual fitting
rooms (VFRs): a cross-cultural comparison of Chinese and Korean consumers. Journal of
Fashion Marketing and Management: An International Journal.
Reuschke, D., Mason, C. and Syrett, S., 2022. Digital futures of small businesses and
entrepreneurial opportunity. Futures, 135, p.102877.
Sparviero, S., 2019. The case for a socially oriented business model canvas: The social enterprise
model canvas. Journal of Social Entrepreneurship, 10(2), pp.232-251.
Online source: https://belighted.com/blog/how-the-7-domains-model-can-help-you-analyze-
your-startup-idea/
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