Think Big: An Innovative Business Model for Online Shopping

This report explores the business model of Afterpay.com, an online store that allows customers to buy now and pay later. It discusses the benefits of augmented reality in online shopping and the key success factors of this innovative idea. The report also examines the feasibility of implementing this business model and its potential impact on the market. Overall, it highlights the advantages of online shopping and the role of technology in driving business growth.

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Think Big
Report
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Table of Contents
Business idea...............................................................................................................................................2
Customer.....................................................................................................................................................2
Market.........................................................................................................................................................2
Problem.......................................................................................................................................................3
Business model............................................................................................................................................3
Business components..................................................................................................................................3
Benefits of a augmented reality to customers.............................................................................................3
Key critical success factors of the idea........................................................................................................4
Feasibility of the idea..................................................................................................................................4
Conclusion...................................................................................................................................................4
References...................................................................................................................................................5
Appendix A Business Model........................................................................................................................7

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Business idea
Innovation is a useful aspect to improve business and it is the best way to enhance the
business growth in global market. Afterpay.com is especially designed for shopping and retails.
Nicholas Molnar founded afterpay.com in 2014 (Kauflin, 2018). It grows rapidly in market in
less time. It is a best idea to provide different products and services online, which can be seen at
online portal by customer. This is a new concept in which but now and pays later for shopping in
different methods. It is a new trend in the market, which is highly used by entrepreneurs. Online
retail business can provide global exposure at various places in the world (afterpaytouch.com,
2017).
Customer
An online store is beneficial from customer as well as company’s point of view. It
reduces cost of journey and different taxes, which are applied by the local governments. Afterpay
is providing a facility for all customers to buy now and pay later in four equal payments made
every fortnight without interest. This online store provides many benefits to their customers and
it is a strong reason to increase their customers. They are successful because of their business
idea, which makes customers satisfied. It is necessary to make a good image in front of
customers. This is the main key of success to the company. In addition, business is based on the
proper market strategy (Anderson, Narus, & Narayandas, 2009).
Market
Online store is based on the retailers and customers. They can save travelling cost of
customers and retailers. Products are directly delivered to their customers. In present era,
payment is easily transferred by online procedures. They are not requiring any place for
shopping and delivery. They are passing their order list and customer details to the retailer for
product delivery. Business Model Canvas (BMC) is providing all the things at a single place
( Bartlett, 2016).

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Problem
The major issue in this idea is that dimension issues of products, such as sunglasses, and
many other things. There is a need of technology, which can provide dimensions and suitable
products based on the face and body. Online shopping is facing this issue in their business.
Augmented Reality (AR) can provide a solution of this problem. That can provide a virtual view
of the products with full details. In addition, it is best way to provide description of the product.
Digital strategies are necessary to get success in business (Bharadwaj, El Sawy, Pavlou, &
Venkatraman, 2013).
Business model
One of the important aspects of business is provide information about the products. There
are technical knowledge and advancement in the working process. Many things make a good
approach to attract customers to buy their product. Two things are possible to overcome this
problem, which are physical store and second is AR. Both things are feasible for the customers.
They can use augmented reality application and physical store to check the products. They can
make their payment through credit card, PayPal, debit card, and other methods in EMI mode.
BMC is an innovative tool for designing business model ( Greenwald, 2012).
Business components
Company can use Omni channel business strategy to be integrated employees to work as
a team. It will make a huge impact of the performance of employees and company. Augmented
reality can make this process easy and attractive for customers and make a huge business for
company. It will reduce the return request of customers because of not suitable products and
services. Innovation is basic need of business and its success (Teece, 2010).
Benefits of a augmented reality to customers
AR-devices can change the thought of customer in their shopping. They can easily
purchase suitable items. It is a way to handle customers smartly and reduce cost of item returns.
It is an attractive idea to engage customers in shopping. They can increase their shopping list and
purchase those items, which are suitable for their body.

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Key critical success factors of the idea
Customers can match their physical structure with products, such as sunglasses and other
wearable Item. It provides satisfaction to the customers from proper products and services. They
can buy products and pay later in installments. That is an easy way to purchase expensive items.
Employees can provide better detailing of products and services though AR-enabled
applications. Smartphone can be used for AR application, which is a command thing in present
era. The customers accept technological changes and it is beneficial for other systems. Website
can improve using technologies and it is the best way to provide detailed and complete
description of products. Manager and leaders can make a good relationship between company
and customers. Managers and leaders are playing key role in the business, which make full
satisfaction in customers mind ( Geiger, 2018).
Feasibility of the idea
Augmented Reality will make the company famous and popular in future. The integration
of technological changes is better in online shopping. It can reduce return request of items
because customers can buy their products with the help of better view and specifications. Market
will also grow because AR Application attracts customers. It is an involvement of technology in
business ( Malarkey, 2014).
Embarking on a new enterprise challenge is each thrilling and terrifying in equal degree.
On one hand, you will subsequently be the boss; the master of your own future who is pursuing
fulfillment in something that is certainly captivated. Then again, you presently have a laundry
listing of things, which you want to tick off before start to make certain the whole thing kicks off
smoothly.
Whereas running for a person else alleviates these responsibilities, the startup owner
takes on these kinds of stresses themselves. Not most effective that, every us of a has specific
legal guidelines, rules and requirements to get your commercial enterprise up and going for
walks. So, even in case started a commercial enterprise in a single. Company can nonetheless get
to do a pile of research to make certain you do it properly in every other.

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Conclusion
In conclusion, online shopping is a better way in the world today. It is beneficial for
customers as well as retailers. As they can save a huge margin from direct, sell of products. They
can provide better offers to their customers. Online shopping is beneficial because of two basic
reasons, which are less cost and less travelling for shopping. Augmented reality can change the
whole world as it can provide better results in customer’s satisfaction and reducing return cost of
items. Most of the companies are adopting technological changes in their business for better
growth and success.
References
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https://medium.com/seed-digital/how-to-business-model-canvas-explained-ad3676b6fe4a
Geiger, W. (2018). 4 Frameworks for Corporate Innovation. Retrieved February 15, 2019, from
https://medium.com/touchdownvc/4-frameworks-for-corporate-innovation-c7b0fe5a7d2d
Greenwald, T. (2012). Business Model Canvas: A Simple Tool For Designing Innovative
Business Models. Retrieved May 1, 2019, from
https://www.forbes.com/sites/tedgreenwald/2012/01/31/business-model-canvas-a-simple-
tool-for-designing-innovative-business-models/
Malarkey, A. (2014). Australia: Business model innovation - Part 2: Understanding innovation.
Retrieved May 1, 2019, from
http://www.mondaq.com/australia/x/313020/technology/Business+model+innovation+Pa
rt+2+Understanding+innovation
Nezamabad, M. N. (2011). The Impact and Benefits of Internet on Marketing Mix. Australian
Journal of Basic and Applied Sciences, 5(9), 1784-1789.
Schweiger, C. (2019). (Corporate) Entrepreneurship and Innovation. Retrieved February 15,
2019, from https://en.fh-wien.ac.at/research/research-areas/corporate-entrepreneurship-
and-innovation/

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afterpaytouch.com. (2017). A bit about us. Retrieved from www.afterpaytouch.com:
https://www.afterpaytouch.com/who-we-are
Anderson, J. C., Narus, J. A., & Narayandas, D. (2009). Business market management:
Understanding, creating, and delivering value. (1 ed.). London: Pearson Prentice Hall.
Bharadwaj, A., El Sawy, O., Pavlou, P., & Venkatraman, N. (2013). Digital business strategy:
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Kauflin, J. (2018, July 3). How A 28-Year-Old Turned Layaway For Millennials Into A Billion-
Dollar Business. Retrieved from forbes.com:

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https://www.forbes.com/sites/jeffkauflin/2018/07/03/how-a-28-year-old-turned-layaway-
for-millennials-into-a-2-billion-business/#4b48acbb59db
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technology-startup-or-improve-established-operating-model/
Appendix A Business Model
Business Model Canvas
Components Description
Key Partners Afterpay is started as an individual business and it was merged
with touch in 2017. It has many inverters, which are believe in
online business.
Key Activities It sells different beauty products and clothing in their online
stores. They provide maximum profit to their customers with the

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help of offers and discounts
Value Proposition They make a system to fulfill customers’ needs and wants from
them. They use data analytics for understand customers behaviour
in shopping.
Customer Relationships Customer relationship is base of all types of business. Customers
are happy with sell and return service of company.
Customer Segments It has large amount of customers, as it is an online business. The
online shopping, as they are having more interest in online
shopping, targets females.
Key Resources This company is having different key resources, such as products,
services, customers, and finances.
Channels There are different types of communication channel in different
processes, such as distribution, sales, and return services.
Cost Structure They are maintaining their cost structure through online tools and
resources. Therefore, it is more authentic and secure.
Revenue Streams Company provides different products in low cost as compared to
market. Therefore, customers are satisfied with their services
because they are selling their products in actual prices.
There are many types of system, which makes it more feasible to
make secure, such as information system.