Changemakers Creativity and Value Creation Assessment 2

Change makers Creativity and Value Creation Assessment 2 (Task 2: Project Management)
Project idea
Project idea is based on the artificial intelligence
(AI), augmented reality (AR) and virtual reality (VR).
Cosmetic retail industry is chosen for the innovation.
Business problem is such that it is becoming difficult for the
cosmetic companies to sell their products and services in an
online manner. The reason being is that without any physical
touch and applying the products on the body, customers
don't prefer to buy online. Therefore, in order to scale up the
online retail business in cosmetic companies, it is important
to innovate and create something due to which customers
can choose online purchasing at their doorstep without
visiting any physical stores. Hence, AI, AR and VR
technology can help to develop the application of virtual
make up rooms through which the customers can select any
type of cosmetic and apply on body in a virtual manner so
that they can analyse the suitability on customers or not.
This can solve the business problem of online purchasing in
cosmetic retail industry (Knott, Patini, N’guessan and Ollard,
2020).
Aim
To identify the change-makers creativity and value creation while developing virtual
make up rooms using AI, AR and VR technology to grow the online business: A study on
Cosmetic retail industry
Objectives
To investigate the business problem in cosmetic retail industry to grow business online
To analyze the concept of emerging technologies such as AI, AR and VR in cosmetic retail
business
To examine the development and use of the virtual make up rooms within cosmetic retail
industry
Project scope
Project scope is based on the organizational benefit. Which means that how the
organization can be benefited from the current project of virtual make up rooms in the
cosmetic retail industry. Organization who are seeking to adopt such technology will be
benefited with the high rate of return on investment made on implementing the emerging
technologies. This is because although it is time and cost consuming at initial point of time
but slowly it takes a pace starts growing the business in an online manner. Organizations who
are already using are benefiting with the greater turnover with huge sales and revenue
generations along with the good profit margins. Scope of the project is such that it creates the
positive image of the brand in the market place. It has a positive scope in context of
customers as well. Which means that customer experience convenient and faster shopping
experiences with the help of virtual shopping assistants (Nieuwenhuizen, 2020).