This is the first venture concept for my package storing product. In this report we'll dive in to the opportunities this product is presenting to the world as well as the innovation driving it. The final topic covered will include the breakdown of my venture concept.
Opportunity:
With the growth of modern day online shopping consumers have found it easier than ever to buy packages and ship them to their homes. But within this modern day shopping Renaissance there lies a problem. Packages which are shipped to homes are often left unguarded and in plain sight for any thief that happens by. There is a huge opportunity for a product that can reliably keep your packages safe and out of sight of anyone who passes by your house. Consumers who regularly buy packages online have this need for security. This market is defined by homeowners who have packages sent to their homes and live in either urban or suburban areas. This opportunity will exist so long as their are unguarded packages being delivered to homes. Customers currently have few options to satisfy this need other than having packages not delivered without a signature or having a mailman hide the package. Consumers are not very loyal to this option and are looking for a change.
Innovation:
This product would be a large secure container capable of receiving mail or packages that have been shipped to you. Unlike a standard mailbox, this product would allow mail to be placed in but not taken out until unlocked by the owner. This would give total privacy and security to your mail and packages that you have shipped to you. I would be selling this large secure container for $200.
Venture Concept
Customers will want this product for the security it provides them. When online shopping many people may not purchase an expensive item for fear that it may be stolen before they can receive it. This also allows people to order products that would be delivered during the work week which they could otherwise not do. The business that grows from this product will be structured around the sales of this product. I would start with only a few employees for sales and have the product produced elsewhere to initial start up capital. Major competitors include Amazon with their new unlocking doors to have products delivered inside your home. This is not liked by many due to privacy concerns. Switching to my product will be easy as it will essentially replace the mailbox outside the home. Packaging on this product will be for the purpose of protecting it during transport and the price will cover the production and distribution of the item.
Three minor points
My firms secret sauce will be the peace of mind my product affords the consumer. Other products just can't match the reliability of my product and peace of mind it provides.
The next venture for this product may include surveillance for the home. This would pair well with a security device for your mail as you would have even more protection over your goods.
In five years I'd like to be selling this product to Amazon. After this I would start on my company seizing a new opportunity in the market.
This was worded very nicely, very much like a commercial or a pitch. As you know, you've got a really great product here. I didn't know until this post that your box was just a one size fits all, but it definitely works. My only concern with that though is you only have one revenue driver for your whole business. Maybe have some customization options or add different sizes of boxes.
ReplyDeleteTravis, I have said this before, but you have a really great product. I feel like so many people can relate to it and have a need for it. This assignment was very clearly written, and I can definitely see a difference on your knowledge of your product and market in this assignment compared to your first few assignments. Great job!
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