Target Market
Demographic
Seeing that the B2B market is currently viewed as the target area of the company’s operations, retail organizations that require shopping carts for their business need to be considered as the target market. Nonetheless, the target audience should be viewed as different customers with unique needs and requirements. The company size can be interpreted as the parameter of the market segmentation.
Psychographic
The psychographic portrait of the identified market is, however, rather homogenous. Most of it is represented by retail organizations that have been dominating the retail industry for quite a while (e.g., Target, Wal-Mart, etc.) should be viewed as prospective buyers. Although the companies of such scale already have a well-developed supply management chain, they might be looking for cheaper options of better quality. Furthermore, it will be necessary to appeal to the companies’ willingness to retain their clients and increase customer satisfaction rates.
Behavioral
A rise in competition rates has recently been documented in the shopping cart market. The phenomenon can be attributed to an increase in the population growth, as well as the expansion of retailers into the global economy environment.
Attributes
Weight (40-70 lbs.), weight capacity (up to 1,500 lbs.), maneuverability (360°), different types of charging docs for different devices (4-5), and barcode scanner sensitivity (attempts to read the data per second: 30-2,000) should be considered the essential attributes of the shopping card to be produced.
Level of Sustainability
The level of sustainability of the product is medium. Although the costs are expected to be quite high due to the inclusion of IT devices into the product design, the expenses will be covered once retail organizations recognize the product value.
Concept Statement
The business project in question implies creating smart shopping carts with IT options attached. Particularly, the opportunities for using and charging smartphones while shopping, learning essential information about eh products with the help of barcode scanners attached to the cart.
There is a consistent need for reducing the lines at shopping centers, malls, etc., since waiting in line triggers an immediate drop in customer satisfaction. Furthermore, customers will be delighted to have constant access to the information about the product, receive more options for contacting the Customer Care, etc. The Smart Cart concept is what will address the identified issues and, therefore, allow for a rapid increase in customer satisfaction and loyalty levels.
Retail companies, especially global ones, including Wal-Mart, Target, and similar corporations, should be considered the primary focus of the project. Being in need of increasing customer loyalty rates and having substantial financial assets to invest in their inventory, they will be eager to purchase Smart Carts.
Similarly, as indicated above, the target market is represented by B2B companies. Therefore, the customers are likely to invest in a prospective product that will make their profits skyrocket by increasing customer satisfaction levels. The company, therefore, aims at introducing the product that will help make the process of shopping more satisfying, thus, increasing enjoyment rates among customers and reducing the irritation factors, such as long lines.
Survey (Please, tick the box under the appropriate answer)
Do you like the current design of a shopping cart?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you think that it could be improved by adding more options?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you think that the lines in the mall and other retails shops are too long?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you think that it takes too long to scan the products at the mall?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Would you like to be able to scan the products yourself?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Would you like to learn the essential information about a product by using a barcode reader while shopping?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you use your phone when shopping?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you often need a charging dock when shopping?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Do you often experience difficulties when trying to contact the Customer Care Center?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no
Would you like to receive a receipt on your e-mail instead of getting a printer version?
- Definitely yes
- Yes
- Maybe
- No
- Definitely no