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Online Business Idea

Online Business Idea

In the history of humankind, the internet is among the best ideas ever to occur. The internet has had critical effects on the global market. Today, most consumers worldwide prefer shopping on their smartphones in the comfort of their homes (Xiao et al., 2019). However, unfortunately, the existing businesses encounter constraints in delivering personalized experiences to consumers. As a result, I have decided to design a proposal for a new online business for personal and professional interests.

Job Description

Shopping Mall.com is a concept to establish an online portal present around the clock for internet lovers. The business is a virtual marketplace offering easy selling and buying groceries and household items. It is an avenue where household consumers select various goods from distributors, wholesalers, and retailers. We will offer our customers fresh groceries, beverages, frozen foods, pastries, cakes, and home appliances for all events.

The buying procedure will allow different clients to shop for enlisted products. To shop from Shopping Mall.com, a person must register as a user, search for the items they want, choose them, pay for them, and leave a review on their shopping experience with us. On the other hand, people interested in selling at Shopping Mall.com must register, enlist their goods, and manage their products.

Shopping Mall.com intends to link thousands of consumers with high-quality products from the best manufacturers globally at a fair price. In addition, it will offer its users various products and services from the top and esteemed manufacturers worldwide. The business’s fundamental values will be timely delivery, convenience, quality guaranteed, fair deals, and value for money.

Problem to Solve

E-commerce is the way forward for investors and beginners to retail goods online. Annually, the number of online consumers is rising, and online stores are closing as customers expect more personalized services. Subsequently, regardless of the procedure or devices customers use to shop, they always expect a customized experience. Over the past decade, consumer shopping behavior has transformed drastically. Globally, consumers now prefer shopping using their phones and in the comfort of their homes (Faulds et al., 2018).

Consequently, there has been an elevated demand for e-commerce shopping. Online selling and buying are forecasted to grow between 13% and 25% globally. The growth of e-commerce has blurred the connection between online and physical stores. Over 90% of customers are likelier to buy from online platforms that acknowledge them and personalize their experience (Xiao et al., 2019). Most online stores have difficulties providing their customers with a personalized experience.

Shopping Mall.com will establish a personalized cross-channel encounter with products that engage, excite, and resonate with clients at all stages in the process of buying. In addition, shopping at Shopping Mall.com will include benefits such as affordable prices, getting new clients, meeting consumers where they intend to purchase, and offering niche markets. Unlike other online shopping portals, the business will provide consumers with an extensive range of goods from various retailers in a single place, making shopping effective and straightforward.

 Target Market and Customer Profile

The target market for Shopping Mall.com is people aged 18 years and above with a monthly household income of 100 dollars and beyond. Below are some of the groups we identified as the target market. Individuals, business people, couples, sportspeople, tourists, and households.

Market segmentation is vital to give companies a practical market approach (Dolnicar, Grün, & Leisch, 2018). For the past decade, there have been significant changes in the dynamics of the population in the US. Similarly, the non-metropolitan and urban population is growing. Market research illustrates that customers at Shopping Mall.com may behave differently from others. The table below summarizes how Shopping Mall.com will segment its market.

Type of segmentation Variable
Geographic Urban and metro
Demographic 18 years and above

No gender barriers

100$ and above income

Behavioral Internet access

Knowledge of online shopping

Benefits Best quality offered

Timely delivery

Simple to buy and sell

Furthermore, Shopping Mall.com will maximize the attributes of generations y and z by providing alternative online platforms to maximize the target customers’ personalized experience (Appel et al., 2020). The business’s market strategy will entail secure payment avenues, pricing, and customer systems. The significant benefit of online business is the wider customer reach compared to other companies, mainly when the correct business strategy is executed.

Comparing Ideas

The following table enlists some of our closest rivals whose business model resembles ours. Since the entities mentioned above are private, their revenues are unknown.

Name Description Revenue Strengths Weaknesses
Crafty ventures Location: New York

Started: 2017

Payment methods: PayPal, Wire, Visa, etc.

 

Unknown ·         Excellent customer base

·         Various payment methods

·         Concrete brand

·         High prices

·         Complex terms and conditions

Click and Purchase Location: Washington DC

Started: 2010

Payment: Wise, Visa, PayPal, etc.

Unknown ·         Concrete customer base

·         Fair and affordable prices

·         Complex terms and conditions

·         Finite customer reviews

Store Drop Location: New York

Started: 2012

Payment: Wise, Visa, PayPal, etc.

Unknown ·         Various payment options

·         Loyalty to brand

·         High prices

·         Complex terms and conditions

Swift Ship Location: New York

Started: 2007

Payment methods: Visa, PayPal, Wise, etc.

Unknown ·         Multiple payment options

·         Excellent customer base

·         Complex web portal

Examining Internet Solutions

Shopping Mall.com differs from its rivals since it will offer a user-friendly portal; distributors, suppliers, retailers, and customers can register for free on the website, which is simple to use. Unlike the other stores, the website will not be complicated. Shopping Mall.com will establish a cross-channel, personalized experience with products that engage, resonate, and excite customers at all the steps in the shopping procedure. Shopping with us will accrue benefits such as lower prices, finding new customers, meeting customers at their locations, and offering niche markets.

Furthermore, technology is quite significant in matters of online business. The online system relies on technology. The system’s technology at Shopping Mall.com will be updated regularly to ensure it remains up-to-date with technological advancements (Appel et al., 2020). The system will be developed by qualified personnel to increase our competitive advantage. The above shows that it ensures that the clients get secure transactions compared to their rivals. The following are elements of Shopping Mall.com’s online selling and buying avenue.

  • User-friendly web portal
  • Secure transactions
  • Swift
  • Strong
  • Supports simultaneous shopping of up to 800 customers

Effectiveness of the Idea

Before choosing a business model, it is critical to evaluate its trends in market growth, if possible. Currently, there is tremendous growth in online shopping worldwide. Forecasts from online marketers project that by 2025, online shopping will grow to between 13% and 25%. In addition, a recent survey shows that 79% of American citizens shop online (Appel et al., 2020). Online shopping has rendered doing business more effective and revolutionized how businesses are conducted in the universe today. Below is some proof that Shopping Mall.com is a great idea.

  1. Up to 79% of the online users have shopped online
  2. It is simple to establish and manage
  • The business will have an extensive customer base.

In conclusion, Shopping Mall.com will offer its clients groceries, beverages, all events cakes, frozen foods, and home appliances. The business model will comprise two divisions based on customer segmentation: Business-to-business (B2B) and Business-to-customers (B2C). The B2C is established for household consumers, while the B2B model is for distributors, wholesalers, and retailers who need products from each other. The prospective customers at Shopping Mall.com should be 18 years and above with a monthly household income of 100$ and above. The potential customers include individuals, couples, tourists, business people, sportspeople, and households.

The business idea is excellent since it is projected to generate high returns. This is because most Americans today prefer shopping on their smartphones in the comfort of their homes. In addition, Shopping Mall.com will offer quality products at fair prices, swift and timely deliveries, value for money, and a customer-friendly portal. The portal is expected to support up to 800 shoppers concurrently. Besides, Shopping Mall.com will offer its customers a safe platform to make secure transactions.

References

Appel, G., Grewal, L., Hadi, R., & Stephen, A. T. (2020). The future of social media in marketing. Journal of the Academy of Marketing Science, 48(1), 79-95.

Dolnicar, S., Grün, B., & Leisch, F. (2018). Market segmentation analysis: Understanding, doing, and making it functional (p. 324). Springer Nature.

Faulds, D. J., Mangold, W. G., Raju, P. S., & Valsalan, S. (2018). The mobile shopping revolution: Redefining the consumer decision process. Business Horizons, 61(2), 323- 338.

Xiao, L., Guo, F., Yu, F., & Liu, S. (2019). The effects of online shopping context cues on consumers’ purchase intention for cross-border E-Commerce sustainability. Sustainability, 11(10), 2777.

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Question 


There are many types of businesses suited for doing business online. Those companies give customers the convenience of instantly purchasing what they want without heading out to a store. Another good thing about online companies is that they require much less risk than investing dollars in a brick-and-mortar store or office. With some essential website and communication skills and a bit of maintenance know-how, almost anyone can launch a business online and get it up and running in only days.

Online Business Idea

Online Business Idea

Online Business Idea

For this project, you will write a five (5) page proposal for a new online business.

Describe the online business.
Discuss the problem your business is trying to solve
Identify your target market and the customer profile
Compare your idea to the competitors
Examine what makes your internet solution different than your competitor
Explain to your potential investors the effectiveness of this online idea.
Submit your Five (5) page proposal in APA format with at least three references. Please note that the title and reference pages are not part of the five pages.

Here is a guide to help you jumpstart the project

1 Title page (remember the running heading should be abbreviated and all caps) – This proposal does not require an abstract.
Three paragraphs describing the online business
Two sections discussing the problem your business is trying to solve
Three areas identifying your target market and the customer profile
Two areas comparing your idea to the competitors
Two teams examine what makes your online solution different from your competitor’s.
Two paragraphs conclude your presentation, convincing your investors of the effectiveness of this online idea.
Reference page

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