BUSI 660 Assessment

BUSI 660 Assessment New business- Stylo-Connected enterprises New service - Stylo-connected app with stylo smart mirror at store 1 | P a g e

Table of Contents Introduction .............................................................................................................................. 3 Part 1 ......................................................................................................................................... 4 Overview of the services ........................................................................................................ 4 Target market .......................................................................................................................... 5 Pricing and revenue model ..................................................................................................... 5 Marketing and sales strategy .................................................................................................. 6 Future growth opportunity ..................................................................................................... 7 Part 2 ......................................................................................................................................... 7 Dos and don’ts for launching the business ............................................................................. 7 Conclusion ................................................................................................................................. 9 References ............................................................................................................................... 10 2 | P a g e

Part 1 Overview of the services Stylo-connected enterprises provide a unique strategy for achieving quick growth and long- term prosperity within the business landscape. Upon the arrival of a consumer equipped with a stylo- connected application, the application promptly employs Bluetooth technology to identify the individual and get pertinent information such as their purchasing history, current cart contents, and personal preferences. A custom-fit stylo smart mirror that displays the customer's shopping cart contents digitally ( Ogunjimi et al., 2021). Notifications are provided to customers indicating the specific location of a clothing in relation to a newly purchased cardigan, enabling them to easily identify the clothing as they go through the shop. In undertaking this task, we will take into account the inclinations of consumers. Consequently, buyers possess the ability to include any desired item from the menu into their shopping cart and thereafter have it persistently accessible across all networks ( Wang et al., 2023). For example- a customer wants to "try before they buy," and the salesperson is standing in front of a smart mirror adjusted to the client's dimensions, digitally showing the items in the customer's shopping basket. The assistant uses the shop's software to find probable next actions, which are then extracted as needed. This customer leaves the business with the purchased RFID sensing equipment after paying for it using his fingerprint and an electronic wallet ( Prakash et al., 2020). This programme may be used to scan a customer's fingerprints outside the business. Figure 1 Try before they buy using Stylo-connected app 4 | P a g e

Source- (Sharma, 2018) Target market Canada's technology sector has exploded in recent years, thanks to rising demand for digitization and cutting-edge tools across all sectors of the country's economy. Average annual sales increase for the industry was 9.4 percent between 2015 and 2020 (Bader, 2022). It is anticipated that 2023 would see a 5% expansion in the clothes market (Bader, 2022). The worldwide clothing market is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2022 to 2026. Trendex forecasts a 14.8% increase in sales in 2022, followed by 5% expansion the following year, 2.9% expansion in 2024, 1.5% expansion in 2025, and 1.8% expansion in 2026 (Tech Industry, 2022). Customers have the ability to utilise the touchscreens integrated into the mirrors in order to promptly experiment with various sizes and hues of apparel. The use of intelligent mirrors equipped with barcode scanning capabilities, size and colour tag recognition, and personalised recommendation systems is proposed for integration into commercial fitting rooms. Emerging technology such as smart mirrors for virtual try-on and styling, alongside novel checkout, shipping, and returns systems, are poised to revolutionise the retail industry in the near future ( Dongare et al., 2020). The utilisation of Radio Frequency Identification (RFID) technology integrated inside "smart mirrors" enables the monitoring of the articles that a consumer takes into the fitting room. Pricing and revenue model We conducted a price and revenue model study to ascertain the break-even points for various sales volumes and cost structures, so empowering connected style managers to make swift, well-informed financial decisions. Administrative decision making relies heavily on accurate cost and profit information, which is why stylo-connected accountants frequently share their findings with colleagues in other departments, such finance officers and strategic planners. A corporation should use a cost-benefit analysis when making choices if it wants to maximise earnings and, by extension, shareholder value ( Huo et al., 2019). The success or failure of a business-like Style connected largely depends on how and where it advertises its products. Products Apparel of all brands are available Revenue $4 billion 5 | P a g e

The goal is to raise the rate at which apps are downloaded. The objective may be accomplished by effectively informing clients about the unique attributes of the Stylo connected application. sales manager and team 9 months One further objective is to increase the quantity of profits made inside a year. The modification of the operational framework will primarily facilitate this process ( Alboaneen et al., 2020). entire sales team 1 year Future growth opportunity The Stylo Connected has the capability to utilise many alternatives. In order to enhance its ability to cater to its clientele in the future, the firm should contemplate the adoption of advanced technologies such as artificial intelligence and cloud computing. The firm should also consider the operational strategies employed by its competitors. Stylo Connected demonstrates a strong interest in enhancing market segmentation technology inside firms, particularly through the expansion of its sectors ( Bianco et al., 2021). This is exemplified by Stylo Connected provision of extensive retail outlets across its platform and its focus on client divisions that are based on specific areas of interest. Part 2 Dos and don’ts for launching the business Dos and don’ts for launching the business are as follows- Dos Don’ts Weigh the potential consequences against the potential benefits. There is a fine line between the potential benefits and drawbacks of being a business owner. Success is relative to each person's perception of their own risk tolerance ( Hwang et al., 2023). Startup and ongoing expenditures are far more than expected. Establishing and running a business requires accurate cost estimates. Avoid guesswork and speculation. Do know exactly who they are target. Identifying and learning about their target audience can help them gauge interest in product or service and build a winning Avoid excessive sales projections. Inexperienced entrepreneurs generally overestimate revenue forecasts in the first year. Remember that increasing sales may 7 | P a g e

advertising campaign. be laborious ( Safa et al., 2020). Therefore, restraint is essential. Learn the laws and regulations that influence industry and the expenses of complying with them (OSHA, EPA, FDA, DHHS, etc.). Relying on external sources to compose one's business strategy is not advisable. The ownership of this enterprise rests with the entrepreneur. After formulating a preliminary strategy, it is advisable to get an external assessment or appraisal of the plan ( Satrio et al., 2022). It is advisable to engage the services of experts, such as accountants, bookkeeping services, and attorneys, while conducting company operations. These professional services should be factored into the overall business budget to ensure accurate financial management ( Zasornova et al., 2021). A significant number of individuals who opt to forgo the utilisation of specialists for specialised services often encounter errors that result in both temporal and financial repercussions over an extended period. It is advisable to refrain from making assumptions on the existence of demand for one's product or service. It is important to do thorough research to ascertain the presence of sufficient demand for the product or service in question. Conclusion The above research suggests that Stylo Connected planned business model is a new and creative approach to the market that will have a positive impact on the company's bottom line. It is fantastic news for Stylo that the fashion industry is one of the fastest-growing in the economy. This research produces a cost-benefit analysis or feasibility evaluation of the Stylo Connected to reveal their potential in the business world. The marketing plan and business strategy for Stylo Connected serve to define their market and outline their future goals. Stylo Connected employs an IT infrastructure to deliver timely and effective management services to its suppliers and customers. 8 | P a g e

Hwang, J. S., Kim, E. Y., & Hwang, Y. M. (2023). Empirical Study on Effects of Gratification on Continuous Usage Intention of AR Avatars in Smart Mirrors: Focus on Generation Z. International Journal of Human–Computer Interaction , 1-14. Ogunjimi, A., Rahman, M., Islam, N., & Hasan, R. (2021). Smart mirror fashion technology for the retail chain transformation. Technological Forecasting and Social Change , 173 , 121118. Prakash, D., Ghosh, S., Deborah, S. A., & Chandran, K. S. (2020, September). Virtual fashion mirror. In 2020 4th International Conference on Computer, Communication and Signal Processing (ICCCSP) (pp. 1-4). IEEE. Safa, M., Meenakshi, K., Saranya, G., Geetha, G., & Karpagaselvi, S. (2020, December). Enhancing Smart Mirror with Human Health Care Perspective towards Intelligence in IoT Based Environment. In 2020 International Conference on Power, Energy, Control and Transmission Systems (ICPECTS) (pp. 1-8). IEEE. Satrio, M. B., Putrada, A. G., & Abdurohman, M. (2022). Evaluation of face detection and recognition methods in smart mirror implementation. In Proceedings of Sixth International Congress on Information and Communication Technology: ICICT 2021, London, Volume 2 (pp. 449-457). Springer Singapore. SHARMA, V. (2018, July 6). Virtual Mirror Technology - It Will Change the Way You Shop. Retrieved from Quytech Blog website: https://www.quytech.com/blog/how-virtual-mirror- technology-will-change-the-way-you-shop/ Tech Industry. (2022). bdc.ca 1 Tech Industry Outlook What’s Next for the Technology Sector in Canada Tech Industry Outlook What’s Next for the Technology Sector in Canada . Retrieved from https://www.bdc.ca/globalassets/digizuite/34010-tech-industry-outlook-study- 2022.pdf?utm_campaign=AUTO-TO-ST_TechOutlook2022- EN&utm_medium=email&utm_source=Eloqua#:~:text=Canada Wang, M., Marsden, J., & Thomas, B. (2023). Smart mirror fashion technology for better customer brand engagement. International Journal of Fashion Design, Technology and Education , 1-12. 10 | P a g e

Zasornova, I., Zakharkevich, O., Zasornov, A., Kuleshova, S., Koshevko, J., & Sharan, T. (2021). Usage of augmented reality technologies in the light industry. Vlakna a textil (Fibres and Textiles) , (28), 3. 11 | P a g e