Principles of Entrepreneurship

The main problem that we notice in almost all the clothing stores is that after they sell the clothes they do not have any connections with their own clients. This leads to a big rupture between the future sales and all the failed advertising that does not reach the previous potential buyers and clients. In addition to this, we realized that many people do not buy clothes because of several reasons: Lack of advice from the person in charge of selling the clothes They do not want to wait in the queue for the fitting rooms Lack of time to try clothes on

After analyzing this problems we came up with one of the most innovative ways for the clients to try clothes on and in the way, collecting valuable data from them. iDress Upp is an application that enables the user to see their own, full-body virtual image with the full catalog of clothes that he/she would like to try on. By integrating the attractiveness of an interactive application inside the store, we manage to get useful information from the clients that visit it. The application will ask them for some basic, non-intrude information like their email, gender and birthday. In addition, it will collect all the information about the clothes that they have tried, their favorite ones and the particular taste of the client. Also a social media, e.g. Facebook and Twitter for the clients to show that they are in the store and a snap-shot of the clothes that they have liked the most. We will be the link between the store and their clients providing the stores the most important information that they have been missing until now.

B. Service description. How it works?

A customer arrives to the store and approaches a device, then the customer logs in into the application and takes a picture of him/her, then input their body features (such as skin eyes hair colors, height, size. During the log in the application asks for some personal information such as email, date of birth and gender so it can be stored in the database. The application then suggest out of the catalog, several outfits according to the circumstance or the style of the person and displays a picture of how the person will look with the clothes that he or she want to try. This way the people can try as many clothes as they want within seconds and select the one/s that fit them best. After the person finishes using the application, the information stored about him/her is stored in the database and it is encrypted for the

They can try on it or share on Facebook in order to ask Friend’s opinions if they are skeptic Or They can buy immediately by your credit card.

C. Describe an initial target market

After an exhaust research of the possible interested markets available for our unique product, we came up with the final decision that we will focus all of our strength to make the best for the clothing industries. This narrows the market from all the clothing stores available e.g. small local shops that don’t have the sufficient capital to buy the device for the application; to a wider store range that makes the available market bigger and multinational. That’s why we will specially focus our market to the Inditex Group. Besides this is because its one of the biggest groups inside the clothing industry.

This is our main goal for the target market at the beginning but we do not make other options aside. Of course the total available market is much
bigger and we know this, that’s why we have many options for growing the business.

D. Competitor
Optitex 3D Virtual Clothing – This is a web page in which you can try different clothes and visualize them with an “avatar”. Advantages: Very easy to use, interactive and quick visualization of the clothes Disadvantages: It’s just an avatar and not yourself trying the clothes, very few clothing availableoptions. Resource: !

Virtual Clothing “A 3DLife demonstrator” – This application works as a mirror in which you see yourself and change the color and type of your shirt. Advantages: Real time simulation like a mirror-style, very realistic and easy to use Disadvantages: Only implemented in the upper body part, not available for stores Resource: http://www.youtube.com/watch?v=CZOiZszINQQ

Fits.me “Virtual Fitting Room” – This is a webpage consisting in a virtual fitting room where you can input your measures and an “avatar” will show how the clothes look on you. Advantages: You can implement it in every web page. It is already in the market. It has a mobile application Disadvantages: You cannot see yourself in the picture. It is only for webpages and not for stores Resource: http://fits.me

After we compare our product with the ones that are in the market, we realized that there is no application like us. We have integrated the concept of virtual dressing inside the store, which is very attractive for the clients, with the most valuable thing for the store; obtaining their clients information. We believe we have an advantage factor above all our competitors with this particular point of the valuable database delivered to the stores.

E. Market entry and Strategies

We already said our target is a huge profitable company, but the gap that we want to aim is increase the sales. We will introduce the application with a presentation video that we will show the behavior of people that are not able to buy for different reason: Confusion

Do not have enough time
Do not want to do queue

Therefore, they understand that they always focus attention on loyal customers, without asking why the rest of them get in but do not buy. Moreover, this application permit to collet info about people that use it, creating a database could be useful for:

Newsletter ( special discount, new collection, event, news)
Modify the quantity of the product according the demand (e.g. Size requested more) Future forecast in terms of the connection between tried cloths and bought ones.

Our strategies will be:
Stimulate the necessity to solve this gap and then help them to have a great marketing campaign. Especially we will take advantage of viral marketing thanks to Facebook sharing spots. Make Unconventional marketing through impact advertising. The idea is that models come in a shopping center and show how the application works and its benefits.

Management team and qualifications
Silvina Cons (Chief Executive Officer):
She is responsible for overseeing the activities of an entire company IT engineering student, graduated in Tourism management. She is Business Manager of several stores.

Carla Di Somma (Chief Operations Officer):
She will be responsible for managing the company’s day-to-day operations. Reporting them to the chief executive officer and keeping in contact with old and new customers. She is doing Economics and Tourism Management degree and is distinguished with the remarkable experience in hotellery marketing and public relations.

Michel Moreno (Chief Finance Officer):
He is responsible for overseeing the financial activities of an entire company. This includes signing checks, monitoring cash flow, and financial planning. Industrial Engineer student and Management Expert. He is a Personal finance advisor

David Balla (Chief Technology Officer):
He will focus on the scientific and technological issues within an organization. He is an Informatics Engineer. He has previous experience in web design 2.0.

Maria Rosaria Giordano (Chief Visionary Officer):
She has a broad and comprehensive knowledge of all matters related to the business of the organization. She is a Marketing and Communication student and also had Previous Experience in a family restaurant hotel with Amazing creativity

F. Scaling

We can increase the scale in different way:

Partnership: The use of our application is going to be possible through the Apple tablet, so our idea is to create a partnership with them. It can be convenient for Zara to buy this service because we can take advantage to the advertising that apple store can do to our applications and to Zara’s clothes.

Database: Creating a database for the company for future information analysis can be useful for understanding the buying trends. For instance, it will be possible to have available products during high and low season based upon the demand of customers and to customize product and promotion in order to satisfy each particular individual customer’s preference. Besides this, we are creating value for the companies considering the fact that most of the times they do not have their client’s information.

Social media: The collaboration with Twitter or Facebook allows us to acquire new information about customers while we create free publicity for Zara products to other users because customers may ask their friends an opinion about clothes.

Virtual Shop: The idea is to make available all clothes on the web site and in the future to permit our customer to use the application also online. So they may watch not only the collection of the shop but also check the wearability of the clothes without trying on it.

G. Financial projections (2 years)
Let’s introduce financial forecast from our start up activity. This step helps us and our investor to understand how we can manage costs. First of all we analyze sales forecast we expect, for the first year, a slow rise up and a big growth specifically in November after it was already known. We estimate that sales will increase especially in the winter season because people found less easy to try on clothes.

According the income we, as you can see in the graph, predict losing income for the few first months but after that, it starts to increase thanks to the winter season of the first year. It continues to have a steady growth and a slightly decrease of income in the first half of the second year but it is rapidly recovered by the second winter season.