Assignment #6

| 3 Comments

As a reminder, my 10 items were:

1. Pre-Order Your Cart
2. Swing Out Clothes Rack
3. Redesign of the Circular Rack
4. Space Saving Racks
5. Smart Shopper Closet
6. Monster's Inc. Method
7. Overhead Sliding Racks
8. Rest Areas in Stores
9. Smart Carts
10. Leonardo's Closet

To interview people I did both a Facebook poll and asked my friends and family that were wandering the house over the week. Some of these were hard to evaluate when interviewing people for their marketability, because many of these are products that not the individual person would purchase, but are directed at retailers and large stores. For that reason, some of these products received low "I would buy that" responses in the people I interviewed. Other products that I thought would only apply to retailers, some people said that they would buy it for themselves if they had the money. These were more of things that people wanted to see the novelty of existing rather than the feasibility of the creation of it.

I asked people not only if the would buy the products and how much they'd pay for them, but how original, useful, or novel the idea is. Based on the results, the ones that people would buy the most were 1, 2, 5, and 7. The most novel ideas people voted for were 5, 6, 9, and 10.

The ideas that were the most marketable seemed to be

1. Pre-Ordering your cart online. People said that they would pay a convenience fee, similar to the price of shipping and handling when buying other things online, to be able to just walk in the store and pick up your items without having to walk around and shop for them.

2. The Swing-Out clothes rack. Originally thought for just business sale, people said that they would own this and that it would save a lot of space in their closets and tiny college rooms. It would have to be pretty inexpensive though, about $10-$20 on the high end.

3.Smart Shopper Closet. This was more of a luxury item that people would like to have if they lived a rich and fancy lifestyle. The idea is that you have a display were you can mix and match all your options for tops, bottoms, shoes, accessories, and then select the outfit, when which it would be assembled for you. Since it was more of a dream gift, people didn't really give a price they'd pay for it. But when I asked how much they think it would cost, I got answers everywhere from $1000-$10000 dollars.

4.Overhead sliding racks.This idea is similar to partition walls that run along a ceiling track. The idea is applied to clothing racks though so they can move around. In a home setting, them only moving left to right a few feet would suffice to hold many clothes wide, as well as many deep. If these tracks were sold and easy to install, people said they'd pay anywhere from $40-$100 for them.

5. Smart Carts. People didn't say they'd necessarily buy these because their intended for retail use. But they did say that they would love if these existed. The original idea involves the shopper scanning each item they put in the cart, but it'd be more practical if the cart just had a way of knowing what each item is that's going into the cart. Perhaps if each item had a microchip in the packaging that the cart could identify and send that data directly to the cashier.

Here is a constructed 2 x 2 for each idea. The stars represent where my idea would fall on the matrix.

1. photo.jpg

2. photo_1.jpg

3. photo_2.jpg

4. photo_3.jpg

5. photo_4.jpg


Patent Search:

Swing out clothes rack:
-Swinging Arm Clothes Rack. US3352430

Outfit Selection Closet:
-Online Wardrobe. EP12393A2
-Method and system for generating a recommendation for a selection of a piece of clothing. WO 2002017160 A2

Smart Carts:
-Method of manufacturing a security thread having an embedded microchip, security thread and document comprising the thread. WO 2004043706 A1
-A microchip monitoring system and method. EP 1798698 A2

Overhead Sliding Racks:
-Railway vehicle with sliding doors. EP 2371653 A2
-Regulation mechanism for sliding doors. EP 2053190 B1

Pre-Order:
-Pre-order wholesale system and method. WO 2005057360 A2

For pricing, I calculated that the cheapest products would be the swing out clothes rack and the sliding clothes rack. Because of the hardware and assembly, the sliding rack I would estimate to cost $40-$60 at the store. The swinging racks, only around $20. The preordering system would cost the amount to develop and run the software, as well as the labor hours to assemble the packages. The convenience fee though I would estimate at around $8. The Smart Cart system is hard to estimate, because it would require many microchips and scanners. The carts would be rather expensive compared to carts without the technology incorporated, but the microchips would have to be cheap and easily manufacturable. The software would also be designed. This would be a large expense for a retailer.

3 Comments

Mac,

I found your concepts quite unique. It seems like everyone is finding new ways of shopping and increasing convenience and the idea of having more space in a tiny dorm for your clothes would definitely go over well with college students.
The information was all there for the most part, although I would have liked to see a bit more cost analysis. you gave estimates as to what your products would cost, but not the individual parts that would make up that product. I know when analysing the materials piece by piece it gave me a more accurate cost analysis. your photos also look a little dark and could use a bit more detail, a problem I also had.
I liked that you had items that were on both the lower end of the price spectrum and services that were high end as well. I look forward to the day when I can get a shopping cart that can predict my purchase cause.

Thanks for the reminder of your 10 products, it was helpful since I have not yet seen your blog. As far as your survey responses, could you have told them to put themselves in the shoes of a store manager and focus on the efficiency of the product to give the responses more context? When you relay the results, it would have been nice if you had used the names instead of the numbers and showed us all the results of how many votes each one received.
Your 2x2's are nice, but I would suggest scanning them next time and be sure to incorporate how much each of the products were. Is the price you came up at the end the retail cost or the manufacturing cost?

Jessica

I think your topic is really interesting and certainly presented a unique challenge for you in this assignment. It might be interesting to, at some point, try to talk to people with some sort of retail experience to see how they feel these products would work within their work environment. I like that you put a star on the 2x2 where your product would fit in. I agree that it might be valuable to try and get a better sense of whether or not it would be feasible to produce your products and sell them profitably at the retail price you've selected.

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This page contains a single entry by wilmk035 published on December 4, 2013 3:38 PM.

Assignment #5 was the previous entry in this blog.

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