Introduction.
A digital business model in lifestyle retailing. The goal of this blog is to come up with a digital business idea that can bring revolution in fashion retailing. Like the other business ideas, this digital business idea is also written in detail, from problem statements to investments. Moreover, if you want more information I promise to get back in a week.
The top 1% of the Indian population holds 22% of the national income in India, a high chance that most of them do not compromise luxury. The other measure is top 10% of the income pyramid holds 57% of the national income.
So, In the context of the Indian population, these 10% Richie Rich are almost 140 million in the count, which is a little higher than the size of Japan’s population.
Today, we will go through a digital business possibility in such a segment where 100 % of the population is a prospective customer. No, the product is not a staple, hold your breath.
Problem Statement.
There are fourteen crores of rich people living in almost three crores household spends quite a high time out in selecting lifestyle stuff which matches their social connotation. Time is superb precious for them.
Today businesses are more focused on paving the way to reach people rather than on customers reaching them. This race becomes extremely competitive in nature, eventually, the delivery of tangible products has come down to 10 mins threshold.
To read more business click here.
We can make a packet of food reach the address within 10 mins, even a new car can be delivered within an hour’s time but a whole showroom cannot move. You may say the e-commerce platforms are no less than a store, yes, I fully buy that, but you must agree that these stores are not for the people who belong to the top of income pyramids.
You must also agree with me that these sets of people exhibit a different buying behavior, so far, they are reaching business as no business could take the entire showroom to them yet.
Concept of the digital business.
Here the business concept is, that the super-luxury brands will reach the houses of all Rich households and in fact, the brand will stay with them 24X7.
With the amalgamation of different modern technologies like AI, AR, Smart mirroring, 360° degree virtual Try-on, and 3D graphics we have seen retailing becoming smart day by day, so far, we have seen a few big retail outlets installing such features on their shop.
My ideation of business says that let these large screen devices be installed on the premises of rich people, so that hundreds of luxury brands place their shops on the screen and let the family enjoy shopping together from home. [I have shared a basic digital business idea, the techies may improvise further]
I believe this digital business model absolutely fits with the lifestyle of the targeted segment. Because, they want privacy, they want to save time, they too want to shop together, and they want exclusivity.
Please note a premium and the fastest possible delivery mode is highly required.
Investment.
I was researching these mirrors on the internet and found that will cost approximately 3 lakhs USD. No doubt a high price but you know what a peanut is for them.
As each mirror will cost INR 3 crores, here I have an equation, if 200 top brands (globally) put their shop on the mirror and target installing 1000 units. [Please note super and ultra-rich households in India are more than a crore] The cost is coming 1.5 Lakhs INR per installation per brand, which means by spending 15 Crore INR the brand can reach and stay in 1000 houses of ultra-reach people. and the rich family is getting it free.
With this strategy, I believe 100% pre-booking is possible. Just imagine the volume of business the brands will get.
Best of luck!
