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Future Group Competition: Ground Zero
- 2. However, HomeTown also exists in an age which sees 2 additional dimensions: ≒ Desire to make your own home, with things as personalised as possible ≒ Retail is out, e-tail is in. Hometown Wants To Sell More Than Just Furniture. It Wants To Give You A Complete Home Solution. So, the question posed is, In a time where everyone and everything is online, how does HomeTown rede鍖ne a saturated category? We need to attract consumers, provide them relevant value, while still keeping an eye on the bottom line. Exploring Opportunities
- 3. Shift from collectivistic to individualistic society This means that individuals are going to leave behind the notion of joint families, and set up their nest earlier, and on their own. This means more homes to decorate! Consumers today want personalisation. They are spoilt for choice, and are 鍖ckle, so loyalty levels are low. The TG is tech savvy. This means that we need to actively involve the consumer, and we need to move fast! Virtual Reality, and Augmented Reality through Holograms are no more an idea of the future. The future is now! This means that there are pieces of technology that by themselves may be irrelevant, but put together may create some magic! CONSUMER TRENDS SOCIETAL TRENDS TECHNOLOGICAL TRENDS Reigning Trends
- 4. Category Characteristics Based on: An interview with an industry specialist Seasonal trend is from July to October This period has 60% of the entire years sale Season from Independence Day sale, dhanteras and ends after Diwali During this season, consumers get conscious about how their home looks Main categories: Soft furnishing and hard furnishing Majority of sales: Hard Furniture sofa sets, beds, etc Bulk purchases are characteristic of this season
- 5. S p e a k i n g t o A n d I n t e r v i e w i n g H o m e O w n e r s Digital Audit of HomeTown In Depth research into VR/AR The APAC region is the fastest-growing market because of the growing consumer market in countries such as China, Japan, South Korea, and others.油 The market is dominated by major players such as Google, Metaio, Oculus VR, Samsung, -CyberGlove Systems and Microsoft among others. The Global AR Market Is expected to reach 117.4BN by 2022, at a CAGR of 75.72% between 2016 to 2022 The Global VR Market Is expected to reach 33.9BN by 2022, at a CAGR of 57.84% between 2016 to 2022
- 6. New want for their own feel in terms of colour, size They want to touch and feel only chairs, and sofas. Beds are seen, but not touched, or sat on as the mattresses are sold separately Customers dont listen to the recommendations of the store managers; Ulterior motive of suggesting a brand PRIMARY RESEARCH S T O R E S Customers only want their own design Unsold pieces High warehouse costs, high store rental costs
- 7. PRIMARY RESEARCH Make a home, even if its rented C O N S U M E R S Experience matters Pe r so n al i se d Friends and family play large role Word of mouth is the strongest influencer
- 8. Stores Complain: Customers go online to shop Consumers Complain: No nice options Time taken at a store is high CONSUMER PAIN POINTS What you see is not what you may get Customers complain they cant see if two purchases will match each other I cant see if it will match my home ?
- 9. Connected Sociology, Technology, Anthropology, Psychology This helps in forming a holistic solution by accessing multiple points in the consumers life . Experience over Technology. Customer experience was our prime motivation. Everything else was just a tool to achieve that. IDEATION
- 10. 25-45 YO, Upper middle class, with DINK, DIOK, formats Young married couples renting a flat and buying a few things, People buying a house, People redoing/refurnishing their entire house. Female led category Females have better aesthetic opinion and consider their home their identity Starting point for newly married couples Consumer Characteristics Based on: Primary Research
- 11. Consumer Decision Making Journey S e a s o n a l a s p i r a t i o n s , Redoing home, S h i f t i n g a n d moving TRIGGER Future Group has covered consumer wants and needs in this category, either through acquisition, or development NEEDS We have ensured that our offerings trigger both store visits and home visits; both points of purchase in this c a t e g o r y h a v e b e e n touched VISIT Increased methods of evaluation for better consumer experience. Every point in our solution aids product comparison, and aided- comparison. SEO, SEM needs to be good so we can be present at every point the consumer is 油 油 EVALUATE Store representatives will enable and fuel purchase, while increasing attach rate. Further, ticket sizes are maximised by offering a lager, more relevant basket to choose from BUY We have enabled sharing on every device at our end, so it can reach every device on their end. Complete e n d - t o - e n d s h a r i n g f r o m HomeTown to Consumer. This will be further driven by marketing activities, shaped and re鍖ned by a communication idea SHARE
- 12. SCENARIO PLANNING N o M a p p i n g VIRTUAL CATALOGUE at Store VIRTUALLY Customizable at Store Log of selection & changes with Store Attendant Virtual selection Shareable with Friends & Family Easy to Use; Satis鍖ed Consumer . . . 1. Video Link 1: h#ps://youtu.be/iMeBxiUnwC0
- 13. SCENARIO PLANNING M a p p i n g2. 360 degree video of Room/House Mapping of Room/House VIRTUAL CATALOGUE at Store Customizable to 鍖t into House Layout Log of selection & changes with Store Attendant Virtual selection Shareable with Friends & Family Easy to Use; Satis鍖ed Consumer Video Link 2: h#ps://youtu.be/yHyTEPddjt8 As the number of items increase, or the complexity of the solution increases, or the ticket size increases, so to must the sophistication of the solution, and the customer experience be enhanced.
- 14. SCENARIO PLANNING W e C o m e t o Y o u Appointment & then we come to you! Holographic Furniture Fit Data Stored through Data Capturing GlovesHolographic selection, Virtually Shareable with Friends & Family Easy to Use; Satis鍖ed Consumer 3. Video Link 3: h#ps://youtu.be/-足q_MbOmNimA Signi鍖cant point of advantage: Salesmen can recommend more items on the basis of items at home and the d辿cor, and increase ticket size
- 15. By combining these pieces of technology, we will be able to rede鍖ne the category for consumers, and give them something no one else has. TECHNOLOGICAL PROTOTYPE Microsoft Holo Lens This will provide a b a s e f o r t h e holographic features Oculus VR T o p r o v i d e t h e V R experience in store, and to customers at their homes Eye tracking, Face tracking & Data Capturing Gloves To capture any motion the consumer makes, right down to subtle body language readings.
- 16. THE COST ASPECT Off the shelf Cost $350 Basic components required to build and augmented reality system: Camera Small projector Smartphone Mirror Devices in Market with cost: Google Holo Lens- $3000 Oculus Rift price: $599 Meta- $667-$3650 Laster SeeThru: $399 Online shop in virtual or augmented reality: $15 000 $25 000; Data Capturing Gloves: $750; (VMG 30)Trends and Technology alone doesn't make sense. It is only when things are put together that they become usable and give value
- 17. Technology possible, but not yet being done large scale Market will boom Technology possible, but not yet being done large scale Ecosystem being created slowly First-mover advantage Highly engaging Easy to set differentiation Brand strategy, communication strategy possible Breaks clutter of the market Simple to use technology, and easy to train staff Lowers warehousing costs Lowers store rent cost Decreases unsold pieces & increases inventory turnover What is DIFFERENT about this idea?
- 18. Why could these ideas NOT work? Not for those who seek quick cash Will require long term planning to execute Recovery cycle for investments may be long Requires mettle and grit to enter into
- 19. SCALABILITY The B2B Market From the perspective of a B2B extension, this model is extremely sound. Hotels: If hotels can give us a mapped area of a room, we can provide solutions to them. Since they have 鍖xed room architecture, this will be easy to execute Styles, colours, themes, models can be quickly seen, approved and purchased.
- 20. 鍖n. 油 fin