DIGITAL BUSINESS INNOVATION
PROJECT: HAMLEY’S
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1. |
Updated business model canvas |
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Your Answer |
Add the image of your business model canvas here  |
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2. |
Digital innovation process |
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Your Answer |
The
suggested solution First of all, they think about
how to Re-examination of business continuity plans with the involvement
of business partners. As 90% of business are from retail stores children and their
parent do not visit stores. Due to covid 19. As parent are worry having concern
on children growth and educations and personal growth as well. Hamely provide
solution which is both physical and digital experience on door steps. Hamleys digital innovation
process initiation: - 1. Hamely launch digital platform
with mobile app for online shopping. 2. Toys demonstration using YouTube
and Instagram ad Facebook. 3. E-Store 360-degree view of
store so they experience store digitally as well. 4. Free of cost online games based
on category and age group so they can play virtually online and order
physically. 5. Online community. 6. Virtual cartoon series and
comics so they can encourage to play with characters. 7. Virtual events and drawing
competitions for painting characters. 8. Rent toys online subscription 9. Eco nature free toys with certification. 10. Live review and feedback. Proof
of concept 1. build trust in customers mind
for the platform in term of product, services,
payment terms. 2. Delivering toys with the safety
standards as per government regulation. 3. Both offline and online
demonstration delivery of toys using tabs. 4. 10 days replacement of product
if not satisfied or on delivery return concept. 5. Review and feedback of toys by high
ring social media influencers. 6. Target customers based on geographics Value
proposition of Hamley's ·
High quality and child safe toys no harmful
plastics ·
Replacement and refund of online orders ·
Digital payment and cash on delivery
options Quick order accessible location. ·
Subscription based reward points online
purchase intellectual property of smart toys ·
E 360-degree store view demonstration. ·
strategic shifts from toys to education entertainment provider. The type of innovation ·
Radical innovation as it is technological breakthrough, transforming
industries and create new market. ·
New type of business model that disrupts the existing markets. |
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3 |
Evaluating performance of a digital business |
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3.1 |
Add the three metrics and reasoning behind selecting them
here ·
Bounce Rate – As number of user visit e website but not making into purchase
funnel, declined in last 5 months. Mostly result of poor website development design,
lots of time in buffering page. And not friendly user interface. ·
2. No. Of repeated
transactions – Increase in number of repeated
transactions. Consumers like the product and features means they are
satisfied by product quality. Using data analytics, we can review customers
focusing on which product segment. ·
Average time spent on the
site (in minutes) – As per metric, Average spent
time increase from Jan to may month. Also need to check comparing time spent
on other competitors’ website for possible improvements. ·
Net promoter score - Growth in the business as number of promoters of positive feedback
increased almost doubled from January to May month. |
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3.2 |
·
Conversion rate = No of
Transaction/Total unique vistors*100 February – 2.62 March - 3 April - 3.5 May - 3.5 ·
The average revenue per
Transaction =sales per month/ no of transactions *100 February – 53.57 March – 38.88 April – 36.73 May - 35.16 ·
% of repeated transactions =no
of repeated transaction/no of transaction*100 February - 32% March - 31% April - 31% May - 30% |
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3.3 |
Summaries the performance of the platform
business over these five months. ·
Average
traffic volume spent increased month by month. ·
Feedback
both positive and negative increased but negative feedback need to take care
as it reduces sale and affect reputation in the market. ·
Average
time spent on site increased month by month. due to Sales fluctuation due to
marketing strategy. ·
No. of
repeated transactions as increase in retention rate. ·
E store
shows consumers recognize product and got interested. ·
Based
on category customers can easily identify product and specifications and
secure purchase options. ·
Digital
data analytics can now focus on performance analysis based on data. |
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