Internal competition — There are 700 eCommerce sites and around 8,000 e-commerce pages on Facebook. Yet it only contributes to 0.7% of countries total retail market share.
External competition — Bangladesh has an expect $1.6 Billion retail market. Customer needs are being fulfilled by other channels. (trust, quality and instant gratification)
There are two possibilities either we enter this red ocean, offer discounts & bleed money or we create a blue ocean where we provide convenience and build trust that of a small Mom & Pop store.
Key parameters were identified, when compared gave a clear product positioning.
To solidify product positioning, product principles were identified. These serve as guidelines which would help us build features that resonate with our customers deep desires.
Reliability — Reliability comes from hand holding. Building features and services that mimics human assistant, provides adequate actionable information, that leads to consistent predictable outcomes.
Transparency — Ease of ability to access accurate data of an individual SKU, reviews, order and transaction within the system.
Personalized — Ability to alter product experience, offering based on historic data and current context.
New Retail — A set of feature would aid in better discoverability of products within retail stores.
Digital Wellness — A customer should be able to track his shopping behavior help them improve their shopping habits, save money and recommend better cost effective products.
Community — Provide opportunity of consumers to communicate within controlled communities. This would help our customers solve problems, review, recommend and raise awareness of the platform.
Hook — These are opportunities provided by platform to the user to up sell, resell or invest (data, preferences, shopping lists, spend analysis, cashback) in the platform that compels user to return.