Tryon-Augmented Reality Fitting Room Business Plan

Abstract

Try On is a virtual reality startup that aims to modernize the textile retail sector of Pakistan through its state-of-the-art virtual fitting room (VFR). This product will detect a human body using Kinect sensors and then, in real-time, will place 3D images of clothes – stitched and unstitched - on the individual standing in front. Tryon product involves hardware as well as software. The complete architecture and technical details of the product are included in this document for better understanding of readers. Hardware and software tools involved are explained in detail. Retail industry of Pakistan is burgeoning, however technologically it still has a lot to achieve. Our VFR is an idea embedded in consumer needs. Consumers today are faced with a plethora of options while being tied for time. In such scenario our VFR will aid them in decision making and save the hassle of trying clothes on pre-purchase. Accuracy in sizes will help our customers save money by eliminating the need for returns and associated costs. They will achieve consumer loyalty and have access to consumer data for business intelligence purposes. Pakistan’s textile market is huge with the lawn industry itself being worth 20 billion atleast. 245 lawn brands launched their collections in summer 2016 alone. This shows the potential for TryOn. All major retailers have around 10-15 branches across Pakistan which all will serve as the targeted customers of TryOn. No local competition exists for TryOn as virtual mirrors have not been adopted by any apparel retailers of Pakistan. Globally however competition stems from brands such as Zugara, MemoMi etc. Even then, our competitive edge arises from our first of its kind mirror that caters to unstitched fabric category consumers as well. TryOn will earn its revenue through two streams - firstly sale of its device and installation followed by up gradation of devices with 3D designs as new textile retailer collections come forward. This business plan also contains the five years financial projections including the cost that will incur throughout the operations including salaries of employees and the cost of manufacturing and developing the complete system. Our startup will function according to the lean business model. Therefore, constant consumer feedback will be sought until the product is perfected. A direct selling strategy will be pursued by a sales team to liaison with possible clients and sell the VFR. Free trials will also be allowed in the beginning.