Business Idea Critique

 

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Business Idea Critique

Hey Everyone!

I am new to this sub. So apologies for any mistakes in the post format.

I recently read somewhere that a lot of online stores work with their pricing multiple times during the whole day. This was something new to me (newbie alert!).

Anyways, so I noticed that retail stores have stickers on top of stickers for pricing and I have personally worked at stores where we changed pricing manually using the plastic holder and printed price cards.

So I started working on the e-ink based price tags, and I am getting close to a software based solution for physical stores where you can go to the browser and changes prices whenever you want. You just have to install these e-ink based price tags at your store once. (Batteries last quite a long time). Right now the dashboard is local but I am looking to implement remote pricing too so you do not have to be in the store physically to change the pricing. Do you think retail store owners would pay for something like this? I can see this becoming useful where you also have an online store so you can sync the prices. Also dynamic pricing based on Amazon or other online retailers.

Please roast this idea. JK Any advice or criticism?

Business Idea Critique

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3 Replies to “Business Idea Critique”

  1. Hello, Firstly kudos for trying to think something out of the box.

    Let me start with telling you what businesses like a retail chain traditionally prefer. Your idea has two components, one is the hardware, the e-ink tags you talk about here and the other is the software which would help the stores to update their prices. Now usually ideas that do not require the integration or purchase of an additional piece of hardware are preferred not just by something like a retail chain but almost all the businesses. A full software based solution will be received much more positively since that way the businesses don’t have to change anything in their present scheme of things, the way they work, the way they operate. In addition to that if I talk specifically about a retail chain, something like an e-ink tag which would stay under constant exposure and contact of 100’s of people visiting the store everyday may require way more in terms of maintenance that we can think of.

    Secondly, Are you the creator of these e-ink tags?
    I feel a product like that which is exclusively made for the remote updation of prices would already be accompanied by a software companion through which the store owners can update the prices, I mean if the product was created for this purpose I am pretty sure the founders would have made it a point to give a software solution as a part of the purchase in which case I don’t see the point of you building this. I might be wrong here since I don’t have the complete information but I hope I am making sense.

    and lastly, all the online stores already have an option of updating their prices through an admin panel they have which they can login to from anywhere, it is usually web based. They can update their inventory, update prices, add discounts, check orders, sales made etc. So again, I don’t see why would online stores need it unless I’ve missed something here.

    Feel free to correct me if you think I’ve missed something 🙂

  2. Do you have the skills to implement this?

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    cons

    Step back in design. The paper has full color to grab attention. Your solution is a step back in design.

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    I do see the upside though. IOT is getting cheap and cheaper.

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