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FINAL PROJECT FOR SUBJECT ECONOMICS
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Key Challenges Faced by Gen Z in Fashion (2) Factors Influencing Fashion Choices for Gen Z (3) However, "COOL-FIT" comes to the rescue with a solution tailored to Gen Z's fashion needs. Our app addresses these challenges by providing organization, outfit planning, trend insights, sustainability guidance, personalized style recommendations, community engagement, and valuable time-saving benefits. With "COOL-FIT," Gen Z can confidently navigate the fashion world while embracing individuality and making mindful choices that align with their values. The "COOL-FIT" app's primary goals are to revolutionise how users organize their wardrobes and plan their outfits with the latest trend. The app aims to provide users with a convenient and efficient platform to manage their clothing items and accessories through the features. With "COOL-FIT," you can effortlessly post photos of your clothes, create customized categories, and tag each item with
essential details like color, brand, and price. But that's just the beginning!
Companydescription: Name of the company: Cool-fit company Industry: A fashion and lifestyle app Business Structure: Limited Liability Company (LLC) Prototype:https://www.figma.com/file/ CBYCgkalJ7neS4voWmujjy/Untitled?type=design&node- id=0%3A1&mode=design&t=B2OkY8G0XzcrJ7Z2- Name Position (^) Strength Responsibility Trần Phương Chi Chief Executive Officer (CEO) Provides strong leadership and vision to guide the company towards success. Responsible for strategic planning, ensuring the company's direction aligns with its goals. Making major corporate decisions and setting strategic goals for the company. Overseeing day-to- day operations and ensuring smooth functioning of all departments. Nguyễn Nhật Nam Chief Technology Officer (CTO) Possesses strong technical expertise and leads technological innovations. Ensures the app remains competitive and up- to-date with the latest industry Overseeing the app's technological infrastructure, development, and implementation. Ensuring the app's performance, functionality, and security.
price. Outfit Planning and Inspiration Use the app to mix and match clothing items to create stylish outfits for various occasions. Effortless outfit planning and exploration of new looks. Occasion-based Planning Plan outfits in advance for different events and activities. Be prepared and organized for any occasion with suitable outfit choices. Fashion Inspiration Get inspired by fashion influencers and fellow users through shared outfit ideas and trends. Always update with the latest fashion trends and find new style ideas for you. Calendar Feature Plan outfits ahead of time and record past outfits on specific days. Organize and schedule outfits for future events and easily recall past looks. Social Networking Connect with fashion enthusiasts, share outfits, and exchange style ideas. Engage in a fashion community, receive feedback, and build a sense of fashion camaraderie. Pricing: "COOL-FIT" adopts a freemium pricing model to cater to a wide range of users. The basic version of the app is available for free, allowing users to access essential features like wardrobe organization, photo uploads, and basic outfit planning. However, to unlock more advanced features and enjoy basic, premium or premium plus exprience, users can subscribe to a monthly. Premium Plan Features Description
Advanced Outfit Planning Access more sophisticated algorithms that suggest creative outfit combinations based on user preferences and current fashion trends. Trend Insights Receive real-time fashion trend updates, personalized style recommendations, and tips to stay ahead of the latest fashion trends. Unlimited Wardrobe Capacity Enjoy the freedom to upload an unlimited number of clothing items and accessories to your wardrobe without any restrictions. Exclusive Content Gain access to exclusive fashion content curated by fashion influencers and stylists, offering unique style inspiration. Business strategy: differentiation/ cost leadership --- Business model canvas Key partners:
Advertising
Industry overview: The fashion industry is one of the fastest-growing industries in the world, with an estimated worth of $2.5 trillion in 2020. The industry has become more dynamic and consumer-driven with the rise of e- commerce and social media platforms. The emergence of technology has completely revolutionized the industry, bringing in new opportunities for players. One of such opportunities is the coordination of clothes app. These are mobile applications designed to help consumers coordinate and mix and match outfits from their wardrobe or shopping lists. This innovation has come as a solution to many people who struggle with personal styling and are looking to save time and money in the process. Coordination of Clothes App: The coordination of clothes app provides users with the convenience of planning and organizing their wardrobe in a digitized format. The app allows for easy pairing of outfits, obtaining style suggestions and inspiration, and keeping track of clothing items. Through this app, users can curate and save their favorite outfits, or get suggestions based on the occasion, weather, or personal preferences. Market Analysis: Given the rise in demand for fashion and personal styling, the coordination of clothes app has great potential. The global fashion and apparel market size is projected to grow at a CAGR of 4.5% from 2020 to 2025. A significant factor driving this growth is the increasing preference for personalized and individualistic fashion.
The coordination of clothes app is designed to tailor-fit individualized fashion preferences, which is a significant factor that attracts users. For instance, some apps have features that allow users to take a picture of their clothing and create a digital wardrobe inventory. The convenience of having one's clothing inventory in hand enhances the experience of coordinating outfits. Another factor driving the adoption of the coordination of clothes app is the ease of shopping. Some apps integrate their services with online shopping platforms, providing users with the option to purchase recommended outfits directly from retailers. This feature solves the problem of spending hours searching for matching outfits in stores or online.
Convenience - The app provides a platform for coordinating clothes in an efficient manner, making it easy for users to plan their outfits in no time. User-friendly interface - An intuitive and easy-to-use interface is key to any successful app. Users can easily navigate through the app to coordinate their clothes. Personalization - The app can provide users with personalized outfit recommendations based on their preferences, body type, and occasion. Variety - Offering users a large selection of clothing items from different brands and styles, giving them a variety of options to mix and match. Social Sharing - The ability to share outfit ideas with other app users can increase user engagement and brand loyalty. Weaknesses: Limited functionality - The app might lack some features that users might want, such as integrating the app with e-commerce platforms where users can purchase clothes directly. Technical issues - Technical glitches, such as slow loading times or app crashes, might affect the overall user experience, resulting in users abandoning the app. Lack of brand support - having few clothing brands participating in the app might limit the range of clothing options available to users. Limited reach - the app might have limited reach, and the target audience might not be aware of its existence. Opportunities: Integration with e-commerce - the app can integrate with e- commerce platforms to allow users to purchase clothes directly within the app. Expansion - Expanding the app to target other demographics and regions to increase its reach and grow its user base is a potential opportunity.
Partnerships - Partnering with clothing brands to increase the number of clothing items available on the app can lead to increased user engagement. New features - Constantly innovating and adding new features, such as a virtual fitting room, can provide users with added benefits and further enhance the app's customer experience. Threats: Competition - The coordination of clothes app segment is highly competitive, and the market is saturated with multiple players. Competitors can bring new features or enter the market with more significant brand recognition. The competitor app that they found is Cladwell (1), they are also have functions and benefit like us. ctions and benefit like us. Economic instability - Economic instability can lead to reduced consumer spending, which can affect user engagement on the app. Privacy concerns - Privacy concerns such as data security breaches can damage brand reputation and lead to users losing trust in the app. Technological advancement - Technology is rapidly evolving, and it can be difficult to keep up with new trends, leading to the app becoming outdated.
Product: The coordination of clothes app is a game changer in the fashion industry. The app provides a one-stop solution for users to coordinate their clothes and create outfits for various occasions. With an extensive collection of clothing options, users can mix and match clothes to build complete outfits effortlessly. The app is designed to be user-friendly and easy to use, making it accessible to all ages, genders, and fashion styles. Price: The app is available for free download on the App Store and Google Play Store. However, for users who require additional features such as personalized outfit recommendations, and unlimited clothing options, there is an option to upgrade to the premium version. The
Miscellaneous 4500 Total Startup Costs $
Balance sheet for the year ended December, 2023 Assets Cash $ Equipment $ Inventory $ Total Assets $ Liabilities Accounts Payable $ Credit cards Payable $ Total Liabilities $ Equity Owner's Investment $ Total Equity $
The development of software applications, especially related to social networks, first of all, we need a human resource for software development, they will have to have requirements for design and development programming skills. Next is the need for data analytics experts who are able to collect, learn and analyze from other social networking platforms. Data can use data analysis technical tools to provide information about fashion trends, current fashion market, things that are becoming most popular will be suggested to users. In order for the project to develop well, we will need an additional marketing team. Promote advertising efforts and help the application reach and find potential customers. Set up advertising campaigns,
create fashion-related content, develop famous relationships like tiktok, youtube to attract more users and generate revenue for the app. In addition, we need more technical customer support consultants. Especially require people who have good communication skills and know how to use English language so that they can solve problems related to customers when they have problems while they use the application. Support agents must adhere to the rules regarding calls such as recording, taking responsibility for the customer's words and responses to ensure stable service and satisfied customers.
In terms of facilities, the first thing we will have to rent is a large enough office divided into 2 rooms. A room will be a place for groups of employees to work comfortably and efficiently to maintain the company's operations. The other room will be the computer room to store data such as the server, the air conditioner will be necessary to maintain a cool temperature in the office where the employees work continuously and the server room to avoid working. If the capacity is too high, it will overheat and cause an electric shock, which may cause fire or explosion. The rest are other items such as tables and chairs, computers, printers, etc. Network equipment is an indispensable thing in the office as well as related to the project. We will need more devices like tablets, laptops and other phones to test the app on all different platforms. 6.3 Technology infrastructure: We will need a server to store the application's data so that it works as stably as possible. We can create our own server or rent a server on the web. But we should prioritize building a separate server to ensure the safety and security of the company and users. And of course the software will be an accompanying element for development, testing including source code management, compilation, testing, scanning for malicious things that exist in the server and many development tools. other.
