Team 6 – Shop Mate

Presentation Team

HubLab Teams
Each team at HubLab will consist of six young entrepreneurs, one from each participating country—Romania, Bulgaria, Greece, Cyprus, Poland, and Latvia. These teams have collaborated throughout the program, combining their diverse perspectives to develop innovative business ideas. The final teams have officially pitched their business idea on 23 September, in Iasi

Details Team

ShopMate: Your Smart Shopping Assistant

Business Overview

  • Business Name: ShopMate
  • Concept: An innovative platform that revolutionizes shopping by connecting users with local stores, offering personalized style advice, and enabling AR-based virtual try-ons for a seamless shopping experience.
  • Tagline: Shop Smart, Shop Local.

Problem Statement

  • Identified Issues:
    • Limited visibility of local shops and their offerings.
    • Difficulty in finding promotions and personalized shopping options.
    • Time-consuming shopping experiences.

 

Solution

  • ShopMate’s Offering:
    • Discover promotions from nearby stores.
    • Receive personalized style advice and advanced color analysis.
    • Enjoy virtual try-ons using Augmented Reality (AR).
    • Benefit from fast delivery services.

Market Opportunity

  • E-Commerce Growth: Projected to reach $6.3 trillion by 2025.
  • AI in Retail: Estimated to grow to $23.32 billion by 2027, with a CAGR of 33%.
  • AR Market: Expected to reach $2.4 billion by 2024.
  • Fashion Market: Valued at $1 trillion by 2025.

Business Model

  • Revenue Streams:
    • Monthly Subscription Plans:
      • Free Version: Basic features.
      • Premium Version: Includes AR fitting and free delivery.
    • Delivery Commissions: Earn a percentage from delivery partnerships.
    • Advertisements: Monetize through targeted ads on the platform.

Investment and Returns

  • Funding Needs:
    • €30,000 allocated for:
      • AI and AR implementation.
      • Legal costs.
      • Marketing efforts.

 

  • Projected ROI:
    • A return of 2x to 3x the initial investment.
    • Timeframe: 3-4 years.
    • Distribution Model: Shared profits of 20%-30% annually.

MVP Highlights

  • Key Feedback from Surveys:
    • Personalized Shopping: A significant majority expressed interest in receiving style advice and virtual try-on options.
    • Local Store Discovery: Users appreciated the idea of connecting with local businesses and accessing exclusive promotions.
    • User Experience: Simplicity and efficiency in the platform’s design were highly rated.

Marketing Strategy

  • Digital Campaigns: Leverage social media and influencer partnerships to attract users.
  • Local Partnerships: Collaborate with local stores to showcase their promotions and expand their reach.
  • User Retention: Offer discounts and exclusive content to premium subscribers.

Team Members

  • Core Team:
    • Cosmina Lese
    • Anna Marija Rimša
    • George Viennas
    • Kaloyan Sapundzhiev
    • Helena Hodera
    • Apostolia Analyti-Vaškelytė

Video