GAMINISM

ABOUT

If 2020 taught us anything, it’s one, wear a mask, and two, shop online. Like so many other aspects of 2020, the way brands and retailers do business changed forever. The impact of COVID-19 on the retail industry has been massive, greatly influencing consumer’s buying behavior. The result: a year of unparalleled growth in eCommerce sales.

Global lockdowns led to a massive surge in online shopping, posing major challenges to businesses around the world. Despite the incredibly high demand for eCommerce in 2020, merchants weren’t always prepared to meet it at scale without professional eCommerce and fulfillment solutions in place.

Sadly, many brick-and-mortar businesses were forced to close their doors permanently, while others had to quickly pivot, immediately opening online stores for the first time ever. Even those with online stores had to make significant adjustments to manage the challenges surrounding inventory, logistics, shipping and more.

Here at GAMINISM, we made a startup for selling customized gaming products like controllers, VRs, keyboards, mouse, and a lot of quality products at a remarkable price satisfying our customers.

With the backdrop of COVID-19, more businesses than ever before moved online in an effort to stay afloat.

MARKET DEMAND

There’s no question: Gamers are a passionate bunch. These fans tend to be extremely loyal to their favorite games; in return, they expect a great customer experience. This consumer behavior presents a challenge to companies looking to sell gaming titles online: They must have a clear understanding of the specific needs and motivations of this particular audience if they want to succeed.

The global online gaming market is expected to witness substantial growth over the forecast period. This may be attributed to the increasing number of users taking up online gaming as an entertainment tool. Furthermore, increasing consumer awareness towards interactive entertainment systems is also expected to drive the market demand. Availability of high-speed internet connectivity, efficient hardware compatibility, sophisticated gaming techniques, and increased consumer disposable income are some of the key factors driving the market. Technological advancements across the online gaming industry are expected to favorably impact market growth over the forecast period.

Regulatory shifts and the proliferation of smart devices are also expected to fuel market demand. However, a few government regulations banning online gambling may pose a threat to the online gaming market. The emergence of several groups such as Assurance (eCOGRA) and e-Commerce Online Gambling Regulation that oversee player protection, fair gaming, and responsible operator conduct are expected to provide avenues for market growth.

Asia Pacific is expected to exhibit high growth over the forecast period. North America is also expected to witness considerable growth over the next few years owing to the increasing penetration of online gaming across the social media platform. Manufacturers as a part of their growth strategy emphasize collaborating with several service providers in the market in addition, the need to address monetary issues pertaining to gaming taxes as well as additional compliance costs may lead to market consolidation with a limited number of multi-product operators.

RELEVANT PRODUCTS IN THE MARKET

There are currently many other companies in the market but how we are distinctive is that:

Convenience:

Easy in, easy out. Customers love how easy it is to buy our product or use our service. In the competitive world of pizza delivery, Domino’s chose to focus on delivering their pizzas in 30 minutes or less.

Reliability/Dependability:

Our product or service never fails. According to the Bob Seger song, Chevy trucks are all tough “like a rock.”

Quality:

Our product is luxurious. Our service is top notch. When customers describe our company, they speak in superlatives. BMW considers its cars to be “the ultimate driving machine.”

Superior Customer Service:

We are always there for our customers. We give them peace of mind. They know they can count on us and our staff.

Creativity:

Our product or service inspires people to think outside the box. Apple told customers to “think different” with pictures of brilliant minds such as Albert Einstein and Pablo Picasso.

Competition:

There is also a need to do an in-depth assessment of what competitors are doing, their online strategy, and the nature of each offering.

TARGET CUSTOMERS

The increasing number of professional video gamers as well as casual gamers in the world and growing penetration of high speed and cheap internet in developing countries is ensuing high demand for the gaming peripheral devices and is likely to enhance the growth of the target market in the next few decades.

Also, increasing the necessity for a better gaming experience in the youth while playing numerous video games is causing the growing demand for virtual reality gaming accessories for example VR headsets, VR controllers, and VR PC backpack and this is another factor anticipated to drive the growth of the target market.

REQUIRED KNOWLEDGE OR EXPERTISE

Research:

First step in research would be qualitative research which will play a huge role in determining what problems do customers usually face and research for collecting data required to add comparison of products from all websites/apps would also be required.

Then, concept testing would be required whether it will work successfully or the changes would be required

After concept testing, product development would start and after completion of the product development, product testing would take place which will identify anything in the product which requires any change.

Hardware Required:

Basically, the only hardware required was only a good working PC and nothing else. On the other way, the user of our product may use PC, smartphone, tablet, and any other thing of that type.

Software Required:

Squarespace, for designing a web page. It provides essential tools for professionals who prefer to code sites by hand, including code hints to save you time and edit linting that’ll alert you to errors as you go and help you keep in line with web standards. Squarespace provides handy visual aids to speed up development, enables you to create fully responsive sites using Bootstrap, and its live view displays previews on most viewports, from mobile to full-size screens, and constantly updates as you type.

MySQL for data storage and software functions on Linux.

C++ development services for an e-Commerce website

Also, we need to get the knowledge about Google Play Store and its policies and other information required to publish our app. Moreover, we need to know how to buy the domain for our website.

SOLUTION

The working of our startup can be visualized below for a better understanding:-

ESTIMATED BUDGET

The estimated budget for our start-up would be:

1. Hardware cost would be approx. $4000-$5000

2. For purchasing domain name and cloud hosting:$1000-$1700/year

3. For publishing app on

a. Apple app store:$200/year

b. Google play store:$50(One Time Cost)

4.Customising Products:$1000–10000(depending on sales)

The idea will be proposed to people who are interested in funding this project as resources like team of 3–4members, funds for marketing, server, database of customers will be required in making this start-up a successful venture.

These are rough cost of estimate and will vary as we move towards more detailed plan.

PRODUCT PRICING

The Basis for Pricing: There are three ways to justify a pricing plan. Value-based pricing charges customers a fraction of the incremental value created by the product or a fraction of the costs saved by the product. This is often seen in ad tech or any type of optimization technology.

Positioning: Positioning is the most frequently forgotten of the 4 Ps in Marketing. Salesforce exemplifies exceptional positioning. Used strategically, pricing can be a weapon, a source of competitive advantage in the market

Customer Base Size: The number of total potential customers multiplied by the selling price of the product equals the total addressable market (TAM) for a startup. Generally speaking, bigger TAMs are better.

Sales Team Structure: Pricing impacts the structure of a sales team and their day to day performance for two reasons. Higher price points decrease sales velocity, the number of deals closed per sales rep per unit time, and increase sales volatility, the chances a deal closes.

Our Startup’s Unit Economics: Our pricing plan has to enable the company to become profitable at some point. The value of our business is the discounted sum of all its future profits. Adopting a lower price point may increase sales velocity, create lots of demand, and keep sales teams happy, but if the price point doesn’t generate enough gross margin to achieve reasonably quick payback periods, and the business suffers from an increase in churn, the company is in trouble.

Marketing Plan

Any plan exist requires a really great marketing strategy to be successful. So, to make our product successful we first need to create a good yet affordable marketing strategy.

Our marketing strategy would include celebrities and famous people. Our product will be given to a few of them for free as a gift so that they can help endorse our brand.

Also, the most important division of advertisement would be through Television ads, YouTube ads, Instagram , Twitter and other social media available. Nothing attracts people more than the compelling products they see online. This enables us to target the newer generation and try to encourage them to use our services.

RISK ANALYSIS

Funding risk: the proposed model is dependent on the funds and it would be very difficult to make this venture successful without funds as funds are required for marketing, for team members, for other resources like app Development, app studio and launching it on platforms.

Market risk: this risk plays an important role in start-up as everything in my proposed model is based on market of online buyers and it is very important to analyze which type of sites they trust and which products are in high demand.

Team risk: any startup can only be successful if there’s a good team involved and each one understand their role and responsibilities with in the team.

Some Difficulty Factors:

• >Fastest delivery
• >High-quality customer service
• >Flexible Payment Options
• > Inspiring, Informational & Aspirational Website
• > Customization and Innovations

MILESTONE AND TIMELINE

We are targeting this project to complete within the time frame of 7–12 months based on initial assumptions and availability, following are some of the milestones with tentative timelines:

Validating the business idea by creating a prototype and getting a customer feedback. Expected time is approx. 4weeks.

With this, we will achieve our first milestone with many more to arrive.

I hope we can generate more and make our customers happy as possible!