My Segment:
For my interviews, I chose three students at UF that shopped at the grocery store at least once a week.
My Findings:
From my first two interviews, my interviewees expressed that they find themselves often complaining about the length of checkout lines and the time. They even expressed that there are times where they forego getting what they came to the grocery store for as soon as they see how long the lines are. They stated that they could benefit from shorter wait times in checkout lines as they could be spending that time studying, going to the gym, or just hanging out with friends. So they expressed that my business idea was something they wished to see in grocery stores. My last interviewee expressed that he did not really find an issue with the current state of the checkout lines, as he rarely went grocery shopping and instead buys most of his meals out. Because of this specific finding, I may have to analyze the customer demographics a bit more and incorporate my business idea accordingly.
My Conclusions:
From my findings, I can conclude that my business idea would actually benefit customers that frequently shop at grocery stores. I may have to adjust this product availability based off customer demographics and also analyze the times of the day and year for which this product might actually be the most beneficial. After these adjustments, this product can have the potential to be very successful.
Thursday, February 20, 2020
11A – Idea Napkin No. 1
1) I am a senior at the University of Florida, graduating this spring. I am a Biology major on the pre-med track and I hope to eventually become a physician, for which I will be applying to medical school this summer. Next year, I will be spending my gap year at home in South Florida working and doing research. I hope that my business idea to speed up the checkout process at grocery store might make the process a little more convenient for me and allow me to focus my time in other important tasks, such as studying.
2) I plan to have cashiers posted with smartphones that are equipped with scanning and paying ability. This will minimize the time spent in checkout lines.
3) My customers will be college students and working adults especially parents (male or female), because these are the customers that I encountered that go grocery shopping and often complain about the long checkout lines.
4) Customers find this product of mine valuable, because it will save them a lot of time in the grocery store and allow them to spend time doing other tasks in their busy schedule.
5) This solution can help to tackle two issues at once, which not many can do. It not only minimizes the time spent at the grocery store, but also minimizes some of our plastic waste by encouraging customer to not bag certain items.
2) I plan to have cashiers posted with smartphones that are equipped with scanning and paying ability. This will minimize the time spent in checkout lines.
3) My customers will be college students and working adults especially parents (male or female), because these are the customers that I encountered that go grocery shopping and often complain about the long checkout lines.
4) Customers find this product of mine valuable, because it will save them a lot of time in the grocery store and allow them to spend time doing other tasks in their busy schedule.
5) This solution can help to tackle two issues at once, which not many can do. It not only minimizes the time spent at the grocery store, but also minimizes some of our plastic waste by encouraging customer to not bag certain items.
Friday, February 14, 2020
9A – Testing the Hypothesis, Part 2
Who: After conducting my interviews, I have found that my solution to putting an end to long wait times in checkout lanes can really only be implemented during peak times of the day and year. This means that more cashiers will be staffed during each shift and equipped with smartphones with scanning and paying ability only during peak hours of the day, during the weekends, and during holidays. Those that I interviewed all agreed that this could solve the issue with long-checkout lanes. The individuals that I interviewed that are or have been cashiers at retail stores have expressed that this could eliminate the long lines and also allow companies to schedule more cashiers when actually needed. Some people that I interviewed expressed that this solution might actually frustrate the customers that want to bag some of their items, as they would have to wait to get to the front for them to be bagged.
What: The current and past cashiers that I interviewed have expressed to me that bagging is what can make the checkout process longer than it needs to be. So by having only some of the items be bagged, we can reduce our plastic waste and have shorter checkout lines. This differs from stores that do not bag any of your items at all and stores that bag absolutely everything.
Why: If stores do not implement this solution, then it may be because they do not have the resources to invest in the technology, the funds needed to pay additional cashiers, or they simply are not busy enough.
Inside the Boundary: Outside the Boundary:
Who: Busy retail stores (Walmart) Companies that do not have enough
capital to invest in this solution
What: Can reduce wait times in Can make the wait time longer
checkout lanes and make them for customers wanting items bagged.
shorter.
Why: Retail stores are not staffing Some stores are not busy enough to be
enough cashiers during shifts staffing more cashiers, making it unprofitable
creating long checkout lines and to add them to the payroll.
wait times.
What: The current and past cashiers that I interviewed have expressed to me that bagging is what can make the checkout process longer than it needs to be. So by having only some of the items be bagged, we can reduce our plastic waste and have shorter checkout lines. This differs from stores that do not bag any of your items at all and stores that bag absolutely everything.
Why: If stores do not implement this solution, then it may be because they do not have the resources to invest in the technology, the funds needed to pay additional cashiers, or they simply are not busy enough.
Inside the Boundary: Outside the Boundary:
Who: Busy retail stores (Walmart) Companies that do not have enough
capital to invest in this solution
What: Can reduce wait times in Can make the wait time longer
checkout lanes and make them for customers wanting items bagged.
shorter.
Why: Retail stores are not staffing Some stores are not busy enough to be
enough cashiers during shifts staffing more cashiers, making it unprofitable
creating long checkout lines and to add them to the payroll.
wait times.
Friday, February 7, 2020
8A – Solving The Problem
1) The opportunity that I am attempting to exploit is the checkout lanes at grocery stores. The checkout process has become really inefficient and time-consuming. This is due to too few cashiers being scheduled at a time. As a result, only a few checkout lanes are open and available for customers to access. Many stores have implemented self-checkout registers, however, these machines often malfunction and require employee assistance. In addition, these registers are only efficient if customers have less than 10 items and is not meant for a large grocery haul. Frustrated customers are demanding that this checkout process be changed and improved.
2) The product that I am hoping to implement to solve this issue is smartphone scanners.
2) The product that I am hoping to implement to solve this issue is smartphone scanners.
Employees of grocery
stores would be equipped with smartphones that have scanning and paying
abilities (via car). This would be in addition to the existing self-checkout lines
and cashier lanes. Similar to the Chick-fil-A drive thru, there would be 1 or 2
floating cashiers for each lane that would essentially just go through and
check out card-paying customers using a smartphone provided to them by the
company. And once the customer gets to the front of the lane, the items that
need bagging or boxing will be brought to the cashier at the register and they
will bag them. If implemented, this product will speed up the checkout process
and keep customers a lot happier.
Thursday, February 6, 2020
7A – Testing the Hypothesis, Part 1
1)
Smartphone
scanners
2)
Opportunity: A vast
majority of working Americans get off of work at 5pm. This mass exodus of
individuals is what causes rush hour. This is also the only time that most
people are able to go to the grocery store, or during the weekend. As a result,
grocery stores also experience rush hours during the early evening on weekdays
and during the weekends. If you have ever been to the grocery store during
these times, checkout lines can be extremely long and frustrating. I see an
opportunity to have extra grocery store employees checkout individuals via
smartphone scanners or even possibly having an app for the customer to scan it
themselves as they put the item from the shelf to their cart. This reduces wait
times and frustration levels during a time where everyone is just trying to get
home.
-
Who: Grocery store
consumers
-
What: Unable to
efficiently check out customers during peak hours
-
Why: Not enough
employees at the grocery store or unable to design a secure scanning app
3)
Hypothesis:
-
Testing the who:
a. All grocery store customers would like to get in
and out as fast as possible.
b. Quicker check out lines may also entice
customers to come in more often as they will not view going to the grocery
store as a “burden.”
-
Testing the what:
a. Major grocery store chains are the ones that
would benefit the most from this opportunity. Smaller stores often do not get
as many customers and checkout lines are not an issue.
-
Testing the why:
a. Individuals go to the grocery store because they
have plans outside if the grocery store. Having customers wait in line is not a
good business practice, especially if it can be reduced for minimal cost.
c. This article shows that customers are willing to
switch grocery stores if it means they will be checking out faster.
4)
Interview summary:
a. All 5 of my interviewees agreed that a faster
checkout will make their grocery shopping experience much more enjoyable.
b. Several interviewees also mentioned that they
would be willing to make more small trips to the grocery store, rather than a
weekly trip. This way they could enjoy fresher produce.
c. All 5 of my interviewees preferred the app idea
where the customer can scan the barcode as they shop. This way they can walk
out of the grocery store when they are done.
i. One suggested having several employees near the
exit checking to ensure that the customers actually paid for their food as
stealing could become an issue with this idea. The employee can randomly scan
one of the customers items and see if they actually paid for it.
d. One interviewee said that the idea with
additional employees having mobile scanners would be hectic because there would
not be a designated checkout lane for them.
6A – Identifying Opportunities in Economic & Regulatory Trends
1. Malls are taking a big hit and struggling to stay "relevant" as brick-and-mortar stores are closing faster than ever before.
a) https://biztimes.com/economic-trends-malls-seek-right-mix-of-relevant-retail/
b) Many stores are failing and closing due to the rise of big e-retail landscapes causing malls to suffer in the process. Part of this is due to the fact that many of these stores offer only one thing instead of combining "relevant retail."
c) Prototypical customer - Store owners and worker; mall corporations and worker
d) This may be difficult to exploit since Amazon is huge competition, as they provide a variety of products that can be delivered in as soon as a day.
I see that this opportunity exists because I am seeing that several of the stores I once used to shop at are now closing and now I can never find anything I like at the mall, so I just resort to online shopping.
2. In just one day, Elon Musk lost $6 billion due to a 17% drop in Tesla shares.
a) https://markets.businessinsider.com/news/stocks/tesla-stock-price-slip-cost-elon-musk-nearly-billions-lose-2020-2-1028881542
b) Although very expensive, the demand for a Tesla has been increasing. Many people are purchasing a Tesla now because of the advanced technology and futuristic look it gives off, also because it is highly energy efficient. However, at the moment, demand is exceeding supply and due to the recent outbreak, production at Tesla plants particularly in China has declined.
c) Prototypical customer - This is directly affecting Elon Musk, but may indirectly affect Tesla employees as they may start to experience a pay cut.
d) This may be difficult to exploit as there is a hefty price that goes into manufacturing a Tesla.
I see many people are driving Teslas now than ever before, because they have released a more affordable line, so it was a surprise to me that shares have sank to this extent.
3. Possibility regulations to emerge as FDA warns consumers of the possible risks of consuming CBD products.
a) https://www.wsj.com/articles/cloudy-regulation-slows-cbds-seep-into-food-and-drinks-11578574807
b) Many companies are producing and selling large amounts of CBD products because of the apparent healing properties CBD provides, however, due to the lack of research, the FDA is now urging consumers to consider the risks that are associated with consuming these products.
c) Prototypical customer - Consumers of CBD products and CBD production companies
d) Depending on how you look at it, this might be easy to exploit, as these regulatory changes may force consumers to find other, safer alternatives to CBD and companies will then shift their production to reflect that.
I see many food and drink products containing CBD being sold at several stores, so I'm interested to see how this may change if the FDA issues new regulations that would ban these products.
4. Unregulated commercial fishing is destroying the shorelines
a) https://www.gastongazette.com/news/20200206/paws-urges-support-for-coastal-fishing-regulation
b) Over-fishing of coastal areas is damaging the shorelines and ruining the ocean ecosystem. Because of this, conservationists are urging for state regulations that would keep commercial fishing to a minimum. This is necessary to preserve the ocean ecosystems and to prevent any drastic environmental changes.
c) Prototypical customer - Large-scale fisheries
d) This may be easy to exploit because the ocean has an extensive ecosystem that is vital for all life on earth, so regulations may emerge to preserve the oceans.
I have seen first-hand the damage to shorelines caused by over-fishing, so I recognize that this is an important regulation to enforce.
a) https://biztimes.com/economic-trends-malls-seek-right-mix-of-relevant-retail/
b) Many stores are failing and closing due to the rise of big e-retail landscapes causing malls to suffer in the process. Part of this is due to the fact that many of these stores offer only one thing instead of combining "relevant retail."
c) Prototypical customer - Store owners and worker; mall corporations and worker
d) This may be difficult to exploit since Amazon is huge competition, as they provide a variety of products that can be delivered in as soon as a day.
I see that this opportunity exists because I am seeing that several of the stores I once used to shop at are now closing and now I can never find anything I like at the mall, so I just resort to online shopping.
2. In just one day, Elon Musk lost $6 billion due to a 17% drop in Tesla shares.
a) https://markets.businessinsider.com/news/stocks/tesla-stock-price-slip-cost-elon-musk-nearly-billions-lose-2020-2-1028881542
b) Although very expensive, the demand for a Tesla has been increasing. Many people are purchasing a Tesla now because of the advanced technology and futuristic look it gives off, also because it is highly energy efficient. However, at the moment, demand is exceeding supply and due to the recent outbreak, production at Tesla plants particularly in China has declined.
c) Prototypical customer - This is directly affecting Elon Musk, but may indirectly affect Tesla employees as they may start to experience a pay cut.
d) This may be difficult to exploit as there is a hefty price that goes into manufacturing a Tesla.
I see many people are driving Teslas now than ever before, because they have released a more affordable line, so it was a surprise to me that shares have sank to this extent.
3. Possibility regulations to emerge as FDA warns consumers of the possible risks of consuming CBD products.
a) https://www.wsj.com/articles/cloudy-regulation-slows-cbds-seep-into-food-and-drinks-11578574807
b) Many companies are producing and selling large amounts of CBD products because of the apparent healing properties CBD provides, however, due to the lack of research, the FDA is now urging consumers to consider the risks that are associated with consuming these products.
c) Prototypical customer - Consumers of CBD products and CBD production companies
d) Depending on how you look at it, this might be easy to exploit, as these regulatory changes may force consumers to find other, safer alternatives to CBD and companies will then shift their production to reflect that.
I see many food and drink products containing CBD being sold at several stores, so I'm interested to see how this may change if the FDA issues new regulations that would ban these products.
4. Unregulated commercial fishing is destroying the shorelines
a) https://www.gastongazette.com/news/20200206/paws-urges-support-for-coastal-fishing-regulation
b) Over-fishing of coastal areas is damaging the shorelines and ruining the ocean ecosystem. Because of this, conservationists are urging for state regulations that would keep commercial fishing to a minimum. This is necessary to preserve the ocean ecosystems and to prevent any drastic environmental changes.
c) Prototypical customer - Large-scale fisheries
d) This may be easy to exploit because the ocean has an extensive ecosystem that is vital for all life on earth, so regulations may emerge to preserve the oceans.
I have seen first-hand the damage to shorelines caused by over-fishing, so I recognize that this is an important regulation to enforce.
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