PayPal to Cash Exchange and Body Weighing Services

The presence of quickly evolving technology has presented a significant barrier to international trade. Various groups of people, business owners, entrepreneurs, as well as huge organizations, are now using the internet more frequently (Ajami and Goddard 2013, P.87). Commercial firms develop all of the methods necessary to reach and control this wide range of customers who are utterly influenced by technological advancements. In order to accomplish numerous transactions, businesses, organizations, and individuals use the electronic network extensively in electronic commerce. Among the key segments of operation for the e-commerce include business to business, business to consumer, consumers to consumers, and consumers to business (Ajami and Goddard 2013, P.87). Commercial enterprises initiate and lay down all strategies that will enable them to reach and contain this diverse class of customers that are entirely influenced by the know-how. Electronic commerce entails a business model in which firms, institutions, and businesspersons extensively use the electronic network to conduct various transactions. Among the key segments of operation for the e-commerce include business to business, business to consumer, consumers to consumers, and consumers to business (Ajami and Goddard 2013, P.87). This paper outlines a new e-business that I would wish to open and develop. It will elucidate and describe the e-commerce introduced while explaining more on the products and services that are likely to be sold. Besides, the research will avail the intended goals of the premises including the strategies in place that will result in the realization of the set objectives over time. Additionally, it employs Porter's Five Forces Model to examine the external environment scan to evaluate the key determinants of the success. Meanwhile, the marketing and advertising strategies will be incorporated to create awareness to the intended parties.
Brief Description of the Intended e-Business
The e-commerce that I would like to venture in will offer online services that include the provision PayPal to cash exchange services as well and weight reducing info facilities to the clients through the firm's website. With the rising number of business individuals who move to various parts of the country for trade purposes, our PayPal amenities will be convenient to them especially in changing the required currency for use in the countries they visit. According to (Darie and Balanescu 2008, p 250), PayPal is one of the faster and safer means of sending and receiving money irrespective of the distance.
Through the website, we will display the contact in which the new clients would use to connect with us for more consultations regarding the PayPal to cash exchange services. Besides, there will be an online calculator for converting various currencies for use by the clients to enhance transparency. Ideally, the business will have an efficient and rapid operation, lasting for at most five minutes to serve the customers.
Additionally, the anticipated venture will take into consideration the more recent phenomenon, the obese cases and overweight amongst various classes of people, preferably the middle to high-income earners. Notably, everybody is willing to monitor their weight following the global healthiness issues and campaign for healthy living (McPherson 2014, p 728). Therefore, we will have an online calculator that will be mainly designed for computing the BMI of the customers after that engaging them through the internet conversation. That will involve giving pieces of advice on the best foods necessary for keeping the recommended weight as well as the activities that prompt for the long-term well-being.
Besides offering PayPal to cash exchange and online weight measuring services, the business will collude with health care institutions and nutrition departments to provide training services to groups of customers found within a particular region on healthy living. That will include sending the representatives to meet the clients at their preferred places to educate them at a cost, an instance that will reach out those who can hardly access the computer and internet platforms. On the other hand, the business will be flexible enough to offer various standardized food products that greatly assist in maintaining weight to the clients. Many of the foodstuffs will be those that are scientifically proved, for instance, the leafy greens and cruciferous vegetables.
Goals of the Business
Goal 1: To Provide Efficient Monetary Exchange for Multiple Businesspersons Globally, Freelancers, and Other Online Workers
Apparently, the bank payments, though secure, could unnecessarily delay the international businessmen who would wish to make the cash payment for the goods (Ajami and Goddard 2013, p 307). While in a foreign country, the proprietors may be forced to travel to the banks to exchange the currencies, an instance that is highly time-consuming. Therefore, the PayPal services will ensure that the clients make an instant payment for the goods and creditors and enabling the faster withdrawal of funds to conduct commerce functions efficiently.
In every business, the pre-requisite to success and customer retention is the efficiency of the services on offer (Scherer, Wünderlich, and Von Wangenheim, 2015, n.p). Accordingly, the value services will highly appeal to our potential clients and contain them in the premise. Moreover, the rapidly increasing number of online workers and freelancers will conveniently receive their payments from their employing companies. These individuals will readily get their cash that we will easily convert to the respective currency as requested by our clients.
Goal 2: To Promote Healthy Living amongst the Clients at Affordable Prices
With the existence of the online calculator, it would be less costly for the individuals to ascertain their weight. As opposed to travelling to hospitals to obtain the info on the weight, our premise would avail such services at the convenience of the clients, therefore waiving those who could be far from the hospitals the extra fare.
Goal 3: To Provide Convenient Services With More Integrity and Trustworthiness to the Customers Served
Over time, we intend to advance on our services to reach every customer at their point of extent. Provided that one is having the smart phones or access to a computer, it will be straightforward to get connected to the PayPal to cash exchange as well as the weight measuring services without necessarily visiting the premises in person. With honesty and trustworthiness, we will attract a large pool of customers. Similarly, the automatic BMI calculator will be more efficient for those who are ever committed in their offices to assess their masses just at their points of work.
E-Commerce Strategies to Achieve the Goals
Value Propositions
Value proposition distinguishes one business from another by communicating the exclusiveness of such enterprises and why consumers should continually stick to buying a product or services from a given firm (Chuang and Lin 2017, p 22). In our PayPal and weight control business, we will put our commitments to offer efficient services to our clients at a faster note just as documented in the set goals. With the legacy, 'to provide convenient money exchange while observing the integrity of the customers at an affordable cost', the e-commerce will appeal to the potential customers as well as retaining the new clients.
Target Markets
Our business will define the micro-target and identify the online audience. Since our potential consumers will be international business persons, freelancers, and other online workers, as well as the overweight, we will ensure that we contain and acquire more new individuals. With the help of common sites specified for each group, it will be vital to accomplishing the goal of reaching out the diverse businessmen and other internet recruits to obtain the services of the e-business. Similarly, (Agnelli 2015, p 98) directs that e-commerce participants should comprehensively map the niche market and device for the strategies of penetrating the venture.
Capital Realization
The capital realization comes from the sales of the company assets as well as the conversion of the goods through actualization. For our PayPal and online weight management, we will integrate our services on offer across the multi-channels. With the prevalence of the numerous platforms, consumers develop a consistent experience of the brands on offer, an instance that calls for the rapid acquisition of revenue.
By opening various channels, there will be more chances of getting income from the users of PayPal to cash exchange services both businessmen and freelancers. Apart from making and receiving payments, our PayPal operations will extend to giving clients the ready cash online provided that they have funds in their account (Darie and Balanescu 2008, p 251). Similarly, the supplementary products-weight reducing foods will readily reach the potential clients at some costs. Additionally, the business will obtain the revenue from the periodically organized caucuses with those who are anticipating to get more training on healthiness living.
SWOT Analysis
Strengths and Weaknesses
The strength of the PayPal and weight control business will be provision of faster and convenient payment services, flexible delivery of weight reducing information, increased the security of cash and greater awareness of the strategies to combat obesity (Darie and Balanescu 2008, p.356). On the other hand, the weakness would be a limitation of the services to the literates as well as the absence of Smartphone and computer to entrée the amenities on offer. To minimize the weaknesses and optimize the strengths, we would take the initiatives to invest more in mobile. It will incorporate the mobile-accessible services such as the state of delivery, real time updates, click to call, and more information regarding our products and services (McPherson 2014, p.729). Besides, we would collude with electro mobile companies to offer phones to our clients at some considerable discounts on which we install the apps for our products on the gadget.
Opportunity and Threats
The opportunities will include increased awareness of internet and extensive use of electronic means in business activities. Likewise, the increased international trade and online as well as freelance works will exacerbate the use of PayPal facility (Darie and Balanescu 2008, p.356). Conversely, the threats entail competition from other online retailers and automated institutions such as banks as well as the economic recession that negatively impact businesses and potentiality to spend in weight control services. To avoid threats and maximize the opportunity, it would call for tailoring the browsing experience to the target markets. That will involve an appropriate designation of our site to satisfy and persuade the clients to have a periodic use of our services.
External Environmental Scan: Porter's Five Forces Model
Competition in the Industry
The number of entrants in the business defines the potential power of business (Dobbs 2014, p.32). The e-commerce of PayPal and weight reduction will have a significant number of competitors. Among the common rivals will be online retailers, banking institutions, as well as other weight reducing companies that specialize in offering the techniques of managing the mass of clients using more advanced technologies.
Following the fact that there are several entrants in the market, we will be compelled to live up to delivering a continuous valuable product and services. According to (Dobbs 2014, p.33), buyers and suppliers would effortlessly switch off to the alternative similar businesses in case the initial firms fail to deliver a suitable product.
Potential New Entrants in the Market
Despite the increased competitors that are already in the business, there are minimal chances for new firms to enter the trade. According to Dobbs (2014, p. 33), the smaller initial capital and minimum time required introducing several entrepreneurs in the business. However, for PayPal and weight reducing services needs a lot of money to acquire the technical expertise to set up the system. It is also expensive to market and promotes the new venture. Therefore, the already existing businesses are less vulnerable to the new entrants.
Power of Suppliers
The possibility of suppliers to drive up the prices of commodities determines the power of the companies (Sutherland 2014, p. 2). Notably, the uniqueness and exclusiveness of these vendors determine the level of strength possessed by firms. For instance, when the merchants are few, the commerce highly depends on it and in a similar manner, the power increases. Since only a few organizations can offer the technology of maintaining online payment and other transactions using PayPal, the new venture will be a stable enterprise that will be able to stand for quite sometimes. On the other hand, the distinctive competence of maintaining online BMI calculation is practiced by few organizations.
The Power of Customers
The ability of clients to drive the prices down transpires under the power of consumers (Sutherland 2014, p. 4). The customers could be termed as 'superior' when they incur less cost to switch to other products (Dobbs 2014, p.34). Because there are other means of payment and other online transactions, clients would undoubtedly change to other amenities that are alternative to the PayPal services. For instance, banking ways and other online retailers would be the next targets. Therefore, customers, in this case, are compelling since their withdrawal would have less impact on them while negatively affecting the business.
Threats of Substitutes
Competitors' substitutes would compromise the cost charged by the firms (Sutherland 2014, p. 6). In a situation where products and tools alternatives are cheaply produced by the rivals, the power of enterprises would be shaken due to the production of similar brands at an affordable basis (Sutherland 2014, p. 7). In the chosen e-business, there are a few coercions of auxiliary services. Following the fact that PayPal targets majorly the international business persons and online workers who are interested in making an online withdrawal, payment, and reception of funds, manual payment has less impact on the operation.
Marketing and Advertising Strategy for the E-commerce
Emailing
With the use of emails, businesses continually remind their users and subscribers of the existence of the services (Turban 2015, p. 404). Through their emails, we would ask them to submit the details of their friends with various incentives attached for those who strive to bring many members. As a result, we will reach out a large pool of new clients and create awareness to both PayPal and weight control services.
Social Media
The prevalence of social media is highly vital in creating an awareness of the existence of several businesses to date (Turban 2015, p. 403). Our venture will be keen to identify the media platform of our target market, freelancers, international businesspersons, and other online workers. With the use of Facebook, WhatsApp, Twitter, and other platforms, we will be able to get interested clients. Over the Facebook, for instance, once they make their 'likes' we would ensure that we follow them since from the means, one would easily extract the details of individuals (Tsimoni and Dimitriadis 2014, p 328). Once the details are obtained, the following will be a series of messages via email, twitter, and even the Instagram.
Marketing Through Mobile and Apps
To create more awareness concerning the PayPal to cash exchange and weight control services, we would ensure that our services are flexible, with a high level of accessibility to multiple subscribers through their phones. The report by Forrester affirms that about 89 percent of the consumers use their mobile devices to look for the preferred products and services (Shankar et al., 2016, p. 37). Therefore, we will optimize our website for mobile Apps and open up more up versions. It will be an appropriate tool to engage how clients are interested in the products as well as PayPal services.
Behavior Models Analysis and Behavioral Targeting
Consumers have distanced reactions to certain commodities and services (Wang, Wang, and Liu 2016, p. 625). The black-box theory explains that consumers commit to buying a product after exposure to the external stimuli like favourable prices and other incentives (Wang, Wang, and Liu 2016, p. 626). To achieve this, we would cluster a group of buyers, give them an offer, and finally ask them their experience with the PayPal and Weight reducing services. Apparently, this will give some insight into the personal variability of the customers to respond accordingly especially on the highlighted areas of limitation. On the other hand, having ascertained the most visited pages from the web browsing, we will appropriately post the related advert for our services on offer. To the one who is majorly concerned with PayPal amenities, the enterprise will be directing the relevant emails to his account as well as the one who likes the weight reducing facilities.
Validity and Trust
There is nothing influential to bring in new customers in the business like trustworthiness and validity (Turban 2015, p. 405). Validity connotes the tendency of a system to perform better in a recurrent manner. To retain new clients as well as introducing the new ones to adopt our PayPal and weight control amenities, we will live up to what we have documented in the goals and objectives of the business. For instance, we will precisely maintain the indicated duration of services and keep clients informed in case of the network failure. That will render the business a positive image and dependence amongst the users who would end up referring the rest just on that platform.
Conclusion
In conclusion, e-business works globally and is free from any hindrance by the distance. The PayPal to cash exchange and Weight control services are typical examples of e-commerce that have been slowly picking in the recent past. Among the strategies that would give prosperity to the trade include the aspects of value propositions by availing the convenient and efficient services and designing an appropriate site for each target group. Additional approaches are integrating services across the multiple channels for more capital realization, as well as critically examining the weaknesses and threats while optimizing the strengths and opportunities. In consideration to the Porte's Five Forces Model, the premise will have power since there is a minimal potential intrusion by new entrants. Also, the few suppliers for the raw materials gives the anticipated invention a triumph. However, the commerce will be prone to threats from the substitutes, being overpowered by customers, and the existence of several competitors. On the other hand, the means that will be vital for advertising and marketing include email, social media that comprise Facebook, Instagram, WhatsApp, and mobile and Apps, behavioural models and targeting analysis, as well as validity and trust. Therefore, the PayPal and weight reducing venture should extensively make use of the existing internet to perform the functions as well as conducting the marketing and promotion purposes.






References
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