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A complete guide to developing a business model canvas (BMC) with example (Part 1)

  Are you an entrepreneur struggling to understand the business model that fits you?   This is the go-to tool for you. BMC is a tool developed by Alexandar Osterwalder and it will guide you to understand how to create, capture, and deliver value with your business to the consumer.   But first, you need to be clear on the value you create.   So before you jump into the BMC, it is important to understand your value proposition. It is getting complicated now? Not really, there is a tool for this too. The value proposition canvas (VPC).   Let's start.   What is   VPC?         Look at the chart, there are two sides to the VPC. Let’s look at the client profile. This side of the VPC discusses your consumer. It is broken down into 3 main parts: pains, gains, and customer jobs. Pains are the problems or unpleasant situations customer experience. Customer job is the solution you offer. Gains are the desired outcomes that are more than expecte...
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Online shift of consumer (how important for a business to be online)


  

In the US, most adult consumers still prefer to shop in physical stores instead of online. This is according to a study conducted by Walker Sands Communications.


Around half of the respondents said they prefer to shop in a physical store, while 33% said they prefer to shop using a desktop computer. The youngest respondents (age range 18 to 25) were the most likely to prefer going to a store instead of online.


 

As the survey was conducted prior to the pandemic, the data omits pandemic impacts to consumer behaviour; which proves that ideally, the consumer will prefer a shop experience. 


Over 80% of the respondents said they've bought a product from a physical store within the past year. Another 41% said they've bought online. Most consumers would be more likely to shop for a product if it offered free shipping.


 

Buying online is still crucial as the consumer is still inclined to buy online; which could sometimes only be an isolated buying instance. Hence the online presence with a direct value of online buying would aid retailers in performing the business.

#consumer #behaviour #retail #online

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