Was talking about using VR custom-built worlds as gift
Situation analysis
1
The market size for our VR virtual gift is highly favorable for us.
Our analysis found that there are over 171 million VR users as of 2023. Among them, 39% uses their VR headsets at least once a week, and 50% of them would like to give or receive virtual gifts.
2
Next, we assessed our current competition environment. Our direct competitor is VRchat. Users can create virtual worlds and interact with other users. However, creating such worlds require knowledge about programming language, which could be a entering barrier for less experienced users.
Our indirect competitor would be vendors who sell real-life customizable gifts like mugs, t-shirts and keychains. They are of high practical value and favored by more and more people, but the customizable part of them is only limited to what is being painted on.
3
This brings us to the essence of gift. When we are giving gift to others, we will mainly focus on its uniqueness, the surprising element, the thoughts within the gift, and the emotional connections. Special to the person receiving it, and to the relationship we are having with them.
So, to be special when crafting gifts using VR, we would expect it to be effective and reliable. It need to be highly customizable and immersive. We would hope that we can hire professionals to build the world for us, and we would also expect the customer service be 24/7 on our side, if something goes wrong.
4
Of course, this approach has its strengths, weaknesses, opportunities and threats.
We are passionate students from Johns hopkins who want to make a real change in the gift industry, and we are backed by the resources from the university and top-of-the-industry professors. We all have very deep understanding about VR technology and a strong technical background to successfully turn this idea into reality.
However, this is our first time to enter the gift industry, so our major decisions might be shortsighted. Also, we might experience difficulties when transforming customers.
The opportunity of this business is huge, because this segment of gift market is almost never touched by anyone. The popularity of VR have been on thr rise, and such high-tech gifts would attract more Gen-Z customers. Most importantly, people are paying more focus on the emotional value of the gift after the pandemic, which is a huge opportunity for us.
It’s possible that major VR players like Meta set foot in this market in the future, which poses a threat to us. Also, we might experience regulatory issues like copyright infringement or data protection violations when we are expanding our operation.
Conclude
So in all, we believe that the market would be highly profitable for us, and we are determined to overcome any possible threats and weaknesses. Now, we would like to explain more on our markeing strategy.
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