Executive Summary

Shopden's Executive Summary outlines its mission statement, problem and solution, target audience, business model, and financial projections.

Mikael La Ferla

12/8/20232 min read

Shopden's mission is to save people time and money on their shopping trips. Shopden, a list-sharing and budgeting mobile application with location/time-based notifications, effectively addresses the three most significant problems people face when shopping:

(1) Overspending at stores

(2) Forgetting to buy specific items

(3) Miscommunicating with the people you’re buying items with/for.

Shopden aspires to be the go-to solution for every budget-conscious shopper seeking a user-friendly and efficient approach to shopping.

Unfortunately, many people lack the time and resources to track their monthly shopping expenses. As a result, shoppers spend over $300 per month on impulse purchases (CNBC). Not to mention, approximately half of shoppers come home regularly without the items they intended to buy (Independent). These problems lead to shopping debt, food and packaging waste, and task delays.

Shopden's collaborative shopping lists ensure people plan their trips to stores ahead of time and can track what has or hasn’t been purchased. Instead of buying impulsively, people can make informed decisions based on their budget and shopping needs. Shopden users can customize their notifications based on what times they’d like to go to a store and when they’re within a certain proximity of a store they tend to shop at. These notifications reduce forgetfulness and save people time making unnecessary trips to stores. Shopden's expense tracking features also allow people to set monthly spending limits and easily view their spending breakdown by each category (i.e., groceries, electronics, and hygiene products).

Shopden will generate revenue through our paid subscription plan and posting relevant advertisements. All users are offered a 30-day free trial to access all of Shopden's features. Following the trial period, users can opt for the subscription plan at $3.99 per month or $39.99 annually. Shopden also provides a free plan with limited features for users who prefer basic list-sharing and budgeting capabilities. Free users will also encounter advertisements related to stores and shopping-related offers, not intrusive ads unrelated to shopping.

Shopden is seeking $20,000 to launch its marketing campaign. Shopden will put these funds towards enhancing its visbility on Google Play/App Store and Google Search Engine (ASO and SEO). A balanced approach of organic growth and paid advertisements that improves our engagement on these platforms ultimately attracts more users. Based on surveys, interviews, and online research, I project 1,000 active users (300 paying subscribers) in Shopden's first year, generating an expected monthly revenue of $1,200. While it depends on investor preferences, Shopden's exit strategy is to be acquired by a larger technology company in retail or consumer services.

Works Cited

Dickler, Jessica. “Despite Recession Fears and Fueled by ‘Revenge Spending,’ Americans Spend $314 a Month on Impulse Purchases.” CNBC, CNBC, 22 Aug. 2022, http://www.cnbc.com/2022/08/20/shoppers-spend-over-300-a-month-on-impulse-purchases-despite-recession-fears.html#:~:text=Shoppers%20now%20spend%20%24314%2C%20on,%24183%20in%202020%2C%20Slickdeals%20found. 

Weston, Charlie. “Most People Forget to Buy What They Went to Shop For.” Independent.Ie, Independent.ie, 30 Apr. 2018, http://www.independent.ie/irish-news/most-people-forget-to-buy-what-they-went-to-shop-for/36857147.html#:~:text=Many%20people%20say%20they%20often,buy%20before%20they%20set%20off. 

Shopden's Executive Summary