Question No 02) After completion of your degree program, instead of finding a job, you wanted to become an entrepreneur. You have an idea to develop a software titled 'Automated Shopping Trolley for Billing System' for Supermarkets and General Shopping Stores. This system will automatically bill all the shopping material, once a consumer put them in the trolley. The project Sponsor, to whom you presented the idea, asked you to perform a SWOT Analysis. List down at least 5 points against each parameter and suggest, whether this project would be a success or not.  

 

SWOT analysis for 'Automated Shopping Trolley for Billing System'

STRENGTH

1. Time-saving as will facilitate avoiding the long queue
2. Operational Cost-cutting as automatic billing will just require payment hence fewer staff can handle the work
3. Will ensure security as shoplifting can be reduced since as it will touch the cart the item will be billed
4. Limited completion as a new product
5. Will enhance speedy service.

WEAKNESS-

1. The initial investment cost will be high as the need to replace all the existing product
2. If the system face any glitch it will directly impact the revenue of the business
3. The sound technical system is a big requirement
4. Competitors can easily imitate the product
5. Flexibility pricing will be difficult hence fixed price shopping will be carried out.

OPPORTUNITIES

1. Easy to reap first-mover advantage.
2. Continued expansion is possible as can be used at any store
3. Customization will help to cater to the needs of even the small retailer
4. Quick service will increase customer flow
5. The competition will help to decrease the initial pricing

THREAT

1. High Competition
2. Increased expense
3. Security breach
4. Bargaining will become difficult
5. Can be copied easily by any competitor.

If we look at this shopping cart as a whole then it is a profitable project. In today's globalized world nothing is static hence people want everything quickly. Under these circumstances when a basket will help to save time then they will definitely be fascinated towards it. The customers will easily see all the calculations themselves in real-time hence no need to match the bill with the material later. If there is budget strain people can shop while looking at the total which is not possible with the traditional method. Though the initial cost will be high for the long run it will be beneficial.

Step-by-step explanation

SWOT analysis  is a planning technique used to help a person or an to organization identify strengths, weaknesses, opportunities, and threats related to business competition or project planning. It also known as the SWOT matrix.