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    DigitalBusinessInnovation RishiKulkarni

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    princy lawrence
    The document provides instructions for a course project assignment on digital business innovation for Hamley's. It outlines 3 assessment criteria: 1) updating Hamley's business model canvas to reflect digital business, 2) describing a type of digital innovation and justifying it, and 3) evaluating the performance of a digital business over 5 months by calculating metrics and drawing inferences. Students are asked to provide responses for each criteria in the requested format within the maximum 40 point score.

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    DigitalBusinessInnovation RishiKulkarni

    Uploaded by

    princy lawrence
    50 views6 pages
    The document provides instructions for a course project assignment on digital business innovation for Hamley's. It outlines 3 assessment criteria: 1) updating Hamley's business model canvas to reflect digital business, 2) describing a type of digital innovation and justifying it, and 3) evaluating the performance of a digital business over 5 months by calculating metrics and drawing inferences. Students are asked to provide responses for each criteria in the requested format within the maximum 40 point score.

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    DigitalBusinessInnovation_RishiKulkarni

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    The document provides instructions for a course project assignment on digital business innovation for Hamley's. It outlines 3 assessment criteria: 1) updating Hamley's business model canvas to reflect digital business, 2) describing a type of digital innovation and justifying it, and 3) evaluating the performance of a digital business over 5 months by calculating metrics and drawing inferences. Students are asked to provide responses for each criteria in the requested format within the maximum 40 point score.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    50 views6 pages

    DigitalBusinessInnovation RishiKulkarni

    Uploaded by

    princy lawrence
    The document provides instructions for a course project assignment on digital business innovation for Hamley's. It outlines 3 assessment criteria: 1) updating Hamley's business model canvas to reflect digital business, 2) describing a type of digital innovation and justifying it, and 3) evaluating the performance of a digital business over 5 months by calculating metrics and drawing inferences. Students are asked to provide responses for each criteria in the requested format within the maximum 40 point score.

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    © All Rights Reserved
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    Download as doc, pdf, or txt
    of 6

    COURSE: DIGITAL BUSINESS INNOVATION

    PROJECT: HAMLEY’S

    Instructions for the submission:


    ● Please maintain the following: Font - Times New Roman, Font Size - 12, Line
    Spacing - 1.5

    S.No. Assessment Submission Marks


    Format

    1 Value creation through business model canvas Image 9 marks

    2 Type of digital innovation Text 10 marks

    Text

    3 Calculation of metrics and drawing inferences 21 marks

    Project Maximum Marks 40 marks


    1. Updated business model canvas for digital business

    Your Answer
    2. Type of digital innovation and its justification.

    Your Answer One of the innovative solutions which Hamleys can take up to counter
    the challenges which pandemic posed is to go create a 3D-Online store
    with
    presence of virtual assistants who can help the customers to tour the
    virtual store and help the customers to buy the products based on your
    requirements.
    This concept has been used by multiple car-showrooms and hi-tech
    automobile companies who provide a fully virtual tour of their stores as
    well as their products. This enabled the companies to reach to much
    wider audience as compared to their traditional offline reach.
    This concept has not been used by any of the current competitors of
    hamleys and this will also enable hamleys to bring a similar experience
    to their customers which they offer offline at their retail stores, without
    the need of customers to visit the stores physically. In this manner,
    customers will be able to stay connected with Hamleys and enjoy the
    experiential buying with sufficient safety.
    This could be a disruptive innovation as this technology will be first of
    its kind in the toys market and it will be an entirely new business model
    which will be seen for the first time by a toy brand.

    3. Evaluating performance of a digital business

    3.1 Total Unique Visitors – Continuously increasing month on month.


    This metric tells us if the website and the contents have been able to
    attract newer customers over time. An increasing trend tells us that it is
    positive reflection of the company’s digital innovation.
    Revenue per transaction – This metric determines the average revenue
    generated from each of the customer who is transacting at the site. The
    continuous incremental value of this metric determines that the
    customers find the online platform engaging and they are being
    persuaded to have higher purchases.
    Bounce Rate% - This metric determines how many customers are
    navigating away from the website due to poor engagement. The
    declining trend of this metric tells us that the visitors are getting highly
    engaged and thus positively reinforcing that our online content is highly
    engaging for the viewers.

    3.2 A. Calculate the below-mentioned metrics for each of the four


    months:
    1. Average revenue per transaction
    2. % of repeated transactions
    B. Draw inferences from the trends observed for each of the three
    metrics
    C. Summarise the performance of the platform business over these
    five months; for this part of the question, you can include all the
    relevant data points
    Write your answer here

    January February March April May


    Conversion 2.50% 2.62% 3.00% 3.50% 3.50%
    rate
    Average 34.6 53.6 38.9 36.7 35.2
    revenue per
    transaction
    % Of 30.00% 32.00% 31.00% 31.00 30.00%
    repeated %
    transactions

    Inferences:
    conversion rates have been going up, ensuring that over time, the rate
    at which viewers are actioning to transact in site is increasing.
    Average revenue per transaction, initially increased for 3 months and
    then decreased. This signifies that as number of visitors increase to the
    site and conversion rate improve, the value per purchase initially
    increased and then decreased. This signifies in the shift of the
    purchasing power and purchasing choices of customers
    Repeated transactions have steadily showed approx. 31% in the trend
    which says that the repeated transaction is steady on the portal.

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