Welcome back! This is the second
issue of the CoolBusinessIdeas Newsletter. As usual, we'll be bringing you
some really innovative and cool business ideas from countries like USA
to Uganda which you can use straight away in your Singapore business.
Like budget cinemas, discount stores, high-tech supermarkets,
interactive messaging services, and more.
We've received really encouraging responses to our first
issue which was published two weeks ago. Subscriptions are coming in
from all over Singapore, from Woodlands to Jurong! If you haven't subscribed yet, do so now using one of the signup
forms on the left. Help us recommend
the CoolBusinessIdeas Newsletter to your friends!
The next issue is due on June 13, 2004.
•••••••••••••
You may have heard of low-cost, no-frills airlines such as
Valuair and
AirAsia, but what about a
budget cinema? Enter easyCinema, the world's first frills-less cinema where you can watch movies for as low as 20 pence (S$ 0.62)!
easyCinema is the brainchild of EasyJet founder Stelios
Haji-Ioannou. Like
EasyJet (yes, it's the
famous budget airline), easyCinema also goes the 'no-frills, low-cost' way to attract movie-goers who are sick of spending hours queuing for over-priced tickets. It opened in June 2003 to the public at a 10-screen venue in Milton Keynes in the UK.
With easyCinema, cinema-goers have the chance to watch films at lower prices. Booking of tickets is done online or by phone; prices vary according to demand but the cheapest seats (as low as S$0.62!) go to those people who book in advance. Once you've booked your bar-coded ticket, all you've to do next is to print it out. Make your way to the screen where your movie is showing, swipe it over the infrared readers on the turnstiles, and you're on your way to enjoying the movie!
True to its low-cost, no-frills business model, easyCinema does not sell popcorn and drinks to movie-goers. For those who wish to indulge in such pleasures, they have to bring their own food along (and clean up their seats before heading home!). Trailers and ads are cut back to lower the costs of operating the cinema.
Think that you're bound to find lousy seats and poor-quality screens at the low-cost cinema? Well, think again! easyCinema features 10 auditoria with over 1,900 seats which are
comfortable and fitted with beverage cup holders. All screens are equipped with Dolby Stereo, much like
typical cinema screens here.
Unfortunately, Stelios is facing difficulties in convincing distributors to allow easyCinema to show blockbuster films on their first run. Why? They think that easyCinema will be a hit with existing audiences who'll be paying super-low prices for their tickets, hence jeopardizing the big bucks the distributors
make on new releases. That's why easyCinema mostly screens films that are in their second run.
Still, who wouldn't love cheap movie tickets? In its first week of operation, easyCinema has achieved a 56% occupancy in an industry that averages at a 20% occupancy. For films shown during the first week of operation, easyCinema sold more than 6,000 cinema seats (Source:
easycinema.com).
Let's
Get Down To Business...
Low cost, no-frills airlines are making waves and disrupting the industry for a reason. Their
high volume, low margin business models have proven effective in shaking up the airline industry.
Companies that still insist on doing things the conventional way are indeed losing out. So what YOU can do is to apply to your own industry this approach of
mercilessly cutting costs and generating volume. The possibilities are limitless: low-cost car rentals, accommodation, coach travel, sea travel, etc. We're serious! Take a look at
easyCar.com,
easyHotel.com,
easyCar.co.uk,
easyCruise.com - all owned by Stelios's
easyGroup!
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Tired of having to wake up every morning to the same old breakfast cereal? Not anymore! You can now break the old routine, as Nestlé Singapore
(Pte) Ltd presents you with its latest innovative
offering - the Nestlé
Cookie
Crisp. The company is launching this tastier, more appealing cereal that looks and tastes like your beloved chocolate chip cookies! What's more, it is much more nutritious than cookies, being fortified with essential vitamins, minerals and calcium. Now you can enjoy the taste of chocolate and yet eat healthily with this cereal.
Targeted at children, it will give them the energy boost they need to help kick-start their day, Nestlé Singapore states. With a new mascot-Chip, a cheerful and energetic panther, the company is likely to draw many intrigued children to the new product. Chip the Panther is mad about Cookie Crisp and will do anything to get his paws on it. Follow his adventures on packs of Cookie Crisp and also on TV. Keep a look out for the brilliant promotions with great in-pack toys and watch out for the limited edition white and dark
'chocolatey' chip packs too! With such an engaging character keeping these children company, it's no wonder that Cookie Crisp is selling well.
Cookie Crisp is available in leading hypermarkets and supermarkets, mini-marts and some provision stores for S$2.95 (Source:
ebizaisalink.com).
Let's
Get Down To Business... Nestlé Singapore has made a sound investment in R&D to provide exciting and tastier breakfast for consumers. Reinventing good
ol' cereals which twains cereal and chocolate chip cookies together is a novelty that will definitely help win over a new clientele.
Innovate and reinvent to add value to your products and win over the hearts of consumers, much like the
dimsum and ramen restaurants which we featured in the previous issue of this newsletter. Young Singaporeans are especially thrilled when out shopping with their parents and are often on the look out for new and exciting food.
Also,
branding and product packaging help too; any easily identifiable trademark like Chip the Panther is likely to win its targeted groups of consumers over. Tailor your branding campaign according to the preferences of your target audience. So, for example, don't try to market your cereal with a cartoon-like character to consumers in their golden years!
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A whole new way of shopping in supermarkets is underway in Europe. Metro AG, one of Europe's largest retailers, is revolutionizing the shopping experience by introducing cutting-edge technologies at its Future Store in Germany.
Imagine this: upon entering the supermarket, you're greeted individually - by a handy small computer, the Personal Shopping Assistant. With this device, you can easily recall your shopping list drawn from purchases made over the last few weeks. Looking for a certain product? No problem! The Assistant can show you at the touch of a button precisely where the packet of flour that you are looking for can be found. Can't recall how much some of your groceries cost per kg? Just use the intelligent scales that recognize, weigh and price fruit and vegetables automatically! Need more information about select foods and wines? Check out the interactive multimedia kiosks called Information Terminals' that provide the detailed information you need!
Done with your shopping? Find out by checking your high-tech shopping cart, integrated with a scanner and computer to allow you to tally with your own purchases. Then, pay with your Personal Shopping Assistant or just use the self check-out option - without requiring a cashier or having to queue up! (Source:
Future-Store.org)
The basic technology of the Future Store is Radio Frequency Identification
(RFID). For those who are not familiar with RFID, it is a tag that contains an IC chip with an antenna. Unlike bar codes, RFID tags don't require line-of-sight reading, and
so one scanner can read hundreds of tags per second. Stimulated by a radio signal, the chip transmits a unique code to identify the product the tag is fixed to. The code includes not only the product's universal product code,
but also gives the particular item its own unique tag. (Source:
Spectrum.ieee.org)
Besides enhancing the shoppers' experience, RFID makes purchasing processes faster, more transparent and effective. Ordering, delivery and warehousing of the merchandize will be simplified. It is possible to track the transport and whereabouts of the goods across the entire supply chain. For instance, employees can recognize faster when shelves are about to run empty - hence an "out-of-stock" occurrence will be a thing of the past. For retailers, the optimized processes are leading to cost savings and increased customer satisfaction.
Let's
Get Down To Business...
Such a futuristic concept of 'technologicalizing' shopping can be aptly applied to local supermarkets and stores such as NTUC Fairprice and Cold Storage. Being almost unheard of in the local scene, this revolutionary shopping experience will certainly attract much fanfare for whichever supermarket that first implements it. Also, the demands and expectations of customers in the consumer goods industry have undergone changes over the past years. Tip:
develop innovative technologies that can make shopping more convenient and efficient for consumers through better service, as well as
improve operational processes. Individualize and personalize the shopping experience. In the Future Store, customers make use of a service tailored even more accurately to their specific wishes. This is something you should aim for, as the customer's always king!
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In need of the perfect solution to your cup dispensing needs? Introducing the all-new
Bumble-Free™ cup
dispensers: great for frozen, fountain and coffee cups!
Bumble-Free™ is the newest and economical way to dispense cups in convenience
stores. This clever invention makes use of a spring force to dispense the cups from the
machine, one at a time. You can choose from the 3- or 4-cups models, with or without lid and straw compartments. This durable, long lasting and interchangeable gasket system is indeed a manifestation of the latest in cup dispensing innovations. It is great for stores short on space or as an additional location of condiments for busy stores. The designs are compact and cool, which are requisites for display in any convenience store. Designed and manufactured by US-based Plastic & Products, this Bumble-Free™ cup dispenser is patent-pending at the moment. (Source:
Plasticpm.com)
Let's Get Down To Business... It is everyone's
desire to make full use of any space available, whether it is for your office or in the supermarket or the convenience store or even your
desk. You can thus borrow the idea from the Bumble-Free Cup Dispensers, and apply it to any scenario where space is limited! Wouldn't it be lovely to be able to stack your, say, magazines in a dispenser-like manner? Not only does the stacked-up feature
save space, you could also be more organized too. One could choose to stack them up by dates or chronological order and this increases efficiency in searching for specific issues of magazines. It wouldn't hurt to have a
cool and sleek design to increase aesthetic appeal too.
In fact, the possibilities are limitless. Such is the power of lateral thinking and creativity in product design and marketing. So what are you waiting for? Try developing a cool storage system based on the Bumble-Free Cup Dispensers' model today and who knows, it might be the next revolutionary way to store more items in less space!
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Can you read the teenagers' mind? Five Below is
certainly making big bucks doing so.
Five Below is a chain of
five-and-dime-type stores for teens where the glittery and right-now-cool items
sell for $5 or less. The "micro-purchasing" opportunity
- a new concept of making frequent, small purchases - offers thousands of trendy
products for teens, as well as pre-teens and other value-minded consumers to
buy, all of which are priced between $1.00 and $5.00. This is exactly what teens
are looking out for!
By combining exceptional value with trend-right, quality merchandise in a
vibrant shopping environment, USA-based Five Below has reinvented the
traditional five-and-dime for today's younger generation, and has launched a new
retail category within the specialty discount market. At Five Below,
"whatever you got will buy a lot." (Source:
Fivebelow.com)
Cash-strapped teens with high spending desires these days are enticed by the mix
of fresh, hot, and trendy stuffs that come cheap. There is no hesitation to
purchase merchandise like sporting goods, games, and jewellery, to hobbies and
collectibles, novelty and "gag" items, and seasonal items when each
item consists of only a small proportion of their budget.
So is this trend of "micro-purchasing" viable in Singapore then?
Young Singaporeans are value-conscious shoppers, but at the same time they are
materialistic and would not hesitate to spend large sums of money on branded
goods and products. This is especially true for teenagers! Teens today are image
conscious and love to shop for clothes, shoes, purses and accessories.
CoolBusinessIdeas.com thinks that "micro-purchasing" is a workable
concept because it is in congruence with two traits of the typical Singaporean:
the 'Kiasu' mentality that often drives many Singaporeans to hunt for
bargains and the urge to splurge on the 'In' things that make one looks cool and
fashionable.
So…. by supplying really cool and trendy merchandise at really low prices,
you're empowering shoppers to be able afford and purchase anything that is sold
in your store! Now you know why the One.99 Shop, U-neek and Bubble Bags concept
stores opened by Nanz Chong-Komo (Woman Entrepreneur of the Year 2000) was
wildly successful. In her own words: "The crowd is young and their spending
power is quite high. And if you want a trendy bag, for instance, you don't want
to spend a bomb because fashion changes so quickly. You'll just want to buy
something nice but affordable." (Source:
newasiawoman.com.sg)
Let's Get Down To Business...
In the 'Kiasu' and yet trend-conscious society of
Singapore, there is strong demand for cheap yet branded goods. Bargain
versions of aspirational brands and products are particularly appealing to
cash-strapped teens who would love to get them for a "steal". Taking
advantage of this 'micro-purchasing' trend of budget-conscious consumers
can definitely increase your revenue dramatically. It's not just a teens trend;
adult shoppers with high purchasing powers these days are also a boon for
retailers who sell fresh, trendy and value-for-money items. Cheap yet trendy is
the way to go!
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Drama and more drama! Soap Confidential is a new program designed to give ABC soap fans sneak preview information from their favorite characters through premium text messaging service. Fans who sign up for Soap Confidential will receive exclusive messages from ABC Daytime's most popular
characters - isn't that so exciting?
Fans can sign up to receive messages from any or all three of ABC's top Daytime soap operas - "All My Children," "General Hospital" and "One Life to Live." They will receive several messages weekly from ABC Daytime's most popular characters, detailing their thoughts on unfolding events. For instance, "All My Children's" Greenlee might preview whom she'll be trying to romance next, or in the case of "General Hospital", Sonny may share his innermost fears and desires.
"Creating meaningful ways of extending ABC's soap franchise through new technologies is an important strategic priority for ABC," quips Mr.
Gersh, vice president of ABC Daytime's Business Development. (Source:
Hotproductnews.com)
For this initiative ABC Daytime will partner with Telenor, the first company to provide premium text messaging services in the United States. "Premium text message services have proven to be an incredibly effective method of increasing viewer loyalty by allowing them to directly communicate to characters with which they have developed an emotional attachment," said Steiner
Svalesen, CEO of
Telenor Mobile
Interactive. Text messaging services provide a portal for developing new marketing programs and revenue streams, he adds.
Let's Get Down To Business...
TV stations can increase their viewership ratings and also maintain viewership loyalty by
enhancing their viewers' experiences and truly connecting them with
the TV characters. This will in turn translate to greater revenues from advertisements!
And interactive, real-time services such as text messaging and sms
polling are proving to be the next BIG thing for capturing the eyeballs of couch
potatoes.
So if you intend to run a content provider (like MediaCorp and
MediaWorks), you
should provide such enhanced, premium interactive services. Besides soap
operas, you might also want to open your options to include dramas and even synopsis of entertainment or variety programs.
In fact, this concept can be extended to radio programs, movies, books,
films.....
This
cool business idea works; we're sure you can't wait to hear about the latest developments of the characters and silly things that Ross or Rachel has to say in
F.R.I.E.N.D.S, right?
There's money to be made too by being the provider of these services. With hand phone prices
and subscription fees on the decline, many people would certainly sign up for interactive mobile text
messaging! And you can then charge them for your services and make big bucks ;-)
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Want even more inspiration?
Our next newsletter is due to arrive in your mailbox on June 13, 2004. Watch out
for it!
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Nestlé Singapore has made a sound investment in R&D to provide exciting and tastier breakfast for consumers. Reinventing good
ol' cereals which twains cereal and chocolate chip cookies together is a novelty that will definitely help win over a new clientele.
Innovate and reinvent to add value to your products and win over the hearts of consumers, much like the
Also,
branding and product packaging help too; any easily identifiable trademark like Chip the Panther is likely to win its targeted groups of consumers over. Tailor your branding campaign according to the preferences of your target audience. So, for example, don't try to market your cereal with a cartoon-like character to consumers in their golden years!
It is everyone's
desire to make full use of any space available, whether it is for your office or in the supermarket or the convenience store or even your
desk. You can thus borrow the idea from the Bumble-Free Cup Dispensers, and apply it to any scenario where space is limited! Wouldn't it be lovely to be able to stack your, say, magazines in a dispenser-like manner? Not only does the stacked-up feature
save space, you could also be more organized too. One could choose to stack them up by dates or chronological order and this increases efficiency in searching for specific issues of magazines. It wouldn't hurt to have a
cool and sleek design to increase aesthetic appeal too. 
This
cool business idea works; we're sure you can't wait to hear about the latest developments of the characters and silly things that Ross or Rachel has to say in
F.R.I.E.N.D.S, right?
