School of Computing & Information Technology
E-Business Strategies & E-Commerce
Assignment: E commerce project concept
Group Members:
Antonio Johnson - 1904707
Shanae Manning- 1901712
Veron McLean - 1802390
Chrishawn Cohen- 1803849
Project Title: Elite signals
Objectives: Building virtual communities and Selling of goods and services
Description: The core of FX elite signals is to provide customers with signals to trade on forex
charts. This service also includes an online platform community in which customers can
communicate with other customers. The signal groups would be provided upon purchase of one
of the plans provided by FX elite. The company will provide plants which range from 1 month, 3
month, 6months and a year, where each month has its own payment value.
Purpose of the Business:
The purpose of this business is to maximize sales of the service provided. The business
also will help to support customers having problems with trading in the financial market and also
guide them to profit from the service provided.
Mission Statement:
To facilitate lucrative and secure trading by providing high-quality and dependable
business services.
Business goals:
-
Over the next two years, the business is to increase total revenue by 10%.
-
Try to reduce any business expenses as needed.
-
To launch new services and products to improve the business quality.
-
To Improve customer service in the development of respect among all internal
stakeholders, which supports further corporate expansion.
Description of products and services:
The products and services that will be offered are to help gain and increase revenue
stream. The business aims to offer trading signals provided by internal members which will help
consumers gain in the forex market. Another service that will be offered is one-on-class for those
who want to learn how to trade in the forex market.
Proposed business & revenue model:
The business model of this business will be a (B2C) Business to consumer model. The
process of selling items and services directly between a business and consumers who are the endusers of its products or services is known as business-to-consumer (B2C). The majority of
businesses that sell directly to consumers are referred to as B2C businesses.
The revenue model of the business is an important element of the business as it shows and states
how the company will make money. The business plans to make a revenue in four (3) ways.
These are:
1) Subscription/Recurring bill - As it relates to subscription, consumers will have the choice
to subscribe to the forex signal groups. These subscriptions range from 1 - 4 months.
2) Advertising - As it relates to advertising, the business will earn an income on cost per
click. When someone clicks on an advertiser's ad, the advertiser pays you a cost per click
(CPC).
3) One time payment - This refers to the sale of a trading tool that can be utilized by a single
user or a group of users.
Value proposition:
The value proposition of the business is that the world is moving to the digital age in
today's era and it has become an efficient way of making an income online. Our business
provides a service in which consumers may purchase forex signals to trade in the forex market
for an easy and reliable way of making a profitable income. People who plan on making residual
income, would benefit from this service as well as people who want to make a passive income.
Market Analysis
Target Market
Our target market includes teenagers, adults and seniors. Also any individuals who have access
to the internet and have some proper knowledge of the trading market and are interested in
investing in the stock market and are interested in using our ecommerce website to assist them.
Fx Elite will cater to not only Jamaicans but also to the entire world giving out forex signals for a
better experience when trading.
Pricing strategy
Price is one of the most important ways in which customers choose between different products
and services, and knowing the optimum price that you should charge to maximize sales and
profits is key to beating the competition. We aim to provide the best pricings possible to
maximize profits while ensuring that our customers are getting the best price possible for our
service.
Subscription plans
prices
1 month
40usd
3 month
70usd
6 month
100usd
1 year
180usd
The prices displayed above are per person. Persons willing to set up a monthly plan will be
required to pay 40used per month. Person willing to set up the 3 months’ plan will be billed
70usd every 3 months. For the 6 months plan they will be billed 100usd every 6 months. And for
the 1 year plan they will be billed 180usd every year. Persons will be billed accordingly until
they decide to cancel their subscriptions.
Promotion plan
The promotional strategies by Fx Elites will entail establishing our services through social media
such as Instagram, Twitter and Facebook. Social media can in like manner be significant where it
moreover allows our services to speak directly to our customers using direct messages tools to
draw customers attention, get criticisms and increment our market. Another promotional feature
is advertisements through mediums like TV, Radio and the newspaper. Numerous people use one
of these mediums in their daily lives, so there is a high likelihood that numerous persons will see
our advertisements at least once in their daily lives. Another promotional plan is the use of flyers
and posters. These will be distributed around different regions and places in Jamaica targeted to
our target audience.
Demand forecast
Demand forecasting is utilized by numerous businesses to foresee the prerequisite of the ideal
product at the ideal time and place. Fostering an evaluating methodology is a significant part of
demand forecasting. Getting a comprehension of the market and understanding the potential
open doors will help in figuring out aggressive costs. Fx Elite ecommerce site will permit
customers to see less expensive costs that are determined by the system in contrast to different
trading organizations.
Competitor Analysis
Competitor analysis is an evaluation of present and potential competitors' strengths and
weaknesses. This study identifies possibilities and risks from both an offensive and defensive
strategic perspective. In the current forex market we have competitors that may pose a challenge
to our business development. Some of our competitors are:
1. Learn2Trade
2. Cryptosignals
3. DDMarkets
Our rates are based on 1 month, 3 month, 6 months and a year of subscription. Both
Learn2Trade and DDMarktes are highly priced, which may not be an issue as it relates to pricing
to us. On the other hand Cryptosignals is not overly priced and they may be the one we would be
in competition based on pricing. In conclusion our prices would be more convenient to
consumers.
Crypto Signals may be our main competitor and their service covers all major
cryptocurrencies, as well as any opportunities that may arise, with 3 verified signals every week.
The service is known to bring traders an average of 30%-40% monthly profits, through its
thoroughly researched signals. This may be a weakness compared to our plan. Our plan is to
offer both major and minor currency pairs which allows flexibility throughout consumers trading
capability and also we plan to offer at least 3 signals per day resulting in 15 signals for 5 days.
Five days signals are provided due to the fact that the forex market closes on a friday.
Our competitors mainly advertise through social media platforms which may be a
downfall to them. FX Elite signal, plans on advertising on social media platforms as well, and
also campaigning through ads. Ads will bring us more brand awareness, it will let the business
grow, it will let the business remain relevant and it will generate more customers to our store.
Operations
Financial Analysis
Source of funds
partners
Amount(jmd)
Veron McLean
$300,000
Antonio Johnson
$300,000
Shanae Manning
$300,000
Chrishawn Cohen
$300,00
Capital Expenditure
ITEM
TOTAL
Ecommerce software
$50,000.00
Ecommerce hosting
$13,120.00
SSL certificate
$3,920.00
Firewalls/security
$6,754.00
Personal Computers
$68,230.00
TOTAL
Capital Expenditure
$142,024.00
$142,024.00
Prepaid Expenses
Grand Opening Advertising
Legal Fees
$12,600.00
$78,300.00
Company Registration Fee
$2,600.00
Patent Fee
$6,000.00
Total
$99,500.00
Prepaid Expenses
Deposits
Website maintenance
$25,000.00
Total Deposits
$25,000.00
Working Capital (Contingency for mainly credit business)
Website maintenance
Purchases
Advertising
$25,000.00
146,250.00
$1,300.00
Telephone
$3,000.00
Miscellaneous
$5,000.00
Total Working Capital
$180,550.00
Total startup cost
$447,074.00
Capital Expenditure
ITEM
TOTAL
Ecommerce software
$50,000.00
Ecommerce hosting
$13,120.00
SSL certificate
$3,920.00
Firewalls/security
$6,754.00
Personal Computers
$68,230.00
TOTAL
Capital Expenditure
$142,024.00
$142,024.00
Prepaid Expenses
Grand Opening Advertising
Legal Fees
$12,600.00
$78,300.00
Company Registration Fee
$2,600.00
Patent Fee
$6,000.00
Total Prepaid
$99,500.00
Expenses
Deposits
Website maintenance
$25,000.00
Total Deposits
$25,000.00
Working Capital
Website maintenance
$25,000.00
Purchases
Advertising
146,250.00
$1,300.00
Telephone
$3,000.00
Miscellaneous
$5,000.00
Total Working Capital
$180,550.00
Total startup cost
$447,074.00
PROJECTED INCOME (3 YEAR) SUMMARY 2021 - 2022
2022
SALES
2023
2024
TOTAL
500,000.00
700,000.00
1,000,000.00
2,200,000.00
$50,000.00
$50,000.00
$50,000.00
150,000.00
OPERATING
EXPENSES
Website
maintenance
Advertising
$15,000.00
$17,000.00
$19,000.00
51,000.00
Telephone
$12,000.00
$13,200.00
$14,500.00
39,700.00
LegalFees
$78,300.00
$0.00
$0.00
78,300.00
Other (specify)
$12,600.00
$0.00
$0.00
12,600.00
Miscellaneous
$30,000.00
$40,000.00
$50,000.00
120,000.00
TOTAL
$197.900.00
$120,200.00
$133,500.00
$451,600.00
$302.100.00
$579,800.00
$866,500.00
$1,748,400.00
EXPENSES
INCOME/(LOSS)
PROJECTED INCOME (3 YEAR) SUMMARY 2021 - 2022
2022
SALES
2023
2024
TOTAL
500,000.00
700,000.00
1,000,000.00
2,200,000.00
$50,000.00
$50,000.00
$50,000.00
150,000.00
$15,000.00
$17,000.00
$19,000.00
51,000.00
Telephone
$12,000.00
$13,200.00
$14,500.00
39,700.00
LegalFees
$78,300.00
$0.00
$0.00
78,300.00
Other (specify)
$12,600.00
$0.00
$0.00
12,600.00
Miscellaneous
$30,000.00
$40,000.00
$50,000.00
120,000.00
OPERATING
EXPENSES
Website
maintenance
Advertising
TOTAL
$197.900.00
$120,200.00
$133,500.00
$451,600.00
$302.100.00
$579,800.00
$866,500.00
$1,748,400.00
EXPENSES
INCOME/(LOSS)