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Platr business

Product Requirement Document

Project Overview

The Platr Business project aims to develop and launch a cutting-edge E-commerce Software as a Service (SaaS) platform tailored to the specific needs of Nigerian entrepreneurs. This comprehensive platform will empower entrepreneurs with tools for inventory and order management, real-time transaction monitoring, NLP-driven knowledge generation, and customizable digital assets. Platr Business is designed to simplify and streamline business operations, fostering a dynamic entrepreneurial ecosystem in Nigeria while providing a robust, user-friendly solution to meet the diverse requirements of entrepreneurs in the e-commerce sectors.

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Problem Statement

Nigerian entrepreneurs in the e-commerce sector encounter challenges in efficiently managing their businesses due to the lack of comprehensive and tailored solutions. Existing tools often fall short in meeting the unique demands of this market. Platr Business aims to address this issue by providing a holistic and user-friendly solution for comprehensive e-commerce business management.

Background and Research

The entrepreneurial landscape in Nigeria has seen significant growth, particularly in the e-commerce sector. However, Nigerian entrepreneurs face critical challenges in managing their businesses effectively. Existing tools and platforms often lack the comprehensive functionality required to cater to the diverse and dynamic needs of this market. Entrepreneurs struggle with inventory and order management, real-time transaction monitoring, and access to reliable, data-driven insights. As a response to these challenges, Platr Business emerges as a dedicated and innovative E-commerce Software as a Service (SaaS) platform, uniquely designed to empower Nigerian entrepreneurs with a one-stop solution for comprehensive business management.

Based on research findings, it's evident that Nigerian entrepreneurs in the e-commerce sector face a series of challenges. Existing tools lack the comprehensive functionality required for efficient business management, resulting in entrepreneurs using multiple disjointed solutions. Common pain points include difficulties in inventory and order management, inefficiencies in order processing, the absence of real-time transaction monitoring, a knowledge gap regarding data-driven insights, and a desire for customizable digital assets. Platr Business emerges as a response to these findings, offering a one-stop, user-friendly solution designed to empower entrepreneurs and streamline their operations, ultimately fostering a more vibrant entrepreneurial ecosystem.

Assumptions and Hypothesis

Assumptions:

- Entrepreneurs are actively seeking solutions to address their inventory and order management challenges.

- Real-time transaction monitoring is a valuable feature for e-commerce entrepreneurs.

- Entrepreneurs lack access to sufficient data-driven insights to make informed business decisions.

- Customizable digital assets would enhance branding and marketing efforts.

- Entrepreneurs are open to adopting a comprehensive, user-friendly SaaS platform.

Hypotheses:

- Implementing robust inventory and order management features will lead to increased operational efficiency for entrepreneurs.

- Real-time transaction monitoring will provide entrepreneurs with more control over their e-commerce businesses and drive better decision-making.

- Offering data-driven insights through the platform will result in more informed business strategies and improved profitability.

- Customizable digital assets will contribute to stronger branding and customer engagement for entrepreneurs.

- Developing a comprehensive and user-friendly SaaS platform will lead to increased adoption and utilization among entrepreneurs in the e-commerce sector.

User Survey Research

As part of our commitment to continuously improve Platr Business and better serve the needs of entrepreneurs, we conducted in-depth interviews with a select group of entrepreneurs. The insights gathered from these interviews have been instrumental in shaping our platform to address your specific challenges and requirements.

Key Insights

1. Diverse Inventory Management Needs: Entrepreneurs expressed a wide range of inventory management needs, from handling perishable goods to organizing vast product catalogs. This diversity underscores the importance of customizable inventory solutions.

2. Real-Time Insights are Game-Changers: The unanimous consensus among entrepreneurs was the desire for real-time insights into their transactions. This feature is seen as a game-changer for decision-making, ensuring better control and adaptability in the dynamic e-commerce landscape.

3. Demand for Comprehensive Solutions: Entrepreneurs strongly emphasized their preference for comprehensive solutions that consolidate multiple aspects of business management. They find it challenging to work with multiple tools and platforms, leading to inefficiencies.

4. Knowledge Generation Gaps: Entrepreneurs expressed a need for data-driven insights and knowledge generation. This is seen as essential to making informed decisions and fine-tuning their strategies.

5. Customization and Branding Matters: The desire for customizable digital assets, such as product listings and marketing materials, is driven by the need to align their branding and connect with their target audience effectively.

These insights not only validate the direction of Platr Business but also reinforce the importance of addressing the unique and evolving needs of e-commerce entrepreneurs in Nigeria.

Project Scope

1. Project Objectives:

- Develop and launch a comprehensive E-commerce Software as a Service (SaaS) platform tailored to the needs of Nigerian entrepreneurs.

- Empower entrepreneurs with tools for inventory and order management, real-time transaction monitoring, NLP-driven knowledge generation, and customizable digital assets.

- Simplify and streamline business operations to foster a dynamic entrepreneurial ecosystem in Nigeria.

2. Deliverables:

- A fully functional Platr Business platform with inventory management features.

- Order management capabilities.

- Real-time transaction monitoring system.

- NLP-driven knowledge generation module.

- Customizable digital asset creation and management tools.

3. Project Features:

- User-friendly interface for entrepreneurs.

- Robust inventory management with categorization and tracking features.

- Order processing, tracking, and customer communication capabilities.

- Real-time transaction monitoring and data analysis.

- NLP-driven knowledge generation engine.

- Customizable digital assets for product listings and marketing materials.

4. Constraints:

- Budget constraints may impact the extent of features and development timeline.

- Regulatory compliance requirements.

- Time constraints for development and launch.

5. Milestones and Timeline:

- Phase 1: Requirement Gathering and Planning

- Phase 2: Development and Testing

- Phase 3: User Testing and Feedback

- Phase 4: Platform Refinement

- Phase 5: Launch and Deployment

6. Project Team:

- Project/Product Manager

- Development Team (CTO, Frontend and Backend Devs)

- Quality Assurance Team

- Product Designer

- Marketing and Promotion Team

Market Research

Market Overview

The e-commerce landscape in Nigeria has undergone a remarkable transformation, firmly establishing itself as a pivotal economic driver within the nation. With a population exceeding 200 million, Nigeria boasts one of the largest and most diverse consumer markets in Africa. The past decade has seen an explosive surge in e-commerce activity, driven by increasing internet penetration and a tech-savvy populace. This burgeoning market has showcased consistent growth patterns, with annual sales figures soaring to record highs. This growth, coupled with a swelling middle-class demographic, has propelled Nigeria into the global spotlight as an e-commerce hub. Consequently, a multitude of local and international enterprises, spanning from retail giants to nimble startups, have converged to compete in this thriving digital arena. As we delve into this dynamic marketplace, it is paramount for Platr Business to embark on this journey equipped with a comprehensive understanding of the market's nuances and ever-evolving trends. Our mission is to craft a platform that can not only keep pace but also lead the charge, empowering Nigerian entrepreneurs to navigate the online selling landscape with unparalleled efficiency and success.

The burgeoning demand for a comprehensive platform like Platr Business is evident in the daily challenges faced by Nigerian entrepreneurs. Across diverse industries, businesses grapple with issues related to fragmented inventory management, delayed order processing, and limited access to real-time transaction data. These bottlenecks not only hinder operational efficiency but also jeopardize the ability to meet customer demands effectively. Feedback from numerous entrepreneurs underscores the urgency for an all-encompassing solution. Interviews and surveys conducted within the Nigerian business community reveal a resounding call for a centralized, user-friendly tool capable of managing inventory seamlessly, processing orders swiftly, and delivering insights through NLP-driven knowledge generation. Furthermore, the customization of digital assets is increasingly seen as a necessity for entrepreneurs to stand out in a competitive online landscape. The compelling need for Platr Business to address these challenges and empower entrepreneurs is a testament to the vast untapped potential that awaits such a holistic and transformative platform in Nigeria's e-commerce ecosystem.

Target Market

Entrepreneurs/Business owners in Nigeria in tertiary institutions specifically in Lagos, Abuja,

Kaduna and Kano. As well as the general public that is active in the trade and service sectors.

Demographic analysis:

Age range: 16 years old above

Gender: Male and female

· Income level: Middle-class and upper-middle-class (Earning between $2 (N1,600) to $20

(N16,000) daily. This translates to N48,000 monthly for the lower band and N480,000 for the upper band.)

· Educational level: Secondary school/University students/recent graduates and Post graduates

· Marital status: Single and married

· Ethnic breakdown: All ethnicities

Geographic analysis:

Lagos, Abuja, Kaduna, Kano, and Kwara states

Psychographic analysis:

Tech-savvy

· Ambitious

· Creative

· Value convenience

· Value affordability

Behavioral analysis:

· Active online and also active phsyically

· Use social media to research clients and services

· Prefer to make/ take orders online

· Value convenience and affordability

· Willing to try new technologies to make their Business scale

· Look for tools and solutions that can help them save time and money

· Are attracted to brands that offer a seamless and user-friendly experience

Platr Business is a good fit for this target market because it provides a convenient and affordable way to set up an online shop. The Web platform is also easy to use, which is important for our target market.

The "setup, connect, and sell" approach is also appealing to our target market.

Technographic analysis:

· Have smartphones and laptops

· Use social media platforms such as Facebook, Twitter, and Instagram

· Are already familiar to the emerging new e-commerce market

Competitor Analysis

Below is a list of our close competitors and what their pricing/services are

GetBumpa:

Bumpa Basic:

1. Free business website

2. Online transaction charge (1.5%)

3. 25 products listings: Upload 25 products to your website

4. 50 invoices & receipts: Send 50 receipts to your customers

5. Unlimited Discounts & Coupons: Create all the coupons and discounts you need for your customers.

6. 50 sales record: Record 50 sales you make on Bumpa App.

7. 20 messaging credits: Get 20 messaging credits to send emails/SMS to customers every month.

8. Business Analytics: Receive weekly reports, business tips and view sales performance via Analytics.

At NGN 0(Zero Naira)

Bumpa Starter:

1. Free business website

2. Online transaction charge (1.5%)

3. Unlimited product listings

4. Unlimited invoices & receipts

5. Unlimited Discounts & Coupons

6. Unlimited sales records

7. 300 messaging credits

8. Use of custom domain (can be purchased or integrated)

9. Personal bank detail on checkout

10. Website customization

11. Instagram linking: Basically, connecting your Instagram account to your Bumpa app to sell faster on Instagram.

12. Advanced Integrations: Connect google analytics and Facebook pixel to your website to run better and converting ads and receiving ad analytics

At NGN 2500/month

Bumpa Pro:

1. Free business website

2. Online transaction charge (1.5%)

3. Unlimited product listings

4. Unlimited invoices & receipts

5. Unlimited Discounts & Coupons

6. Unlimited sales records

7. 1000 messaging credits

8. Personal bank detail on checkout

9. Website customization: Ability to enhance your business website by selecting personalized themes, colors and the option to acquire a custom domain name e.g.

.com. ng,.com.ng etc.

10. Instagram linking

11. Advanced Integrations

12. Staff Account: Create sub accounts for 3 staff members to help you manage your business on the app.

13. Free custom domain name hosting for one year

At NGN 5000 per month

SWOT Analysis

For the SWOT Analysis we will assess our weakness, opportunities and strengths.

Strengths:

1. Specialized Expertise: Platr has a team of skilled professionals with expertise in web development, design, and digital marketing.

2. Customization and Personalization: The ability to create tailored webshops for each small-scale business, meeting their specific needs and preferences.

3. Cost-Efficiency: As an online-based operation, we can often provide more cost-effective solutions compared to traditional agencies with physical offices.

4. Scalability: The online nature of our business Platr allows for easy scalability, potentially reaching a broader market without significant overhead costs.

5. Technology Stack: Utilizing the latest technologies and development tools to ensure the websites you create are modern, user-friendly, and responsive.

Weaknesses:

1. Limited Brand Recognition: As a startup, our brand may not yet be widely recognized.

This could make it challenging to attract clients initially.

2. Resource Constraints: Limited resources, both in terms of finances and human capital, limits the number of projects we can take on simultaneously.

3. Technological barrier: Any disruptions in our online operations (e.g., server downtime,

Technical issues) could impact service delivery and customer satisfaction.

4. Client Acquisition Cost: It may take time and effort to acquire clients initially, especially if we’re relying on organic traffic or word-of-mouth referrals.

Opportunities:

Growing Small Business Market: There is a continual demand for online presence among small-scale businesses, especially with the increasing importance of digital marketing.

Partnerships with Other Businesses: Collaborations with complementary businesses

(e.g., marketing agencies, Business Coaches ,SEO specialists) can open up new avenues for client acquisition.

Offering Additional Services: Expanding our service offerings to include SEO optimization, content creation, or digital marketing could provide additional revenue streams.

Niche Specialization: Focusing on a specific industry or type of small-scale business

(e.g., restaurants, local services) can help us stand out in the market.

Geographic Expansion: As an online business, we have the potential to serve clients across different regions or even internationally, increasing your market reach.

Threats:

Technological Advances: Rapid changes in technology may require continuous training and investment in our platform to stay competitive.

Economic Downturns: During economic downturns, small-scale businesses may cut back on expenses, including using Platr, which could impact our client base.

Security Concerns: The increasing frequency of cyber threats and data breaches could lead to heightened security expectations from clients.

Regulatory Changes: Changes in privacy laws or regulations related to online businesses could impact our operations and require compliance measures.

1. Introduction

Platr Business is a versatile, subscription-based SaaS solution designed to meet the multifaceted needs of small and medium-sized enterprises (SMEs) in Nigeria. This all-in-one platform offers a suite of business management tools that include inventory control, order documentation, financial transaction monitoring, and data-driven insights generated through Natural Language Processing (NLP). Users can also take advantage of the Digital Assets to customize email, webshop, and invoice templates, aligning them with their brand identity.

Unique to Platr Business is the Influencer Support Code system, a feature that allows subscribers to back their favorite business coaches and online influencers, thereby fostering a community-centric model of business growth and continuous learning.

2. Product Vision & Mission:

Platr Bussiness aims to revolutionize the entrepreneurial landscape in Nigeria and beyond, empowering businesses to thrive by providing an all-encompassing platform for comprehensive business management. We envision a world where every entrepreneur has the tools and knowledge they need to succeed.

At Platr Business, our mission is to offer entrepreneurs a transformative platform for comprehensive business management. We are dedicated to providing robust inventory and order management solutions, real-time transaction monitoring, NLP-driven knowledge generation, and customizable digital assets. Our commitment is to empower entrepreneurs with the resources and expertise to excel, fostering a vibrant and prosperous entrepreneurial ecosystem.

Based on the provided information, here are the key objectives and goals of Platr Business:

3. Objectives:

1. Comprehensive Business Management: To provide entrepreneurs with a platform that covers all aspects of business management, including inventory, orders, transactions, knowledge generation, and digital assets.

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