Progress Report Week 10: SmartCart (Shopping Has Never Been That Fast!!!)
1. Financial Plan
The start-up expenditures for SmartCart, Inc are summarized as below: | Year 1 | Year 2 | Year 3 | | | | | Revenue (Sales) | | | | …show more content…
Expanse | $ 20,000.00 | $ 30,000.00 | $ 70,000.00 | | | | | Consulting Services | $ 90,000.00 | $ 450,000.00 | $ 450,000.00 | Promotion | $ 756,000.00 | $ 156,000.00 | $ 156,000.00 | | | | | Total Operating Expenses | $ 2,538,414.50 | $ 1,221,861.00 | $ 1,748,381.00 | | | | | Profit before Taxes | $ 37,837,585.50 | $ 203,598,139.00 | $ 817,629,619.00 | | | | | Taxes (10%) | $ 3,783,758.55 | $ 20,359,813.90 | $ 81,762,961.90 | | | | | Net Profit | $ 34,053,826.95 | $ 183,238,325.10 | $ 735,866,657.10 …show more content…
scanner, scale, kiosk, and security gates) globally. Currently, there is no other company works in this area. So, we do not have direct competitors. However, there are two indirect competitors. We called these competitors indirect because they are grocery stores which have advanced technology similar to our innovation. The first indirect competitor is Kroger grocery store in the USA. This grocery store collaborates with Fujitsu USA to create an automatic checkout machine. The idea of this machine is like of an X-ray machine in the airport. Instead of using it for security system, this machine is used to detect bar codes or printed Universal Product Code (UPC) number of products by utilizing Radio Frequency Identification (RFID) and Optical Character Recognition (OCR). By using this machine, the cashiers just need to lift the products from the cart onto the machine's conveyor belt, and the conveyor belt will automatically run and allow the products to go through a scanning tunnel, where their bar codes are scanned. Please refer to figure 1. After scanning is done, the products have to be manually bagged (SC Digest Editorial Staff,
1. Financial Plan
The start-up expenditures for SmartCart, Inc are summarized as below: | Year 1 | Year 2 | Year 3 | | | | | Revenue (Sales) | | | | …show more content…
Expanse | $ 20,000.00 | $ 30,000.00 | $ 70,000.00 | | | | | Consulting Services | $ 90,000.00 | $ 450,000.00 | $ 450,000.00 | Promotion | $ 756,000.00 | $ 156,000.00 | $ 156,000.00 | | | | | Total Operating Expenses | $ 2,538,414.50 | $ 1,221,861.00 | $ 1,748,381.00 | | | | | Profit before Taxes | $ 37,837,585.50 | $ 203,598,139.00 | $ 817,629,619.00 | | | | | Taxes (10%) | $ 3,783,758.55 | $ 20,359,813.90 | $ 81,762,961.90 | | | | | Net Profit | $ 34,053,826.95 | $ 183,238,325.10 | $ 735,866,657.10 …show more content…
scanner, scale, kiosk, and security gates) globally. Currently, there is no other company works in this area. So, we do not have direct competitors. However, there are two indirect competitors. We called these competitors indirect because they are grocery stores which have advanced technology similar to our innovation. The first indirect competitor is Kroger grocery store in the USA. This grocery store collaborates with Fujitsu USA to create an automatic checkout machine. The idea of this machine is like of an X-ray machine in the airport. Instead of using it for security system, this machine is used to detect bar codes or printed Universal Product Code (UPC) number of products by utilizing Radio Frequency Identification (RFID) and Optical Character Recognition (OCR). By using this machine, the cashiers just need to lift the products from the cart onto the machine's conveyor belt, and the conveyor belt will automatically run and allow the products to go through a scanning tunnel, where their bar codes are scanned. Please refer to figure 1. After scanning is done, the products have to be manually bagged (SC Digest Editorial Staff,