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Venture lab project 3 - final report for OAP - i barter

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Venture Lab - Project 3 - Final Report for OAP - iBarter

Venture Lab - Project 3 - Final Report for OAP - iBarter

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Venture lab   project 3 - final report for OAP - i barter Venture lab project 3 - final report for OAP - i barter Presentation Transcript

  • A BARTERING PLATFORM(IBARTER)A new bartering platform for individuals & businesses
  • The Background – Why A Barter Platform? Barter is one of the oldest methods of trade Barter allows those lacking hard currency to obtain goods and services In the current economic crisis bartering has seen a huge upturn There are well-established bartering- based platforms iBarter is a new bartering platform for individuals and businesses to barter in exchange for virtual currency
  • The Initial Vision – What Were Our Goals ForiBarter?iBarter is an online barter exchange community where people will: Be able to trade with each other Gain access to goods and services they might otherwise not be able to afford Give back to the community Establish a reliable social network Help to support the local economy whilst improving their own livesOur goal is to build a website that your grandma could use and that you would have a hard time to drag your son away from!
  • The Initial Concept – How Will iBarterFunction?iBarter will operate as broker and bank Registered members have an account that is:  Debited for purchases  Credited for sales. The iBarter platform will be available to individuals and businesses iBarter will be designed to be fun and easy to use
  • Hypothesis I (context) We believe that the current economic crisis has opened up a new recognition of the value of bartering We wanted to test the hypothesis that businesses and individuals would make use of our bartering platform: iBarter
  • Hypothesis II (value)We believed people would use a platform which:Allows businesses and individuals post offers and needs in exchange fortrade creditsGuarantees safety and security for transactions and dispute resolutionIs reasonably priced to useOffers peer-review of service/product providersIs convenient, fast and easy to useIs web-based, only requiring use of a web browser
  • Identified customer segments (1/3)SEGMENT 1:  Individuals in Ireland (15+) with basic computer skills and internet access Their pain: - Can’t afford products or services (basic/luxury) - Want to connect with community & don’t know how - No established local support network - Too little time What they want: - To offer small services to help each other - To connect with & build local community - To consume services they cannot afford - To spend less time on unloved tasks
  • Identified customer segments (2/3)SEGMENT 2:  Early Adopters (people already seeking collaborative consumption opportunities) Their pain: - Looking for cashless alternatives to trade - Unhappy with economic situation What they want: - Like the idea of mutual support - Support of local economy/community - Connect with like-minded people
  • Identified customer segments (3/3)SEGMENT 3:  Irish SMEs Their pain: - Idle capacity - Cashflow problems - No exposure online (unsure where to start) - Word of mouth = only marketing channel What they want: - Make use of idle capacity - Increase cashflow by using alternative service - Use new media for marketing without spending time & effort - Attract new customers
  • Methodology To validate our initial hypothesis we conducted 16 face- to-face interviews with individuals We received 30 responses to our 1st survey questionnaire and 10 responses to our 2nd survey We plan to interview businesses in the next stage
  • Insights - customer pain points & wants Segment 1 - Individuals Segment 2 – Early Adopters Their pain: Their pain: - can’t afford products or services (basic/luxury) - Looking for cashless - Want to connect with community & alternatives to trade don’t know how - Unhappy with economic - No established local support network situation - Too little time What they want: What they want: - Like the idea of mutual - want to offer small services to help support each other - Want to connect with & build local - Support of local community economy/community - Want to consume services they - Connect with like-minded cannot afford people - Want to spend less time on unloved taskslow priority medium priority high priority
  • Insights – product features Be able to post offers and requests Personal safety (provided by platform) & Reliability Review & Rating system (mandatory) Free negotiation of trading offers Open to swapping/gifting/tradinglow priority medium priority high priority
  • Insights – The Key Issues in Making PurchaseDecisions? Trust is the most important consideration when making purchase decisions People spend a lot of time researching products they want to buy People rely on personal recommendation when purchasing services Most would pay more for better quality products or services Convenience and speed are very important factors while making purchases Most would consider buying second hand or swapping
  • Insights – Revenue Models - How Will We Make Money?We attempted to validate the revenue streams ofiBarterThe following general revenue models emergedfrom our survey: Some respondents would prefer a small commission per transaction rather than membership More than 50% of respondents would pay a small commission for a barter transaction Others would prefer a membership fee Some would only use a free service Some would prefer to buy credits rather than earn them
  • Market evaluationSEGMENT 1:Irish Population (total): Target Market:4,588,252 0.5 % = 15 000Irish people withInternet access (total Served Available Market:2010): 3,420,0003,420,000 Total Available Market: 4,588,252
  • Market evaluationSEGMENT 2:Craftspeople,tradesmen & Target Market: 1000freelancers inIreland (total): Served Available Market: 100 000100 000 Total Available Market: 500 000
  • Market evaluationSEGMENT 3:Irish SME (total): Target Market:270 000 800ISME members(total): Served Available Market: 85008500 Total Available Market: 270 000
  • Evaluation Of OutcomesFrom our survey we determined the following as being key to whether tocontinue investigating iBarter as a consumer driven platformIndividuals might use the platform, however: They required proof of its trustworthiness They might use it infrequently Not all are willing to pay to use it It may be difficult to get the critical mass and variety of buyers and sellers to guarantee its success
  • Evaluation Of Outcomes continuedNew hypotheses to validate: Be able to post offers and requests People want flexibility to be provider &  Review & Rating system consumer (mandatory) People need a marketplace to trade  People value & require peer to peer reviews & personal Personal safety (provided by platform) recommendations & Reliability People want a credible marketplace &  Free negotiation of trading credible trade partners offers People want guarantee for satisfactory  People want to ensure to pay & transactions (consumer protection: get receive a fair price for products and advertised quality) services
  • Our New Approach – A Better ‘Business’ Opportunity?Our new approach centers on building iBarter first as a Business-to-Business driven platform. This is due to the following needs for businesssuccess: The need to a regular predictable  We could charge a relatively high revenue stream (membership) fee without the overhead of large It should be easier to convince numbers of consumer-to- businesses of the benefits of consumer transactions and iBarter support We would only need a few  Businesses would eventually act businesses willing to trade to as a pull for consumers to join validate our business model the platform
  • The iBarter Team Sarah Machon (The Boss)  Raomal Perera Hong Phuong CHECKOUMAR  Dimitris Bimplis Anthony Meagher  Adet Aboderin Orla Diez  Victor Brezkoravainyi Khaled Moussa