VirtualQOpportunity Analysis Project Team YVR6 Venture Lab 2012 May 19th 2012
Outline• Value Proposition• Market Research• Market Size• Competition• Conclusion
Value Proposition• For everyone, with access to Internet or SMS, who wishes to save time in lineups, VirtualQ allows lining up without physically being present and notifies only when ready to be served.• For all businesses or organizations with long lineups, VirtualQ provides a service to effectively manage lineups, resources and daily operations while improving customer satisfaction and increase in sales.• Unlike any other service VirtualQ provides real time notification via a mobile application and web based services.
Market Research - End Users• Hypothesis – Need for VirtualQ – Willing to pay for an App/Service – Don’t mind ads for free service – Likes promotions through the service• Experiment – Face to face interview: 22 – Survey: 68
Market Research - End Users Results: Need for VirtualQ Encountered Lineup 10%24% 44% All the time Once a Week Once a Month Annoyed 22% Rarely 4% 37% All the time 59% Sometimes Never
Market Research - End Users Results: Willing to pay for an App/Service Will Pay 41% 51% One time small fee Subscription No 7%
Market Research - End Users Results: Revenue through ads or promotions Ads21% 6% 24% Like it Somewhat useful Annoying Promotions 50% Dont care 13% 18% Like it 25% Somewhat useful Annoying 44% Dont care
Market Research - End Users Results: Demand at lineup locations Demand70%60%50%40%30%20%10%0%
Market Research - Business• Hypothesis – Need for a change in the way lineups are handled – VirtualQ will help optimize resources and daily operations – Willing to use the service – Will pay for the service• Experiment – Interviews: 8
Market Research - Business• Results – Interviewees thought it was a good idea. – Due to the lack of a prototype, it was inconclusive if the system will help optimize resources and daily operations. – Businesses to use and pay for service is a probability, we need to gather more data.
Market Size – End UserAvailable MarketWorld cell phone users:5.6 Billion App Price: $1Servable MarketUsers in developed Countries:900 million Revenue: $0.7Target Market Market Size:Users with smart phonesand potential buyers: 290 203 millionmillion
Market Size - Business Available Market Estimated number of Businesses/organizations in Subscription: developed countries: 55 million $10 /monthServable MarketEstimated Revenue:Businesses/Organizations $120 /yearwith lineup: 0.55 million Market Size:Target Market 6.6 million/yearPotential User: 55,000
CompetitionUnlike Qminder, VirtualQ offers- Promotions- Algorithm to distribute customer flow- Real time notification for service issues Unlike Qless, VirtualQ offers - Mobile App - Cost effective and easy integration - Real time notification for service issuesUnlike QMATIC, VirtualQ offers- Mobile App- Cost effective and easy integration- Promotions
Conclusion• 66% people surveyed encounter lineups at least once a week and 96% people find them annoying.• 58% people are willing to pay for service.• More data to be collected on business end.• We will pursue this idea for OEP.