The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

How do we fit the revenue stream with our purpose?

Learn how to build wealth and financial freedom asymmetrically, the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join more than 70,000 entrepreneurs who are making it happen at MJ DeMarco's Fastlane Entrepreneur Forum.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Is a chatbot a lasting way to attract retailers and delight consumers?

  • Yes for sure. It is hear to stay.

    Votes: 0 0.0%
  • No it will quickly be over-taken by the next big thing

    Votes: 0 0.0%

  • Total voters
    0

Johan Lomholt

PARKED
Jan 11, 2018
2
0
33
Copenhagen
Dear community,
This is the first time reaching out to the community, so I hope this isn't completely out of place.

As a company we are trying to break through from idea to actual business.

The idea is to provide a price-comparison solution similar to for instance SkyScanner, however specific for groceries.

In essence the consumer creates their shopping list with their preferred items, the virtual shopping assistant then search the on-line grocery retailers sites to provide a list of where the total price will be cheapest. The consumer will then select the preferred retailer and be directed to the retailers site for payment and final order placement.

The revenue stream was intended to be a fixed fee for each purchase executed/converted for the retailer.
However, currently the retailers don't see this as an interesting solution as they would have to provide both data and images on top of the fixed fee they would have to pay for each conversion.

We realize that we would need to invest heavily in marketing in order to show that we can compliment the retailers marketing budget. However, we would probably also need to add some capabilities that would out-compete the retailers site.

One idea we are currently juggling, is to run the solution as a chat robot.

Any ideas and experiences are very welcome so we can get our heads around how we present a value-adding solution to both consumers and retailers.

Feel free to challenge our business model.

Thanks in advance.

Best regards,
Johan
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Fpm9

Bronze Contributor
Speedway Pass
Jul 27, 2017
137
198
29
Paris
When you say "prefered item", do you mean a generic type of product, or a specific product/brand/size ?

Also, do you think the set up cost will be acceptable to the retailer ? There's a major risk for them if none of their competitor agree to provide you data on their prices
 

Johan Lomholt

PARKED
Jan 11, 2018
2
0
33
Copenhagen
When you say "prefered item", do you mean a generic type of product, or a specific product/brand/size ?

Also, do you think the set up cost will be acceptable to the retailer ? There's a major risk for them if none of their competitor agree to provide you data on their prices


Hi, and thank you very much for your comment.

Yes to both actually. It could be that you require 1 liter of Milk, but it could also be that you specify that it should be biological full fat milk from local producers.
The more you specify the product, the less savings the virtual shopping assistant will be able to provide. Simply because the number of alternatives shrinks down. However for the customer, it means that they do not have to trawl through multiple sites to find those certain products, which are guiding their combined purchase decision.

On the face of it, I see the risk as limited for the retailers, as all of them will already have their prices and product data publicly available through their current on-line shops.
Where it is likely to get uncomfortable for them is when their prices are matched directly against their competitors.
However, it should not be underestimated that delivery times, delivery rates, product range and geographical reach are also factors influencing the purchasing decision for the consumer (i.e. not only price).

Finally, we plan to set up an API solution in order to minimize the set-up cost for the retailer.
 

Sponsored Offers

  • Sticky
MARKETPLACE  NEW: The Best School for Going Fastlane (50% Off Deal Now On)
Hey, @Fox! Kudos on your course and all the free content that you have released on your YouTube...
  • Sticky
MARKETPLACE  You Are One Call Away From Living Your Dream Life - LightHouse’s Accountability Program ⚡
What I got was completely unexpected; @LightHouse generously talked with me for 2 straight hours...
  • Sticky
MARKETPLACE  Freelance University: Solve Every Freelance Problem (Especially on Upwork)
FU. 4 DAYS. 50% OFF BLACK FRIDAY SALE! If you're an Upwork freelancer, you'd be a fool not to...
  • Sticky
MARKETPLACE  For Sale: Food Brand with 4 Years of Happy Customers in a Fast-Growing Niche
So to get certified, it cost a fortune? How much exactly? That sucks that these "health...
MARKETPLACE  Fox Web School "Legend" Group Coaching Program 2021
Fox's Web School helps you learn a specialized skill which you can use to get to Fastlane. It's...
MARKETPLACE  Not sure how to start? This free book will teach you how to build a successful web design business
Hi Fox. Starting the book and got through the introduction. Had a conversation with Andy Black...


Don't like ads? Remove them while supporting the forum. Subscribe.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

99% thinking

Custom "Fastlane" wall art for your workspace now available...


Order Yours Today

Top