University College Dublin
Ended on 04-04-2021
Our solution is Groupie, a group buying plugin for E-commerce websites. This simple tool allows consumers to purchase items at a cheaper rate by getting their friends in on the deal too. So, How does this work? - A shopper goes to their favourite site to complete a purchase, and is met with two prices. - One is the standard price and one is the much cheaper “Groupie” price. -The shopper clicks on the Groupie price and follows the usual checkout flow to purchase the goods. - Then, they simply share a link with friends of similar interests. - Once enough friends purchase a related product within the allotted time period, they all avail of the discount. - New joiners to the purchasing group are also incentivised to share with their friends, resulting in instant virality. Customers like it as they win large discounts and interact with what their friends are buying. Businesses like it as customers receive word of mouth referrals from people they trust. This not only increases traffic and conversion, but also reduces costly advertisement expenditure. We will target consumer facing subscription services and membership based platforms. More specifically we will be focusing on B2C SaaS products to prove the concept. These businesses typically have a high margin and high cost of acquiring customers (CAC). This means they can offer a substantial discount for group buying while reducing CAC. Given our proximity to the Irish market, this is where we will target first. As a SaaS product, Groupie is extremely scalable. We will test the Groupie method with a number of partner businesses in the Irish consumer facing SaaS and leisure market.