GroupNpay, combination of shared marketing and economy by A Chandrsekaran, Director
We are in the field of Business Consulting and Training for the past 7 years. We are always keen in creating I P (Intellectual Property) so that we can be identified as I P creators in the area of IT. This drive resulted in our first product known aswww.myqhub.com, an interesting portal for knowledge assessment & learning tool.
Many organisations are using this tool but the revenues are not commensurate to our efforts. On analysing the reasons, we observed that, the entry for this product is limited to knowledge department (Learning and Development) or academic Institutions. Both of them have their own reasons for not choosing our portal,may be they have their own internal tool or any other reasons. Hence we decided to do research on new ideas to bring out a product which can touch every one’s heart, irrespective of their breeds.
I would have discussed many new ideas ( to me? ) in our Idea Generation Meeting (IGM) and none of them brought ‘vow’ effect from the participants..
On one occasion, when I wanted to enrol self for a Seminar, I called up the organiser and they spoke to me on ‘group discount’ which was very substantial. They said that these discounts were mainly to ‘scale up’ the show. Incidentally I promoted their show among my friends of similar interest and ‘power of togetherness’ got us unbelievable discount to a tune of 60 %.In fact individually every one of us were benefited.
This trigged me why not a virtual market place which offers ‘scaling up of sale’ to Merchants and ‘best price tag’ to group of members which is the benefits of ‘power of togetherness
I had my IGM with national/international friends through web seminar and Alas, every one listened with great interest. Few searched their mobile and tabs and confirmed to me that this concept is new and unique.
We started practical application, after a research of 13 months about groupNpay in our day2day life. It worked beyond our expectation. Each were sharing their own experience on the group benefits. Many told us moral stories based on group concept too.
Our trial out in an restaurant in formation of ‘similar interest group’ to get instantaneous discount worked out well. The group was formed by strangers for a specific purpose and got dissolved in the end of the dinner. Of course, few were exchanging their personal details too. The group is liked the concept and encouraged us to come out ‘apps’ soon.
Af the end of the market research, we noticed the following observation in Digital Economy.
- All Merchants wish to sell through electronic market place to have a best reach. No investment in bricks and motels. All their products are displayed in virtual form. Merchants are keen to scale up their current sales and look out for more market shares.
- Merchant prefers to sell in bulk so that ‘economy of sales’ make more sense to them.
- Members wish to buy their need of the hour and they avoid storing them.
- Members are not keen in bulk purchase as they land up in buying more resulted in unwanted cash flow and storage space.
Hence the economy is getting matured from ‘Hunter Economy to Agricultural to Industrial to Digital to Shared Economy. It is here to stay longer than others. Its contribution is worth watching.
The groupNpay was conceived keeping shared economy in mind (power of togetherness) and it offers shared marketing space for manufacturers to extend their products.
The entire application development was faster, thanks to Agile methodology. An ‘adapt and inspect’ is the mantra used by us.
Will this model scale up for business value? Is it a solution for B2B? You need to login at www.groupnpay.com to know more about it.