1
2 Comments

Shoot my Idea: Tackling the issue of buying in bulk

Hey IHs, living in Singapore, a country obsessed about both food and cheap deals, many 1-for-1 deals have started popping up all over the country. Intuitively, I figured that the bulk of these deals were probably too good to be true and started observing and researching the phenomenon more closely. As a result, I came across the zero price effect which describes how demand soars exponentially when consumers are enticed by the prospect of obtaining a good for 'free'.

The Problem: Unfortunately, most of the time, this results in them buying more than they really need, wasting both money and the goods they eventually end up buying (Expired, Spoilt, Totally Unused and etc.)

In Singapore, there are a few successful e-commerce companies currently aimed at providing consumers better information on the wide array of deals available. To a limited extent, this allows us as consumers to better select deals that we will fully utilise and reduce the impact of impulse buying as we have more time than ever to compare deals online anytime and anywhere. However, more often than not, the ease of transacting online, purchasing vouchers that do not need to be used immediately, leads to increased wastage when vouchers expire or if people are eventually 'forced' to use the vouchers on its last day of validity. In essence, these e-commerce companies offering deals to consumers are more likely to encourage greater wastage and exacerbate the problem of buying in bulk.

The Solution: Targeting the 1-for-1 deal market / BOGO vouchers, I aim to provide a mobile application which connects people interested in these deals together, effectively transforming the 1-for-1 deals into a 50% off promotion.

How it will work: Leveraging on the existing companies in the industry, I aim to populate the application with the similar array of deals featured on these platforms as a start. When users indicate an interest in a voucher, they will be able to select and reserve it. Currently focusing on food alone, the vouchers will be split into 2 primary categories, 'Quick Meals / Takeaways'  and 'Dine Out'.

Quick Meals / Takeaways
After successfully reserving a voucher, users will be prompted again if another user indicates their interest in the voucher as well, matching them together. The deal is hence confirmed at this stage.

Dine Out
As this requires a more intimate experience of complete strangers spending some time together over a meal, more features are introduced.

  • Name, Age, Gender are required when reserving such a deal. This is to make users more comfortable in the event they prefer having a meal with people of a similar demographic.
  • References: Similar to how AirB&B works, at the end of the meal, users will be asked to write feedback on one another within 7 days of the meal. This will be displayed to all other users the next time a 'Dine Out' deal is booked.

Other features

  • Ratings: To prevent tardiness, a rating system will be imposed.
    5 - On time / Early
    4 - Within 5min from reservation time
    3 - Within 15min from reservation time and etc.
  • Chat: Upon reserving a deal, other users potentially interested in the same deal may chat with the user for liaising purposes.

Currently, I foresee 2 potential stumbling blocks.

  1. Lack of user density to promptly match people together
  2. Not inclined to use these deals due to awkwardness posed by interacting with complete strangers OR / AND users have sufficient friends to share the 1-for-1 deals with people they know, effectively transforming it into a 50% off deal without the help of the application.

Hence, I am currently seeking your kind advice on the following:
1) 
(a) If this problem affects you, whether you see yourself as a potential user of the application?
(b) If this problem does not affect you, how do you go about 'maximising your dollar'?
2) In Singapore, we are really pretty price-sensitive when we are able to be which is one of the reasons why promotions, flash sales, vouchers, discounts and etc. work so well for us. However, does such a problem exist in your country or are people not too concerned in finding the best deals available?
3) Feedback and other potential problems I may have failed to list in my post

To reiterate: The problem I'm trying to solve is tackling the issue of bulk buying by allowing people to maximise the use of 1-for-1 deals.

Thanks for taking the time to read thus far! Will appreciate all kinds of feedback! :)

on March 9, 2020
  1. 1

    Have seen promotion of 2for1 for shoes and eyeglasses for example and others even light fixtures, some of the stores running this sales almost for their lifetime possibly one-off bases (every month or several time a year, IDK really).

    Done in with a stranger for a discount is kinda a dating app even if it's not for romance. I'm sure it will fit some people but not everyone...

    Do question if it might be a passing trend let's say or if you have huge success will it change how the businesses will do their promotions.. will they have an incentive to work with you or fight you?...
    There is a different but related service here that does last minute restaurant promotions up to even 70% off, usually with a 1-3 hour notice and limited spots.
    That might provide the same benefits your user might expect with an easier business module and execution while not strictly what you were looking at might achieve the same..

    Also seen a service to resell tickets and refunds and similars like gift cards which is also a waste reduction service as your initial interest...

    1. 1

      Hi! Appreciate the thoughts you've given into the idea.

      2nd Para: I totally agree with you. I do foresee it being used as a dating application to a certain extent as well but felt that that does not adversely impact the application, even if it may not be what I was intending the application to be used for.

      3rd Para: I did ponder about this with others previously.In the end, I felt that businesses will likely not be (too) adversely affected. From their perspectives, they will still be receiving double the profits when utilising a 2-for-1 promotion as opposed to a 50% off.
      Still, there is definitely a possibility that some may choose to stop doing 2-for-1 deals as a result.

      Also, there is a successful company here as well offering steep discounts for certain restaurants during off-peak hours. And while this will likely attract a wider consumer base as reservations are made for yourself only, the deals are

      • Typically only attractive during off-peak hours
      • Typically only available for restaurants which may not be doing so well
        Hence, I intended the application to work complimentary to such a service offered.

      With all that said, thank you once again for your insights! :)