Maria Monica Salazar; Daniela Sarzosa; Carlos Bautista; Andrea Davila; Andrea Davila
High Concept Statement:
Uber pool for wholesale purchases
Need or Demand:
We believe that the members of lower income communities have similar demands around basic need products like grains, cereals, cleaning supplies and personal care products. However due to income restrictions they cannot acquire these products on a quantity that will make their purchase more efficient. We believe that developing an app that helps align and coordinate this demand will help decrease the transaction cost of coordination and will increase the purchasing power of the community as a whole which will be reflected in lower prices for the singles households.
Product / Service / Solution:
CoCo is a mobile app for low income communities to reduce the cost for necessities, by aligning demand to generate wholesale purchases. With CoCo, we will acquire the strengths of collaborative consumption, peer-to-peer interaction, sharing economy and social shopping, to increase the potential to save money, build support networks and generate self-controlled tools.
We want to create and boost a collaborative app that allows people in low income communities to gather their needs for necessities products at an affordable price. We believe that members of lower income communities have similar demands around basic need products like grains, cereals, cleaning supplies and personal care products. However, due to income restrictions they cannot acquire these products on a quantity that will make their purchase more efficient. Therefore, we believe that developing this app will increase the purchasing power of the community as a whole which will be reflected in lower prices for households.
Our competitors are apps like: OurGroceries and BuyMeAPie. These apps do not have low income communities as their main target. Our app has the advantage of aligning the demand of larger groups of people who are in need of affordable prices. We think that also low price retailers such as Dollar one could be our competitors.
We will collect and analyze information from user consumption behaviour, habits and trends using a crowd-sourcing based model. We will gather information about them, that can be used in the future to offer them better deals based on their goods demand. The power of our platform lies in scalability of the platform and accessibility to information. Those features will generate enough reputation for the system to generate credibility on the users, given that it has been shown that reputation is an important external motivation factor in determining participation in communities and other online collaboration activities such as information sharing. CoCo will be a robust app known by vendors and consumers. It will be funded in three phases: 1) MVP Development (minimum viable product), funded through seed capital, investors and ventures capitalist, 2) once the MVP is developed we will start charging vendors to offer products through CoCo, 3) we will keep a percentage of every wholesale deal to the operative cost of the platform, and 4) we will have data from the user consumption habits that can be sell to companies.