Disha Singh; Mark Barash; Brandon Sucaldito; Kayla Lawless; Aaron Hoffer
High Concept Statement:
Swap is an affordable, accountable and accessible peer-to-peer platform that strives to ease all complications of exchanges and transactions between your friends, family and local community.
Need or Demand:
We believe there has been a great shift towards the shared economy industry. People are buying and borrowing things from local sources through platforms like Craigslist and Facebook Marketplace to save money. When buying things from a store, it is given that there is a trusted brand, options for delivery and customer service. However, when buying or borrowing things at a lesser to no cost from a second hand source, one gives away some of these privileges…it may even comes with complications. These complications revolve around reminding others on returning an item, receiving damaged goods, difficulty with transportation, lack of security, undeveloped interface and unresponsive buyers. Swap strives to eliminate these complications and give users a similar experience to buying a product from stores. It simplifies the process of peer-to-peer exchanges by facilitating returns, reminders, replacements and repayments.
Product / Service / Solution:
Don’t Let It Get Awkward:
Don’t pester your friends to get things back. No need to constantly text Chloe to return your dress, Swap will help set reminders for return dates on your exchanged items. It can also pair you up with Venmo, Amazon and local dry cleaners to ensure any damage is taken care of.
Don’t Break Your Back:
Don’t let distance or the size of your transaction affect your purchase. Swap can help arrange transportation of your purchase from A to Z. If you want a $15 futon from Williamsburg, don’t let the distance or the unreliable L-train hold you back. Have someone else break his or her back for you!
Don’t Buy Things From Strangers:
Don’t email user firstname.lastname@example.org and deal with uncomfortable interactions. Swap will provide you with accountability and connect you with people in your circle! Between your 1st, 2nd and 3rd degree connections, it’s certain that someone has what you are looking for.
The value customers want to derive from this solution as well as additional benefits include accountability, accessibility and affordability.
Our primary competition are platforms in the shared economy space like Facebook Marketplace, Craigslist, Peerby along with the status quo of borrowing from friends. While alternatives and competitors tend to focus on sheer quantity of users/options, Swap is dedicated to simplifying the entire process of any peer-to-peer item exchange. This will be accomplished by reducing the hassle of pestering friends for lent out items, connecting users with 1st, 2nd and 3rd degree connections rather than a marketplace of strangers and facilitating the transportation, replacements and damage of items.
Our revenue model is based on a stable subscription supported by supplementary fees. Free users will receive access to 1st degree connections and basic organizational/accountability functions. Premium users will have access to 2nd and 3rd degree connections with special “inventories.”Students pay $3/month and the standard fair is $5/month. There will be a 0.5% transaction fee on all payments. Supplementary revenue will come from the 8.5% of transaction value from Amazon and $5 referrals from Uber. Our rationale is that a free option allows for a faster growth, discounted prices attract our target market and people in search for a bargain will pay a low price to access more items.