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    Date submitted
  • 05-Jan-2017

BidGuru - A gamified e-commerce

Abstract

At BidGuru, we have devised a whole new shopping format wherein users (end customers) will participate in a gamified version of a bid-based online auction for their desirous product. We encourage our users to participate in a real time auction of something that they desire. By making sure that while the minimum spending of our users may be ridiculously small and maximum spending less than the actual product cost, we have presented a win-win solution for the shoppers.

The axis of motivation for the users is to go for the auction and wait for the conclusion of auction. Fair chances are there that he might end up winning the product or in a situation otherwise, he has an option to purchase it without spending a penny extra. Precisely, the solution is to enrich the shopping experience of Indian customers by giving them chance to own a product through their psychology of frugality before entering into a more conventional seller-buyer relationship.  

We will auction some of the best in the class desirable products and give our users a chance to own them at ridiculously small investments. In our vision of a gamified e-commerce, top notch product line of the most competitive commodities will be up for an auction. The product line will be dominated by what our end users want through a schematic data collection. Users will amongst themselves compete in a transparent auction and the winners will get the product at a price never before. The idea here is to let the e-shoppers participate in an auction of the product of their choice, try this version of a whole new shopping experience before going for the conventional purchase. At the end of the day, he will have the option of ultimately buying the product at no additional cost. This will give an equal opportunity to all the internet users to buy a product irrespective of their pocket size.  

In a never before fusion of gaming and shopping with a touch of social innovation and use of the state-of-the-art technology, we have created a platform where anyone with a click of a button or tap of a finger will fancy his chances of getting a product which was out of his reach. This will motivate anyone and everyone to participate in the next version of e-commerce in India.

The concept of winning is based on two factors:

1. Guesstimation: User is expected to guess the undisclosed bids of other users in competition to come to a range of bids it should place in order to increase the possibility of their bids being the lowest in the set of unique bids placed over all. For instance, let us suppose there is a product P live for online auctioning. User A places a bid say INR 2.40 and immediately gets the status as not unique. So he will have to think of a number which is unique as this figure (bid value) must have been placed by some other user. Now, he places INR 2.55 and gets status as unique but not lowest. So that would mean that he has rightly placed a unique bid but the value in the list of unique bids placed already is not the lowest. In this way, he has to guess to iterate on the possible values and search for a unique yet lowest value.

2. Luck: User is expected to bank on his luck and place bids in conjugation with a strategy to make sure his bid comes out to be unique and lowest. The luck factor gets particularly important when a user takes few attempts at an auction and the values input by users comes out to be unique and lowest.

Also, to facilitate and minimize the randomness of luck factor, we have decided to have a winner in our second category of Maximum bidder where a user who bade for the most number of bids will be beneficiary of same as lowest and unique bidder.

The most important offering that makes us the perfect amalgamation of e-commerce and auction is the fact that all the spending of the user will be saved in his wallet account and he can redeem all the amount spent to simply purchase the product he was bidding at the first place. This feature enables the user to bid before a buy, without having to spend a single penny in futility.

Video

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Introduction Video

Additional Questions

Who is your customer?

Our Business model caters to anyone and every one who is in the consumer internet space. Anyone who is likely to buy an electronics or other luxurious consumer products is a prospective user of our services. Initial product line will focus on having an array of electronic goods like mobile phones, tabloids and laptops. The market size of electronics in India is only second to apparels with respect to growth with 62% y-o-y growth rate. online Auction domain in India, specially in the consumer product section is not detailed and very unorganised with small non-transparent players. The demography of market is 18+ in accordance with governing laws with virtually no limit to the any segments. College goers, working proffessionals, businessmen, housemakers all constitute to the segment of our user base. We have android application and a very responsive web application which will seamlessly cater to the hotshot m-commerce. Apart from this, the consumer section who are not active over e-commerce due to other subjective reasons will be a huge target base. People buying the same product line as offered by us offline will be targetted as now, they have a huge incentive of bidding for the product instead of directly going for the conventional seller-buyer process. 

What problem does this idea/product solve or what market need does it serve?

We at bidguru have devised a whole new shopping format wherein users (end customers) will participate in a gamified version of a bid based auction for their desirous product. We encourage our users to participate in a real time auction of something that they desire. By making sure that while the minimum spending of our users may be ridiculously small and maximum spending less than the actual product cost, we have presented a win-win solution for the shoppers. The axis of motivation for the users is to go for the auction and wait for the conclusion of auction. Fair chances are there that he might end up winning the product or in a situation otherwise, he can go for a purchase without spending a penny extra. Precisely, the solution is to enrich the shopping experience of Indian customers by giving them chance to own a product through their frugal psychology of Jugaad before entering into a more conventional seller-buyer relationship.   We will auction some the best in the class desirable products and give our users a chance to own them at ridiculously small investments.In our vision of a gamified e-commerce, top notch product line of the most competitive commodities will be up for an auction.The product line will be dominated by what our end users want through a schematic data collection. Users will amongst themselves compete in a transparent auction and the winners will get the product at a price never before. The idea here is to let the e-shoppers participate in an auction of the product of their choice, try this version of a whole new shopping experience before going for the conventional purchase. At the end of the day, he will have the option of ultimately buying the product at no additional cost. This will give an equal opportunity to all the internet users to buy a product irrespective of their pocket size.   In a never before fusion of gaming and shopping with a touch of social innovation and use of state of the art technology, we have created a platform where anyone with a click of a button or tap of a finger will fancy his chances of getting a product which was out of the its reach

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Bidguru, in its true set of form relate to the fact that it has evolved a concept where no one is a loser. It is a win-win situation for every user as every penny spent on this portal has a 100% usability. To shed some light on how is this even possible, let us have a look into the winning schema of bidguru. A user can be a winner in two possible ways if he is one of the 1. Lowest and unique bidder- That is if he has placed a bid which is lowest and unique until the time of auction closing. It may take a user a single bid to figure out the lowest and unique value or it may take several bids in order to reach to that value. 2. Maximum bidder: A user even after placing several bids is not able to gage the unique and lowest bid value, he can still continue placing bids. We have made sure that his bids do not appear futile as if he continually bids and has bade for the maximum number of times, he will still be declared a winner under our Maximum bidder category. So in other words, user whose strategy have backfired but have gone on to place substantial amount of bid which tops the list of number of bids placed by all the users in that particular auction, he will get the same product/service which is up for auction and given to lowest and unique bidder. 3. Industry first ‘buy now’ option: stretching the commitment to create a win-win situation for all its users, bidguru has a provision of buy now. Under this scheme, any user at any point of time opt out of the auction and at the end of the auction, can buy the product/service on auction by paying the difference amount of product price and money spent on the portal. In this way, say a user is not getting the unique and lowest number and neither wants to race for maximum bids, he can peacefully play it safe and buy the product/service on auction without having to spend a nickel more than the market price of the product. Bank-For the people By the people At bidguru, we have launched a saving ka naya funda, where the gold mudras purchased or spent for bidding on the portal by our esteemed users will be separately saved and may be withdrawn to redeem for purchasing any product of their choice at any point of time with a tap of their finger! This effectively means that even the mudras used for bidding is not lost any point of time. It may seem surreal but we have devised this scheme keeping in mind the data points that we have been receiving from the user behaviour. This is the single most tool that a user can leverage to buy a product without effectively losing a single penny to the scheme of bidding presented by our portal. An e-commerce at its pristine best..! To shred some more light on this, let us consider two cases/situations which prove how effective and attractive it is for our users: Case 1 Say a user after spending all the free silver and magic mudras that was supplied to him and decides to go forward and buy a mudra pack of INR 5,000 to consolidate his position in a running auction of a product say X which is priced at INR 20,000 (again the price listing at our auction is more than competitive and even lesser than what leading e-commerces have on offering). He bade with those 5000 gold mudras but unfortunately could not win the most exciting races of his life. Now, unlike other portals and going against the tide of common sense which says that the credits(mudras for us) used to play the game gets lost as you have lost the plot. But here at bidguru, no one is a loser, as promised. The user in case 1 can use 90% of the gold credits supposedly lost in the bidding to claim the BUYNOW option. That means, he will be spending only 15,500(90% of 5000=4500 is supplied back to him) to get the product X priced at 20,000 plus he gets a chance to apply his logic and try his luck on this gamified version of e-commerce..! Going forward with our ambitious move, we also assure our users that the remaining 10% gold mudras will again be safe in its Gold savings account and may be redeemed on any other product within the stipulated time window. Case 2 Let’s say the user in case 1 does not want the product X and awaits for a product P to bid and win. Product P for his is more tempting for him as it is priced at INR 30,000. He keeps his 5000 gold mudras although spent over bidding on product X safe with us in our GOLD SAVINGS ACCOUNT(reflected in his accounts sections). He plays aggressively and bids for 10,000 gold mudras again on product P and unfortunately he lost the auction again. In a game of luck and guesstimation, this is plausible. Keeping this case in point, the user now can use 90% of his previously spent 5000 gold mudras plus his 10000 gold mudras spent on the current auction to buy the product P just by paying just INR 16500 (90% of 5,000+10,000=13,500 supplied back to him) instead of usual 30,000. Now again, the 10% is all users’ for the taking, i.e. 1500 gold mudras will be saved in his Gold savings account to be redeemed on any other product in the given time window. Significance of gold mudras may be understood from the simple fact that we are allowing our users to redeem the gold mudras even when the gold mudras have been used over bidding for any auction. This amazing scheme, in nutshell means that the gold mudras purchased by users on our portal has twofold benefits. At the first place, Users can bid which gold mudras purchased alike silver and magic mudras User can redeem the used/spent gold mudras to make purchases In other words, this scheme empowers its users to redeem gold mudras spent over our portal irrespective of auction or product. This gives complete autonomy to users. We, at bidguru think that the greatest tool of customer retainership is to offer him something he can not refuse and the end user is not only satisfied but overwhelmed. Our axis of motivation is to see our users becoming the ultimate beneficiaries. The provisions of the bidguru BANK are Upto 90% of gold mudra spent by a user may be used to redeem on any auction in which he has participated Upto 90% of product value may be paid by the gold mudras which have been spent by users over any auction 10% of residual gold mudras after a purchase will be saved in gold savings account and may be used in any other purchase following a time window of 180 days 100% of unspent gold mudra(gold mudras which has been purchased but not used in any of the auctions) can be used to purchase any product on which a user has participated Time window of 180 days will be used to calculate the effective value of gold mudras spent over the portal Time window will be calculated backwards for the time of redemption until 180 days or till he has not won any auction, whichever is less. Once a user is declared a winner his gold mudras spent till date will be absorbed and rendered nil. Users will have to claim the redemption within 24 hours of auction closing. Users gifted a consolation prize during the calculation of time window may not avail redemption. User will have to participate in the auction and must have bid with gold mudra to avail redemption on that product. For the monetisation of mudras, only Gold mudras will be considered. Gold mudras used for redemption will vanish and residual 10% will be saved in the gold saving account. Once a redemption is made, the remaining gold mudras in gold savings account may be redeemed for any other product.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Unlike other online auction portals, reserves its right to be entirely different and unique in its prospects. We are confident of our Unique Selling Proposition on the basis of following. Transparency Bringing transparency on board in the whole process has been the key to our idea. What better tool than technology can be used to automate each and every process involved so that human intervention is reduced to Zero. Using state of the art coding platforms we have succeeded in automating every step involving user interaction. With R&D at its best, we have devised an algorithm which is so effective that it can calculate 5 million bid status within a blink of an eye. Qualitatively, in means that a user almost immediately gets the status of his bids i.e. whether is it ● unique and lowest, or bid value ● not unique. ● unique but not the lowest ● Or his number of bids is maximum or not Using technology, the whole process has been automated end-to-end. Following points emphasise on the measures taken to keep the process transparent and flawless ● Use of high end encryption makes sure that bid value of any user is kept secret. ● Real time bid status means no time to manipulate the status of bids placed ● Real time result display at the end of the auction makes sure no tampering with results ● No parameters set from our side for any auction means the result is relative to the users playing in the auction. It is the behaviour of users that decide the unique and lowest values in an auction also the number of maximum bids placed. Value to Users We have made sure that our portal creates a milieu where the efforts and money spent by users is maximised. Apart from winning a product/service at almost negligible prices, money spent by users on the portal is kept safe in his account. He can wish to use it in any of the live auctions or store it for future auctions. Also, we have a very lucrative buying options of mudras where one can always get the value for money. Integrity We have build our portal around the most precious concept that is to provide a genuine and seamless experience to all the users. At the end of the auction, all the products/delivered are a guaranteed 100% genuine. With excellent logistics, users can keep a track of the delivery of their products won in an auction. We have 7 day replacement scheme where in case, a product delivered is not satisfactory i.e. if ● broken/dtysfunctioning product delivered ● Wrong product delivered. All the transactions are secured through CC avenue which is world leader in online payment facility.