BuyValue: Changing people's buying habits in order to strengthen the domestic economy and spending power.
The BuyValue mobile application is a concept that allows individuals to compare the pricing of their purchases in different regions around the world. Also alerting customers about the product's source location, profit margins, taxes applied, and other critical information.
What are we trying to Achieve?
The Aim is to generate a demand cycle for products that are priced according to local purchasing power, as well as for products that are more involved in the domestic economy. This will have a number of advantages.
What possibilities and insights do you see to the problem statement?
Exploring Potential Opportunities to the Problem, as well as various approaches to developing a solution, government interventions, and more. Breaking down the problem to uncover answers.
For the majority, Country of origin is crucial.
I polled a bunch of people to find out which mobile phone brand they favored. In the first round, I just asked for their opinions based on the brand name, but in the second round, I asked the same group the same question but also revealed the country of origin of each brand. I noticed a shift in their inputs.
Western brands were chosen by respondents above Chinese brands. Despite the fact that the majority of Smartphones in India prior to 2016 were Chinese imports, China is seen as a threat by the general public.
Price most important factor
From a long list of Decision pointers, nearly all of the Respondents agree that price is an important factor to consider while making a purchase. The final price incorporates a variety of factors such as the base price, sales tax, duties, cess, and, in some cases, subsidies. The best way to influence a user's buying decision is to change the ransom.
Another surprising finding from my main study was that over 87 percent of individuals believed the Bill of Materials for Samsung's flagship phone ain't exceeding 40 percent of the retail price. This indicates that customers are aware of the factors that go into determining a product's final retail price.
What could be the best approach to make an impact?
After carefully analysing all of the data collected and matching them with the goals we want to achieve, I prepared a list of all the possible solution ideas that can have an impact.
Because the majority of Indians own or will own a smartphone over the next few years, and many are shifting to online retail, mobile application came out on top.
We can have several features inside the application that address different problem areas, but I've reduced down to what we can have under the Minimum Viable Product to make the most impact.
How it will facilitate Wealth Shift?
It is critical that we create a cycle of both Wealth Creation and Wealth Shift to the Bottom in order to attain the aim of Higher Spending Power. The graphic on the right shows how the user's engagement with the app can assist achieve this.
Design and Architecture of BuyValue
The primary priority was to appeal to young people of various genders, sexual orientations, and races.
Violet hue was purposely chosen with Dark grey to create more contrast and highlight neutrality.
Interface too was stitched together as a Story with more emphasis on Demand creation through Search, Visuals, and Information.
Understanding User's Purchase Patterns
From the registration screen onwards, BuyValue will seek to determine the User's Spending Capacity and Behaviour, as well as what factors influence them the most, in order to present relevant information in the most effective manner possible.
We inquire about users their living situation as well as their brand preferences. Assisting us in gathering a lot of data about them.
Prioritising Search and Scan from the Start
Whenever a user will open the application the first screen they'll encounter is of Camera Scan, this is done on purpose to create an environment and motivate them to search more about different Products around them, based on their search they see relevant results.
Compare International Pricing, and more.
When a user arrives on a Product Page, will provide them with information to assist them in making a decision. We begin by describing the Brand's country of origin and manufacturing location. Further down the page, we'll show you how a company prices the same product in different nations and what factors can be at play if their price is cheaper or higher in your area. Users can also see where they should shop and which specific online store or
offline store best fits their interests.
Financial Dictionary to Educate Consumers
If we want users to shop in their and their society's favor it's important they have a basic understanding of how pricing, supply chains work. How government levies tax all other necessary important financial knowledge. Financial Dictionary is a step in that direction.
Up to date with what is affecting
Pricing, Income, and Growth.
If we want users to shop in their own and society's best interests, we need to provide them a rudimentary understanding of pricing and supply networks. All other necessary financial knowledge, such as how the government levies taxes. A step in that direction is the Financial Dictionary.
Proposed Integration with Other Platforms
The highlight is of the Application is to show International pricing for the same product to the consumers so that they can prefer products that are priced more accordingly to the local purchasing power. For a far broader reach, the same can be introduced into other big retail platforms.