Dispatch Drive is an on-demand Logistics based solution that allows individuals or corporate to move items from one point to another. Insurance premium has been placed on all goods that are been moved from place to place by the minutes. Make a request, it spots the closest dispatch rider and a code is sent to you to authenticate if delivery was successful. The customer claims back insurance or accumulate it as points for his or her next dispatch. A commission/convince fee is charged as revenue for the service. This solution is useful to both rural and urban areas.
Just passed Idealization stage, currently in development by our in-house developers.
It is a huge market share, we are hoping to have about 25% of the market which is quite huge. First, we do not have a platform like this in our country. What you will find aside from the large dispatch company, you will fine small and medium scale dispatch company who are not visible to the public and people only utilize their services based on referrals, I personally do that. In addition to what will help us drive in the numbers is, as a unique platform in Nigeria, we will not be owning any assets, we will on-board riders and asset owners, now for us this is a very good value we will be adding to the community. When Value is added and lives are transformed then revenue is generated seamlessly. A fraction of the market share is just OK as it will become competitive when we begin.
Problem or Opportunity
Traditionally, we would have to call a friend who knows any community dispatch provider or personally have to go to places to dispatch our goods. This has become very difficult to achieve due to many reasons which are: ease of access to the service, huge cost placed by big dispatch company, trust, efficiency and security of their product.
We are bringing the opportunity to create access to this service through technology, insurance and most importantly creating jobs and additional stream of income for those who want to be on-boarded into this platform as riders or fleet owners as well especially in rural communities thus bringing development.
Solution (product or service)
Dispatch Drive is an on-demand Logistics based solution that allows individuals or corporate to move items from one point to another. It provides the closest Dispatch rider to you based on your current request locations. As part of what boost the customer confidence, insurance premium has been placed on all goods that are been moved from place to place by the minutes. A minimum of 50% of the insurance can be claimed back in less than 72hours.
The idea is generated based on the difficulties of getting goods and services available with just a click of a button. Traditionally, we would have to call a friend who knows any community dispatch provider or personally have to go to places to dispatch our goods. In this case, all you need to do is to request, select the type of goods and van, enter destination, Google map calculates the approx. distance, time of arrival and cost, insurance is then applied as a cover, on accepting the order, it spots the closest dispatch rider and a code is sent to you to authenticate if delivery was successful. An invoice is generated and mail to you. The customer can choose to claim back insurance or accumulate it as points for his or her next dispatch. This solution is useful to both rural and urban areas.
As you know, every business has existing and potential competitors. In this case, we see the already existing dispatch company as it relates to this product, we also see Financial institutions has a major competitor for financial based solutions as the have all it takes. Finally, we see other FINTECH companies coming up in no distant future, it has already began. We will continue to cave a nitch on all our products. Dispatch Drive is one of them. No SME dispatch company has insurance by the minutes placed on logistics. We will be the first. Insurance is a big market and wide opportunities exist hence we will be partnering with them.
Advantages or differentiators
First, integrating insurance puts us at an advantage. Also a product that creates job and enable people have another stream of income will always attract this is also advantage on this product.
Because we will be charging a convenience amount or commission, and also a game of numbers (Volumes), our major stream of income will be from that and also because we have incorporated insurance, we will also me making a money (20%) from the insurance premium placed on the goods. The insurance is what boost the customers confidence hence we will be partnering with good insurance company.
In our projection we should hit approx.$382,400 per annum this may also vary. We hoping to charge about 10-15% on every trip covered by the riders based on the demand raised by requester. It is going to be a nation wide product. Which e will also expand to other West African country which forms part of our corporate vision.
Our business model is simple. We are Financial Technology and Value-Added Solution company who develop software or products that will impact the economy and add value.
Our model is to first have an agile development team to develop products faster and smarter to the market, this we have achieved. Our ever as a business, we have a model to develop only 2-kinds of products (Transnational and Non-Transnational Products). Transnational meaning products that serves the B2C market and will always be there to generate revenue, this we will achieve due to the growing population in our country. Non-Transnational meaning projects we hired to develop and fix business demands (B2B). This we can achieve through the relationships we have built in the industry as part of founders of this company.
We strongly believe this model works and fits into our market, and the growing opportunities we see everyday in West Africa as a whole.
Money will be spent on
We will need Funds for:
Cloud Infrastructure Budget: $34,000
Go to Market - Publicity/Branding - $22,000
Recurring Cost - Integrations - $18,000
Risk will always exist: We foresee a situation where a competitor comes with same product but different models/perks such has lower charges, different approach to customer service, shorter delivery time perhaps through drones.
Majorly funds may also pose as a major risk to us. If we need to turn technology around and we have limited fund then we have lost out. However, we have smart developers in-house.
We are constantly innovating and research to see the trend of things happening globally for us to stay ahead of changes.