A location based mobile app that aggregates all the offers and discounts available to a user, especially from their credit/debit cards. It would enable to locate the offers in their immediate vicinity, thereby providing maximum utilization.
Current Status
1. A functional prototype has been developed depicting key features of the app. 2. Data bank of all the offers is under completion. 3. Propagation of the idea has been undertaken at various events in order to get early users. Response has been positive and motivating. 5. New features have been identified to be added in step wise manner.
Market
As per statistics available from EuroMonitor International, there are more than 15 million financial cards in circulation in the UAE, accounting for transactions worth more than 900 billion AED. With the emphasis of the government to move towards a cashless economy and the ease of banking and financial facilities , it is considered that the growth of card-based transactions, is growing at a CAGR of 7% poised to touch about AED 1.1 trillion. This would give rise to further competition, thereby leading in increase of offers and discounts provided by financial institutions to entice customers.
Problem or Opportunity
Multiple platforms/services provide their own offers/discounts, thereby making it a hassle to keep track of each of them. Some providers also do not have an updated repository of their offerings while being difficult to use. Also, they do not provide the user the feature of being in control of his choice of selecting those in his desired geography/immediate vicinity.
Solution (product or service)
A location based mobile app that aggregates all the offers and discounts available to a user. It would enable to locate the offers in their immediate vicinity, thereby providing maximum utilization.
Competitors
Nearest competitors are Entertainer, Cobone, Groupon,Smiles. Their business model pertains to subscription (Entertainer) or Voucher sales (Cobone, Gropon etc).
Advantages or differentiators
MaxMyOffers aggregates offers and discounts ALREADY AVAILABLE to users through their credit/debit cards etc. thereby enabling them to utilize them effectively and minimizing the need to spend further on a deal. Location/map based feature will give them the power to enjoy their convenience while not missing out on available deals.
Business model
1. Subscriptions 2. Advertisement revenue 3. Data sharing that will help the vendors to cater their offerings as per the needs/pattern of the users.
