The research - Part 1

The foundation of our plan had been laid, we had created a business plan, and with that we could continue developing the idea. Because corona had a major impact on life and also on the way we were expected to pay, our idea fit even better with life today. 

From this point on, we decided to take our business plan to the next level. We began researching: which providers are currently on the market, how much contactless payment is currently being made, and how can we produce jewelry with a payment function? These were our initial focus areas. Once we had answers to these questions, we could move forward. 

We started by looking at which providers were already out there. During our search, we came across several providers. These providers sold bracelets and rings that could be used to make payments. We immediately noticed that they did not sell anything we would wear ourselves. Could you pay with them? Yes! Were they beautiful and fashionable? No, we did not think so.

We immediately thought that this could be done differently. So there were already providers for us to compete with, but in terms of appearance, we felt we could do better. The existing products focused on functionality and on a target audience that considers the function more important than the appearance of what they wear. We want to focus on a different target audience, or rather, an additional target audience. We are targeting people who enjoy wearing beautiful items, timeless, high-quality pieces that can also be used to make payments. In this way, we want to appeal to both fashion lovers and gadget enthusiasts with our collection. 

We now had an answer to our first question. We knew which providers were already on the market, and we now knew for certain that we could bring something unique to the market with our concept. The latter confirmed that we could begin developing our vision for the collection. The style we had in mind could result in a beautiful new product on the market. A product that would be interesting to a large target audience and could make life just a little easier for everyone.

With this answer in mind, we began researching the second important question. How much contactless payment is being made? And what are the expectations for the future in this area? How did we research this, and what was the answer to that question? You can read all about it in our next blog post!

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