The Research - Part 1
Research into current providers
In our previous blog we took you through the genesis of the idea for AdornPay. We told how we came up with this idea and how we developed this idea. Did you miss this? Here you read it back.
The basis of our plan had been laid, we had made a business plan and with that we could further develop the idea. Because corona had a major influence on life and also the way we were expected to pay, our idea matched even better with today's life.
From this point on, we decided to take our business plan to the next level. We started doing research; which providers are currently on the market, how much is being paid contactless at the moment, and how can we produce jewelery with a payment option? These were the first focus points for us, if we had answers to these questions we could move on.
We started looking at which providers were already there. During our search we came across a number of providers. These providers sold bracelets and rings with which you can pay. We immediately noticed that they didn't sell anything that we would wear ourselves. Could you pay with it? Yes! Was it beautiful and fashionable? No, we didn't think so.
This must be possible, we immediately thought. So there are already providers with which to compete, but in terms of appearance we need to be able to do this better. The current offer was aimed at functionality, at a target group that considers the function more important than the appearance of what they wear. We want to focus on a different target group, or rather on an extra target group. We focus on people who like to wear beautiful items, timeless items of high quality, with which you can also pay. We want to appeal to both fashion lovers and gadget enthusiasts with our collection.
We had now received an answer to our first question. We knew which providers were already on the market and were now sure that we could bring something unique to the market with our concept. The second confirmed that we could work out our idea about the collection. That the style we had in mind can ensure a great new product on the market. A product that is interesting for a large target group, and that can make life just that little bit easier for everyone.
With this answer in mind, we set out to investigate the second important question. How much is contactless payment? And what is the expectation for the future in this area. How did we research this and what was the answer to that question? You will read that in our next blog!
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