- I think I can expand my market, as credit card fraud can be implemented in many ways other than through skimming. Therefore, I think the next product Swiped should consider is a product that is targeted towards those who use online payment, as those who pay through online have also been prone to credit card fraud. Since these online payers are familiar with technology, perhaps I could develop a system or app that could scan for any online skimmers before you would have to pay, to detect hackers beforehand.
Existing Market Interviews:
- I interviewed three other people that were a part of my existing market, being card users. In which, I was very surprised to hear the differentiation between the responses, which just means that there is room for this venture to grow. My first interviewee suggested creating an app on top of the actual product, that would be able to somehow detect the skimmer on a machine. In which, once she heard about my idea of targeting online payers with a system/app that could help detect skimmers online, she immediately grew fond of the idea and agreed. My second interviewee didn't have any other suggestions, as he stated that he thought my current innovation was already a good idea. Though, he had really good feedback on my idea of expanding my market and creating the system/app, as he said that it would be a great idea and market to segment. Lastly, the last interviewee suggested developing an entirely new credit card with some type of extra security to prevent skimmers. I found this to be a good idea, but a very complex one that may not be all that effective seeing how EMV chips are. Though, she really liked my next idea for the venture.
Reflection:
- From these three interviews, I found that there is a huge window opened to move forward with growth for my product, as there were many different responses from prospective customers. Which is why, it is important to listen to your targeted customers, as they are the ones you are trying to satisfy. I think that an app would make the most sense moving forward, as technology continues to increase daily, it is only appropriate to develop a modern and efficient way of detecting skimmers. One other person suggested the development of an app for detection, as it would be convenient, efficient, and accurate. Yet, all three of the interviewees liked my idea of venturing out my market and incorporating a familiar technological foundation for a better outcome in demand. With the three interviews, my own expectations, and my existing knowledge, I am more confident in my new venture idea of developing an app.
New Market:
- As mentioned before, I had not previously thought about the market of online payers who put their card information online to purchase. Online shopping and banking has become more relevant today are are also prone to facing credit card fraud, as thieves are also beginning to look into stealing card information by hacking these online payments. Therefore, as credit card fraud through skimming is very common today, credit card fraud through online payments are certainly another risk and issue occurring today. Therefore, with my current product I can keep the idea of detecting the skimmer before they steal from you, but I could make a digital form that could be sold towards these online payers. In which, if I created an app/system that could let the consumer know if the website was safe to enter their card information before they payed, it would be beneficial towards this new market.
New Market Interviews:
- The first person I interviewed was very familiar with online shopping, and addressed their concern for entering their card information when having to pay. Though, they stated that they do so anyway and just hope for the best, regardless of their slight concerns. They agreed that if I modified and created another product that had the same idea as my current product, but could be more applicable for online payers, that they would definitely purchase it. They liked my idea of creating some kind of online system or app that would be able to detect to see if a website was clear of online hackers/skimmers. The second person had a very similar response and suggested a program for your computer that would act as a virus check, but for credit card skimmers. In which, the program would do a full scan right away to ensure the security of a website.
Reflection:
- What surprised me the most about the interviews with this new market was the positive feedback. I originally thought that it would be difficult to apply my current venture concept towards another market. Yet, from my interviews, I learned that with some modifications and another platform, I can effectively apply the same concept towards this new market. Though, I did have the expectations that the possibilities of a new product for this new market would be limited, as it would only make sense to create something digital opposed to tangible. After completing these two interviews within this new market, i am more confident in venturing out to a new market and modifying my current concept to be applied towards this market. I think that having the same concept but different platforms for these two different markets can ultimately lead to a successful business if implemented correctly, basing off of the consumer's needs.
I feel as though your new endeavor is very difficult to accomplish. Online prevention will prove to be an entirely different animal than physical processes to prevent fraud. The digital space allows frauds more freedom in how they conduct their illegal activity, and will give them the most room to work around whatever solution you come up with to fix the problem.
ReplyDeleteHey Davina,
ReplyDeleteI think that your product could be very successful as there is a huge need for it already, and it is growing by the day. I, personally, also really like your idea to branch out into another market by developing an app that scans through a website to make sure that it is safe to input your information. I believe that this would make a lot of people's lives easier and I know that I would find it very useful indeed. I think that it may be difficult, but that ultimately it would pay off in the long run with the amount of people who would use it.
Hi Davina,
ReplyDeleteI think it would be super helpful to create a product/service for people who do online shopping. It would fit with your brand/company. However, I do think it is difficult because people are able to hack their way into anything when it is digital. That would involve more research and development, but overall, great thought process and post!