Competition & Industry Analysis
Is anyone else trying to solve the same problem?
No, not really. What we have observed during our preliminary survey/research before starting this company is quite interesting. Every company is selling or trying to sell their particular products through these kiosks and generate business. We are empowering a strong chain of entrepreneurs/kiosks/retailers differently and as per their need. We are focusing on their problems first.
Differences in our offerings (as compared to existing offerings in the market) for our potential customers?
All other companies are targeting citizens directly and sell their services. Other companies who are in competition with us are focusing on end sales and revenue. We are targeting our kiosks/retailers and helping them change the way services are delivered with ease. We want our kiosks to flourish by eliminating the unnecessary hassles.
What is the threat of new businesses starting in our industry? How easy is it to start up in our sector?
Yes, there is a certain threat level as its easy to start a business in our industry/sector. As its easy to start, simultaneously its very difficult to sustain and here lies our power to overcome the threat.
How much power do our potential buyers have? Is cost of switching to competitors for them high/low?
Our clients/buyers have the power to switch anytime to other platform but the switching cost in our sector is higher and we do provide some services which are customized and unique and other competitors dont have them. A number of our services have no competition currently & that’s wre we have an edge over others.
How much power do our suppliers have and what potential do they have to raise prices?
Actually in our sector suppliers are dependent on market trends. They have a limited potential to raise prices. We are not dependent on suppliers for various services and that is an edge for us to grow.
How easy is it for our consumers to find a substitute to our product?
It is easy for a customer to find substitute to our service/s but as a matter of fact we are not directly connected with customers but rather with our agents/kiosks who have to look after their respective markets and customers. And when our primary clients are our kiosks, then its very difficult for them to find a substitute.
What is the level of competition in our industry? Would it affect our venture?
There is a strong competitive rivalry in our sector but we have some advantages and those are gonna play role for the success of our venture. May be with time things in our sector change and we may have to face tough competition but that will help us to improve, innovate and adjust accordingly.
How do we plan to gain competitive advantage over our competitors?
We are gaining competitive advantage mainly by virtue of exclusive business model differentiation and product innovation. We are also en-cashing the business of having well developed robust network.