I went to a China Business Challenge Seminar last Thursday and met a Chinese entrepreneur, James, who is working on an amazing idea called GroupTry. Currently the business model is patented and James is looking for VC funding.
Market: Online shopping is becoming ever popular, but a fundamental limitation is that consumers cannot see or try products before purchase and often time online reviews are not reliable. Therefore, many consumers are hesitant to buy new products. Every year, approximately hundreds thousands of new products are introduced to the market, yet about 90% of these new products fail or could not make any profits, mostly due to lack of cost-effective market research and marketing channels.
GroupTry Solution: GroupTry is a unique local social network that lets consumers to easily locate, see and try new products locally at nearby affiliates’ locations, friends’ places or at own homes, or directly share trusted user experiences with own friends, before online purchase. If desired, they make purchases with exclusive discounts.
It is also a unique platform that allows manufacturers quickly introduce new products to targeted market and minimize marketing cost. Manufacturers can deliver demos to early adopters with exclusive offers. Demos can be tried and quickly redistributed in local communities, powered by a patent pending logistics process. If desired, these early adopter users make purchases, write trusted reviews and share experiences via social networks, quickly influencing millions of consumers who can then easily validate and purchase desired products.
From my perspective, GroupTry has a very innovation business model and a high potential market such as consumer electronics, smart devices, energy efficiency, green, health, wellness, education, toys, etc.