March 02 2016, 17.33 PM IST || Pocket News Alert
The last few months have been thoroughly testing for most start-ups, partly due to the rising competition and increased cash-burn rate in the race to survive. The food sector in particular has seen a number of new start-ups and have bid farewell to a few prominent ones. However, one app has weathered this storm and in fact, has managed to chart an astronomical growth.
HUMBLE BEGINNINGS
Starting off as a small company with a simple idea of providing users with hassle-free rewards for just visiting places, bounty app – a part of Nanolocal Technologies Pvt Ltd, based out of Bangalore recently celebrated its first anniversary.
While the rewards and discounts sector is currently almost nearing saturation, with stiff competition coming in from the likes of coupon aggregators like CouponDunia, CouponRaja and discounting sites like Little and NearBuy (formerly Groupon), bounty decided to do something different – it concentrated on making the process of earning rewards as simple as going ahead with your day to day tasks.
BREAKTHROUGH TECHNOLOGY
Using its state-of-the-art proprietary indoor positioning technology, bounty app is able to detect the position of a person inside a particular place accurately without the use of hardware or network connection components such as GPS, internet connection etc. Whenever a user visits a bounty enabled partner location, he automatically gets reward points which can be redeemed for gift vouchers from leading e-commerce giants.
REDEFINING METRICS
What makes a customer choose a particular place to visit? How do you measure the popularity of a particular place? What makes a customer prefer a particular place over the others? Getting answers to these questions are vital for any business to survive in the current competitive market.
Comments, likes and reviews on social networks have become an influencing factor when a person plans to visit a place. However, this does not offer the business an accurate picture of their standing in the market as only a small percentage of users like/follow the business online. Then again, there are many passive users – Users who may engage with the business on social media but not actually be potential clients for the business. You write reviews only when you are pissed out or you had a tremendously satisfying experience and this ratio is probably less than 2% according to some studies.
Bounty addresses this core issue, which comes as a boon for businesses who do not wish (or cannot afford) to spend lakhs of rupees for marketing. The app is able to give an accurate picture of footfalls a business receives, even if the customer is not connected to the internet. This can also help the business understand the customer better and offer deals personalised for each customer, thereby helping create a relationship which may turn into long term loyalty. If a likeness is to be made, bounty can be somewhat compared to Alexa equivalent in the mobile world.
Within a year of its inception, bounty has managed to get a sizeable user base in Bangalore, Hyderabad. With over 6 million walk-ins across 7000 partner locations and a 327x growth over a period of 360 days, the success story of bounty is one which every start-up would wish to replicate.
And as the founder puts it, it’s a win-win situation for all the stakeholders – The customer gets rewards for simply visiting a place, the business gets more customers and bounty, the facilitating medium gets a fair share of revenue as well – All this without compromising on the integrity of the user’s personal data! Perhaps this is a major reason for bounty to have got through its second round of funding with participation from existing investors as well.
Going by their phenomenal growth rate, it looks like further achievements are just round the block!
Learn more about bounty:
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Download now at bountyapp.in or at http://ow.ly/FFH6P
