Tell us about your new App “bounty” ?
bounty is a free mobile app that rewards you for just walking into places! Every time you walk into any of our partner place, the app’s ‘intelligent assist’ feature automatically recognizes your location and alerts you to collect reward points. This technology works even without your GPS being on or when your internet is switched off too. These bounty points can be redeemed for a host of online or offline gift cards with no conditions. Say, if you have 500 bounty points, that’s equivalent of Rs.500 in cash that can be spent for any of the brands’ gift cards listed in the app. Think of us like a digital platform for offline businesses to acquire, engage and manage their consumer base in real-time with context.
Tell us about the founders of Touchpoint and how did the idea of “bounty” came into reality?
It was founded by Mr. Satish Medapati. Satish has about 11 years of experience across geos. He did coated steel sales, credit risk modeling, analytics-consulting, banking & service delivery before becoming an entrepreneur. He is passionate about solving problems that are integral to consumers through the use of mobile and data sciences. Anita heads the technology and has 18 years experience in building and managing large scale IT projects. Sandeep manages our partnerships and alliances while Amitesh looks after operations and customer service. We have a team of 8 full time employees, 3 part-time employees and few interns .
The idea behind this initiative and source of inspiration is - how knowing and understanding a simple everyday activity like eating or a weekly activity of visiting a mall or taking a cab can be so much more powerful in driving consumer experience that also results in businesses targeting with a context instead of spamming the consumer with offers/discounts . Being from an analytics and data sciences background, this problem of mapping offline consumer behavior driving value to consumers and businesses without friction on either side and executing it seamlessly has excited us and thus bounty was born.
What problem are you trying to solve through your App?
A spam-free personalized digital platform for consumers to get rewards without hassles and businesses to acquire, retain and manage their customers.
World over reward programs have seen mixed responses based on how they have been executed. Businesses always have been willing to part with some rewards to their consumers as it gives them a power to retain and engage their consumers. However, most consumers (56%) opt-out of reward programs within the first few months due to the lack of flexibility and relevance of rewards. Consumers want a seamless experience not carrying plastic cards, telling phone numbers for getting points and need some significant value for the program. Overall, they feel it’s a big hassle and the effort far outweighs the returns and here is where ‘bounty’ comes in. ‘bounty’ is a hassle-free , no-nonsense rewards program for consumers (not loyalty) with no conditions. Imagine you walk into a place and do nothing and rewards get credited into your app– you see them, you redeem them all requiring just one tap from you -how much more convenient and seamless can it get ?This is the reason of our consumer traction too.
Have you developed this app on your own or outsourced it?
Yes, it is an in-house development lead by Anita’s team
How much does it cost to build an app like “bounty”?
Your Answer: You hire a good designer , build an app may not cost much but the thinking of user experience, the way the rewards work, the overall execution methodology , the data sciences behind it are the key elements to think about. How much does it cost to just replicate a flipkart app – would that make you a flipkart – it’s not about look and feel, its about consumers & businesses
Is bounty available for all mobile platforms?
Currently it is available on Android and we are working on getting out IOS and windows apps .
What’s the revenue model for “bounty” app?
Our revenues are driven by the need of offline businesses to acquire, engage and retain their consumer base. The single most problem for any offline business is to get foot falls. If that’s so, then why not reward people for just walking into your store? They would love to if only they knew who walked in. That’s where we come in. Think about us like us a digital interface for a physical location in real world.
What is the future of Apps in India ?
Bright but the same form and shape may not serve all the segments. For instance, if wearables take off, then screen sizes shrink to doing everything in a watch in Urban India whereas big screen mobiles primarily for entertainment could continue to rule the roost in rural India. We believe we have to adapt to the changing consumer trends, segments, use cases etc.
Who are the target audience for your App?
If you live life in terms of going out and eating in a restaurant, having a coffee in a café or preferring to go to a retail store or a weekly mall visit , then you are our target consumer. Currently our users are predominantly in the age group of 19-28 with decent disposable incomes and going out multiple times in a week. The next segment is 29-40 age group and their spending powers are higher but frequencies are lower.