CART OPTIMIZATION – AI Solutions for the Customer – Total Cart Budgeting to match YOUR preference!
Optimal Cart Budgeting for customers. A tool to help families live within Budget. How how many times have you added items to your cart only to pay more than you initially thought you would? How nice would it be to let a product get you the items you need within your budget rather than you having to pay extra during checkout?
Value Proposition (or Business Model):
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Optimized decision making via AI is an unexplored territory today. AI solutions that can help us make the optimal decision based on our lifestyle is not available anywhere in the world today but it is a real issue. People spend hours browsing through catalogs and compare across multiple sites just to get the right product. Having a product that can do this hard work for you is something that is going to help save a lot of time and money for many.
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Today we go to shopping sites and add items to our cart AFTER browsing through thousands of items trying to find the right gift for your child’s friends birthday party! and end up with a cart that is likely not the most optimal combination of what you could have added to your cart. There is a solution.
- With Optimal Cart, we take the REVERSE approach! How? The App starts by asking your budget:
- What is your budget? $25, $50, etc.
- What items do you need? Do you need to buy gifts for someone? Is it for your grandparent? Is it for your cranky nephew who is sooo picky? How old is your nephew? Do you only want premium quality?
- Based on the criteria provided, the Optimal AI model will go and find the best combination based on the criteria you provided and still stay within your budget! Sentiment and Budget in ONE cart!
This is what exists today:
Value Capture:
Every time a customer makes a purchase, there would be a commission made off of the amount that was purchased.
Operating Model
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Structure:
- Buyers
- Sellers
- Marketplace platforms like Amazon, Instacart etc.
- Plug-in
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Processes:
- TBD
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Assets:
- Technology
- NLP Based AI models
- Product Strategy
Network Effects/Multi-Homing:
This is not a platform. This is a product which people can install on their browser. Amazon/Google can partner here to add this product/plug-in to their sites to offer this to customers. There are high indirect and direct network effects. There is a low barrier to multi-homing as many others will try to create similar models and enter the market. The Key goal here to stay competitive is to offer differentiated optimization in various markets with various competitive product streams (for instance, a customer can look to work within a budget or they want the plug-in to tell them which store to buy from which can get them to spend the least amount of money.)
Customer:
The Customer is anyone who wants to buy things online and in person. The product will give you the best priced items and let you know which store to pick up the products from if you prefer to buy in person rather than online.
TEAM: COHORT # 9.
Special Thanks to Cohort # 9 for being the CROWD for this idea of mine and letting me streamline my thoughts before submitting this pitch!