To achieve QashBack’s objective of creating a sustainable online review platform, QashBack has in its pipeline a series of tactical plans to achieve this.
Target Market Segments
QashBack is targeting markets which provide goods and services that most urban consumers would need regularly as these are the sectors which would generate the most online reviews.
In a survey done by the BrightLocal in 2017, found that the most commonly searched sectors are Restaurant/Cafe (60%), followed by Hotels (40%), Medical/Healthcare (31%), Clothing Shops (31%), Hair/Beauty Salons (28%), Automotive Services (26%) and Grocery Stores (26%).
• Food and Beverage;
• Entertainment; and
By targeting these sectors, QashBack will be able to expand its user-base quickly as these targeted sectors will typically generate the most online searches for reputable merchants.
To achieve a sustainable adoption growth rate quickly, QashBack’s strategy is to allow merchants with a large user base use the QashBack Platform and QBK (QashBack Token). These merchants would typically have regular transactions and expanding user bases. These merchants will be able to enjoy the convenience of the QashBlack Platform without having to go through the hassle of developing a blockchain platform themselves.
As part of this “go-to-market” strategy, QashBack is currently targeting the beauty care and healthcare industries as the priority sectors to focus on. Merchants in both of these industries offer goods and services that are constantly needed by consumers regardless of their geographical location. By signing up merchants in these industries, QashBack is able to build up its user base quickly. In terms of market size, it is estimated that the annual global beauty industry is worth USD 445 billion (Forbes, 18 May 2017), while the annual global healthcare industry is worth USD 1.85 trillion (Forbes, 21 Dec 2017).
QashBack is in active discussions with a Malaysian merchant who is in the beauty tourism business to adopt QashBack’s platform as their review system. Under the plan, QashBack will be able to build up a potential user base of 6 million and 1,000 merchants within a year. This collaboration will be QashBacks’s entry point into the health care and beauty care industries.