i wallet Idea by Dheeraj ED and Team

i-wallet

Group-4 Dheeraj E.D Lavanya AB Nithin PM

Product Deveolpment Process

12/17/2013 Product Design and Development 2

Different Stages in i-wallet development

• Identify customer needs

• Concept development

• Product design

• Testing

• Marketing

• Budgeting

• Commercialization


• Managing cash and card safely

• One wallet to hold all the requirement

• Difficulty to find wallet when lost

• Could get money back in case of theft

• Need to safely carry cash and mobile together

Need Identification 12/17/2013 4 Product Design and Development

• Insecurity due to increased theft and robbery in cities ,towns and other places

• Need for wallet which provides full security for money and plastic money in fast moving life.

• Lot of young people are careless in busy life and forget to take wallet sometimes

Need Identification 12/17/2013 5 Product Design and Development

• Wallet electronically enabled

• Detect the finger print to open – Initially register the finger print

– Checks the match and opens only if the finger print matches the registered finger print

• Tracker: linked with mobile phone – If the phone and wallet move out of a distance of 500 meters it will generate signals in the mobile

phone and warning alarm in the wallet

– The signal generation is optional -it can be activated on our need

• Transaction tracker: small chip inside the wallet – Will have option to store the last transaction amount

Features of the product

12/17/2013 6 Product Design and Development

• Separate portion for money and cards.

• GPS tracker: used to locate with the help of mobile phone when wallet is lost

• When the wallet is being mishandled or if it signals denial of access three times, a message alert will be send to owner’s mobile and two other registered numbers

• Reliability :

1 Year Guarantee, 2 year extended warranty for sensors, life long extendable warranty available subject to charges



• The wallet will have unique device id like IMEI in mobile phone which will help to track easily when lost.

• Material: leather and light weight stainless steel with woven and laminated fibre

• Weight:170 to 260 gms



PRODUCT DESCRIPTION

Electronically enabled wallet with GPS tracker

BENEFIT PROPOSITION Wallet with tracker that helps to track when it is lost and authentication for use

PRIMARY MARKET Corporate, professionals, entrepreneurs

STAKEHOLDERS

consumers, suppliers, retailers, distributors, sales force, authorities

Business Statement


SEGMENTING

• Entrepreneurs, professionals , Corporate executives

TARGETING

• working professionals, Middle class and upper middle class

POSITIONING

• The next generation wallet

STP Analysis


• People who continuously travel

• People who are busy with their work schedule

• People who do transactions frequently

Identification of Customers


i- wallet Prototype 12/17/2013 12 Product Design and Development

i-wallet


Computer Aided Design 12/17/2013 Product Design and Development 14

Nano Technology - Micro Chip


i-wallet Fingerprint Detection System 12/17/2013 16 Product Design and Development

i- wallet Prototype Features

1

2

3

4

5

1. Card (6) holding portion

2. Battery (1000mah) and internal accessories

3. Micro transmitter

4. Cash holding area

5. Folding jaw with USB

6. Automated sensor lock

6


i- wallet Gallery


Mobile Connectivity and Tracking


• Supported by mobile app and GPS system

• Identify using the unique device id

Durability of i-wallet


Antitheft Mechanism


• Antitheft mode supported by mobile app

• User can switch on and off the mode when required

Magazines/television

– Premium magazines

– Telecast ads during prime time

– Ads featuring the working of the product

Viral marketing

– One satisfied happy customer would

bring another customer

Marketing Stagey

Distribution/availability - Ensure that the product is available in exclusive outlets and gadget shop

Live demonstrations

- Electronic outlets Shopping malls In office campus


Cost Estimation

• Prime Cost

– It consists of costs of direct material, direct labour and direct expense specifically attributable to the job. This is also known as flat, direct or basic cost.

• Works Cost

– It comprises of prime cost and factory overheads, (cost of indirect material, indirect labour and indirect expenses related to factory works). This cost is also known as factory cost, production or manufacturing cost.


• Cost of Production (Office Cost)

– It is the sum total of works cost and office and administrative overheads <Cost of indirect material, indirect labour and indirect expenses related to office works). This cost is known as office cost.

– Cost of Production = Works Cost + Office and Administrative Overheads

• Total Cost

– It comprises of cost of production and selling and distribution overheads (Cost of indirect material, indirect labour and indirect expenses for selling and distribution activities).

– Total Cost = Cost of Production + Selling and Distribution Overheads


Cost Estimation

Budget Allocation


25%

30%

25%

20%

Budget Allocation Estimate

R & D Marketing Production Testing and Prototyping

Pricing Strategy


Estimated Price


INR- 2700-3200*

* Chances of variation up to +/- 10%-15%

SWOT Analysis

Strength

Pioneer

Uniqueness

Reliability

Pricing

Threat

Competition

Market penetration

Brand building

Weakness

Customer awareness

Product acceptance

Limited targeting

Opportunities

Increased theft and loss

Early adopters

Increase rate of tech-savy and trendy customers

SWOT


Thank You