Let's Take Back the Wealth for Independent Businesses
The Problem
Service businesses struggle to find loyal, long-term consumers for their slow (off-peak) periods at a cost-effective consumer acquisition rate. Consequently, these small-scale local service businesses frequently face a substantial revenue gap, which strains their cash flow and undermines their survival. This problem was evident in the early successful rise of Groupon, the daily deal marketplace. During its early days, Groupon used amazing deals to attract customers and connected them to local businesses that provided the deals. The rapid global rise of Groupon substantiated that they were solving a problem that local service businesses needed. However, over time, the Groupon solution proved inadequate for two reasons:
- High consumer acquisition cost - the deals were a financial burden to the businesses
- Non-loyal customer - deal consumers were not loyal repeat customers for the businesses
These two factors cause businesses to stop using the Groupon solution to tackle their slow period problems.
The Solution
Groupon and LivingSocial introduced Web2 solutions to address the challenge of connecting consumers to local businesses, but these approaches proved inadequate. Their models primarily benefited consumers while imposing a one-sided negative economic impact on service providers. By offering deeply discounted, one-time deals, these platforms attracted local customers but failed to create long-term value for businesses. Once the deals were redeemed, service providers were left with the same issue: revenue loss from underutilized off-peak days and times.
In contrast, Service Time's Web3-based solution offers a more comprehensive and sustainable approach. In tackling the three-headed problem, Service Time proposed solution includes the following features and utility:
- Proof of Loyalty
- Subscription Token Model
- Cost Reduction
- Shared Risk-Reward
- Decentralized community
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