Executive Summary
SIGALPHA is a fintech company offering a new alert on how smart devices should be integrated into day-to-day operations. The company presents an original method, Sigma Bracelet, which aligns with the functionality and reliability of smartwatches and smartphones. The company address three contemporary consumers’ concerns: purchases and money exchange, secure and accessible e-wallet, and medical accessibility.
The proposed technological solution combines these concerns and delivers a device that can both track and monitor health parameters and become a secure and convenient replacement for wallets and smartphones. The company suggests that the current market does not fully satisfy consumers’ demand so that the appearance of such gadgets is a matter of time. The projected management and strategic plan anticipate growth of sales and revenues not only in the short term but also during the growth stage, leading to a steady maturity phase and worldwide expansion.
Business Description
Sigma Bracelet is a fintech product aimed to deliver convenience in making day-to-day transactions and financial operations. The product encompasses the innovative features of the current Pay Pass technology and smart wallets. Nonetheless, Sigma Bracelet combines the functionality of the smartwatches and security measures of standard credit cards. Furthermore, Sigma Bracelet allows its users to store a medicard with the patient’s history and records so that the product can be used by first responders to read the vital information about the owner’s health conditions, medications and disease predispositions.
The core idea of the product is to secure and ease consumers’ use of technologies and assist them in managing their transactions with one touch. The product’s features are the complete replacement of a wallet by a digital wallet, which allows paying, transferring funds and information from one bracelet to another, and conducting essential checks on balance with one touch. Furthermore, the bracelet supports other types of cards, like event cards, discount cards, and documents compatible with iPay and Google Pay.
Moreover, consumers have the opportunity to use the brand-designed application for business or event cards’ creation. The bracelet owner can design his or her unique card and share it with other bracelet owners only within 2 seconds. Sigma Bracelet is a new edge in smart gadgets and targets a broader audience on the market (Larios Hernández, 2018). The functionality and reliability of technological solutions should increase consumers’ experience in using smart payment, as the bracelet is compatible with all known banking and payment platforms.
Market Analysis
The rapid growth of the gadget segment in the past decade indicates the increased demand for smart devices, which combine the functionality of medical trackers, smartphones, and smartwatches. The analysis of the market segmentation shows that smartwatches are the most wearable devices; however, they lack standalone functionality due to the importance of connection with smartphones (Larios Hernández, 2018). Nonetheless, the current segment development suggests that in 2020, more than 1.2 million smartwatches will be sold due to the high demand for wearable devices, which are slim, functional, and less dependable on other gadgets (Dehghani, Kim and Dangelico, 2018).
Smartwatches as an extension of the smartphone are usually used to manage notifications, messages and payments. Nonetheless, their functionality also covers some medical features, like health tracking and patient history; however, such a solution is less reliable than conventional medical devices have. In this instance, consumers need to use both gadgets to conduct day-to-day activities, which is less practical than the utilization of one device.
Sales and Marketing Plan
The marketing campaign for the product is based on the value-added philosophy of Sigma Bracelets. Their main feature is complete customization and personalization of the device from its primary functions to wallet settings (Pal, Funilkul and Vanijja, 2018). While IOS and Android devices offer only wallets to store credit cards, Sigma Bracelets takes advantage of delivering extended services, like the addition of discount cards, use of banking applications, design of personal cards and accurate management of personal information, like patient history.
The target audience of this product is young and active people, aged 21-35, who desire to place essential smart functions into one device (Pal, Funilkul and Vanijja, 2018). Moreover, the high capacity battery allows the product to position the brand as a medium between smartphones and smartwatches, which will outperform available smartwatches or medical trackers.
Management and Strategy Plan
The development process of Sigma Bracelet takes six months. The company integrates lean approaches to manage the quality and efficiency of development and product designing. In this case, all processes during the R&D cycle are controlled for better quality and excellent user experience creation. Nonetheless, the current engineering and software developments allow the company to reduce costs and time on the development and production of the bracelet so that the presented R&D period is the optimal one.
The strategic management suggests that the product can enter the expansion phase earlier than competitors due to the intensive and accurate marketing campaign. It is planned to announce the product before the pre-sales period to generate awareness and interest to the brand and device. In this instance, the success of such tactics will create a broader consumer base for official sales when the company distributes the product worldwide (Dehghani, Kim and Dangelico, 2018). The combination of aggressive marketing strategy and consumer-generated content and feedbacks will boost the second wave of advertising and partnership with physical retailers.
Financial Plan
The financial projections suggest that first-year sales will cover 10-15 thousand pieces each month. In the next year, the company plans to increase the manufacturing capacities and supply 20-25 thousand pieces each month. After the two-year activity, the company suggests that the worldwide campaign will assist in doubling the supply for each following year so that the rapid, short-term revenue growth will be converted in steady long-term brand maturity.
Reference List
Dehghani, M., Kim, K. and Dangelico, R. (2018) ‘Will smartwatches last? factors contributing to intention to keep using smart wearable technology’, Telematics and Informatics, 35(2), pp.480-490.
Larios Hernández, G. (2018) ‘Wearable technology: shaping market opportunities through innovation, learning, and networking’, Reverse Entrepreneurship in Latin America, 1(1), pp.29-44.
Pal, D., Funilkul, S. and Vanijja, V. (2018) ‘The future of smartwatches: assessing the end-users’ continuous usage using an extended expectation-confirmation model’, Universal Access in the Information Society, 1(1), p.1.