Death of the Daily Deal? Ozmott's Patent-Pending Mobile Solution
In 2008 I was giving a presentation to a group of airline executives in Dubai. My topic? Virtual currency. Back then my talk was met with a whole lot of blank stares and doubters. Perhaps it was before its time, or just a really ugly PowerPoint (you can decide).
Today's virtual currency has gone from concept to Pip. An Ozmott Pip, to be more precise.
Mid-west mobile start up Ozmott is a mobile platform built to connect brick & mortar retail merchants with mobile consumers. The company's mobile app acts as a tool for any on-the-go shopper to find the best nearby offers.
So what's the big deal, all sorts of mobile apps offer merchant deals?
Ozmott's system of automatic “sharing” of redeemed discount offers, and a unique gamification element that uses the "Pip" as virtual currency, are what make the solution quite unique. And while most of the major current players in the mobile retail market use systems where the shopper is rewarded before purchasing a product, Ozmott's system rewards shoppers after they have purchased a product.
The app's GPS tracking allows consumers to access an "Exclusive Offers Suite" and find stores in their area where they can take advantage of in-demand offers. The app allows shoppers to collect and redeem virtual product discounts during the physical, in-store shopping process.
By sharing or claiming an offer, users earn the redeemable Pip virtual currency. Ozmott Pips unlock exclusive top tier Luxe Offers. Consumers are encouraged to share deals with their friends to earn additional Pips that can be applied toward otherwise out of reach products from all sorts of merchants using the same platform.
For the merchant, the product provides a real-time marketing and metrics channel that taps into the reach of mobile Internet. And as a mobile application focused on location and merchant-selected offers, Ozmott provides a solution to frustrated advertisers who have difficulty identifying the effectiveness of their mobile campaign, daily deals and coupons.
According to Joseph Walker, Ozmott's CEO, the entire product concept was borne to address the deficiencies of the daily deal model in the first place. While merchants largely lose money with a traditional daily deal promotion, Ozmott charges a fixed micro commission at the actual time when an offer is redeemed and shared in-store.Continued on the next page