Project Overview
- Title: Launching a Swiss Gen-Z Marketplace
- Date/Duration: 2022 to Present
- Role: Founder and Project Leader
- Objective: Our mission is to establish a dynamic live shopping marketplace tailored for Swiss Generation Z, drawing inspiration from eCommerce giants like TEMU and Shein.
- Link: https://snatch.live
Context and Challenge
- Problem Statement: We are committed to revitalizing the shopping experience to cater to the desires of the younger generation for an engaging and interactive online platform.
- Target Audience: Swiss Generation Z shoppers are our primary focus, aiming to meet their unique needs and preferences.
Process and Implementation
- Approach: Employing a lean startup methodology, we rapidly progressed from ideation to a Minimum Viable Product (MVP), and onwards to achieving product-market fit. We initially launched a customized Shopify platform to quickly engage with users and gather invaluable feedback. This iterative process informed the simultaneous development of our proprietary technology stack.
- Tools & Technologies:
- Web: Customized Shopify platform, personally developed
- App: Developed using PHP and JavaScript, incorporating Tencent SDKs for live streaming, supported by AWS EC2 servers, along with Apple and Google SDKs for app functionality.
- Challenges Overcome: Facing the high costs and lengthy timelines associated with European development, we opted for international development teams, acquiring superior solutions at a fraction of the local cost and significantly faster. To address the inherent challenge of a two-sided marketplace, we established a partnership with Alibaba Group, alleviating supply-side concerns and allowing us to concentrate on customer acquisition and satisfaction.
Results and Impact
- Outcomes: Successful MVP validation, development of a functional technical product, positive customer feedback, and achievement of product-market fit.
- Quantifiable Achievements:
- Developed the complete software suite at just 10% of the local quoted costs and six months ahead of schedule.
- Achieved product-market fit within six months.
- Forged a strategic partnership with Alibaba Group for supply chain integration and technological support.
- Optimized Customer Acquisition Cost (CAC) from an anticipated CHF 20 to an effective rate below CHF 14 through targeted campaigns and conversion optimization strategies.
Lessons Learned and Reflection
- Insights: Rapid market validation is crucial. Moving swiftly to market engagement allows for real customer feedback, which is invaluable. Developing the final product in tandem with customer needs ensures a customer-centric business model.
- Future Considerations: Our forthcoming focus will be on intensifying marketing efforts, establishing our brand presence, and navigating the growth phase successfully.