Please describe your proposed solution.

THE PROBLEM:

The traditionoal brick & mortar retail industry faces a significant challenge in maintaining customer engagement and loyalty post-purchase. Traditional methods often fail to create lasting connections, leading to missed opportunities for brands to build a loyal customer base. Because of the shift to digital retail, there's a missed opportunity for retail brands to create a pipelinne from in-person purchase to online engagement and customer retention. Recognizing this gap, our solution aims to create the post-purchase experience using NFC technology integrated with the Cardano blockchain.

OUR IDEA FOR OUR APPROACH

Our approach involves embedding NFC chips in retail products. After purchase, the customer can scan the NFC chip with their smartphone, triggering unique digital experiences created by the retailer & facilitated on the Cardano blockchain through a token. This pre-minted token becomes accessible as a digital collectible. This integration allows for secure, authenticated interactions and the potential for personalized rewards and experiences.

The primary beneficiaries of our project will be retail brands and their customers. Brands will gain a novel tool to enhance customer loyalty and gather valuable post-purchase engagement data. Customers will benefit from a more interactive and rewarding shopping experience. By providing a tangible use case for blockchain in retail, we also contribute to the broader adoption and understanding of Cardano's capabilities.

Impact

Because we are focused on the R&D of the solution, the completion of this proposal would mean we have built a simple prototype, but we must test this in the market to ensure it has product market fit.

Importance to Cardano

Our solution is important to Cardano as it showcases the blockchain's utility beyond traditional finance. By applying Cardano's technology to solve real-world retail challenges, we not only broaden the scope of blockchain's applicability but also attract new users and developers to the Cardano ecosystem, fostering its growth and innovation.

Please define the positive impact your project will have on the wider Cardano community.

1. New use cases in Retail Blockchain Applications & marketing: By successfully integrating NFC technology with the Cardano blockchain for retail use, this will demonstrate a novel application of blockchain technology in retail marketing.
2. Onboarding Retail brands: By validating this idea, I can approach larger retail brands on building the prototype into an MVP along with retail marketing campaigns.

Measuring Impact:

• Quantitative Metrics: Since I'm doing a small batch (around 40-50), I'll measure the number of interactions facilitated by the NFC-Cardano integration on the website I create.

• Qualitative Feedback: Collecting feedback from retailers and customers who interact with the NFC-Cardano system, assessing their satisfaction and the perceived value of this technology.

Sharing Outputs:

• Blog posts: I'll write a blog posts to show case

1. Market research
2. Technical scoping
3. The prototype
4. The results

What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

As an individual with a strong background in both blockchain technology and retail marketing, I am well-equipped to undertake this project. My expertise includes:

• Blockchain Proficiency: Deep understanding of Cardano's blockchain, ensuring the technical aspects of the project are sound.
• Retail Insight: Knowledge of retail dynamics, crucial for tailoring the NFC solution to real-world retail scenarios.

To ensure their is transpranecy & accountability, I'll provide regular updates and transparent reporting to the cardano community about the project's progress and fund utilization through an open blog.

To validate the feasibility of this project, I will conduct market research with retailers to more closely identify the exact problems they face with customer retentiono & loyalty. By identifying the pain points through conducting research, I can appropriately choose NFC tech solutions to map out a design to build a prototype.

Demonstrating Suitability

My unique blend of blockchain knowledge and retail insight positions me well to deliver this project. My approach is pragmatic, focusing on creating a solution that not only showcases Cardano's capabilities but also addresses a tangible need in the retail sector.

What are the key milestones you need to achieve in order to complete your project successfully?

Milestone 1: Initial Research and Concept Validation

Description

The first milestone focuses on conducting comprehensive research

Milestone Outputs

1. Detailed Research Report: A comprehensive report outlining the current state of NFC technology, its potential applications in retail, and how it can be integrated with Cardano's blockchai
2. Concept Validation Document: A document validating the feasibility of the concept based on consultations, potential user feedback, and preliminary technical assessment

Acceptance Criteria

• Completion of Research: The research report must cover all aspects of NFC technology, its retail applications, and potential blockchain integration.
• Expert and Market Validation: The concept must be validated through consultations with at least three industry experts and feedback from a focus group of potential users.
• Feasibility Confirmation: The concept validation document must confirm the technical and market feasibility of the project.

>Milestone 2: Validating the concept of integrating NFC technology with the Cardano blockchain for retail customer engagement. This phase is crucial for laying the groundwork for the entire concept.

1. Initial Prototype Design: A basic design of the NFC-Blockchain integration, highlighting how the system would work and its potential feature, including a token gated website.
2. Batch Testing: I'll do test of 50 merchandise to test out the prototype and how the customers engage with it.

Acceptance Criteria

• Prototype Design: The initial prototype design will be provable through a video showcasing its value props.
• Data Reporting: Report that showcases what the results of the prototype were with the small sample size. This can prove the validity of the idea to then scale.

>The final project completition report & video.

Who is in the project team and what are their roles?

For market research and to test validity of the idea through 3 retailers, it will be on me.

https://www.linkedin.com/in/viviekp/

I'm project lead, market researcher, and will design the early stages of how the platform and NFC chip will work. Once the idea is validate through the research, I'll be working with blockchain developer with experience on the Cardanoo blockchain to create the prototype.

Please provide a cost breakdown of the proposed work and resources.

Market Research

• Cost: 2,000 ADA
• Description: Execution of comprehensive surveys and in-depth interviews to gather insights from both retailers and customers, focusing on their needs and expectations.

Technical Research

• Cost: 2,000 ADA
• Description: Detailed technical scoping, informed by market research findings, to guide the design and functionality of the prototype.

Prototype Development

NFC Hardware (Chips and Readers)

• Cost: 3,000 ADA
• Description: Acquisition of essential NFC chips and readers, forming the core hardware components for the initial prototype development.

Software Development

• Cost: 5,000 ADA
• Description: Development of the foundational software layer for NFC chip integration with the Cardano blockchain. This includes creating a basic token-gated website as a prototype to test customer interaction and connectivity.

Retail Merchandise Purchase

• Cost: 3,000 ADA
• Description: Procurement of approximately 50 articles of clothing from a retail partner. This merchandise will be used to batch-test the NFC technology, followed by a market test with the retailer's customer base to evaluate real-world application and feedback.

How does the cost of the project represent value for money for the Cardano ecosystem?

1. Market and Technical Research (4,000 ADA): The investment in comprehensive market and technical research ensures that the project is built on a solid foundation of real-world needs and technical feasibility. This research is crucial for developing a solution that is not only viable but also scalable within the Cardano ecosystem. On average, market research for the scope I'm taking on is roughly $1500-$2000. This is roughly $25-$33 per hour for about 60 hours of work. Because I'm conducting the research, I'm reducing the cost by half to cover the cost of my time spent. The cost of technical scoping is rogghly $3000-$4000 and am severly cutting the costs on my end to scope the prototype.
2. Prototype Development (8,000 ADA): The development of the NFC hardware and software prototype is a critical step towards demonstrating the practical application of Cardano's blockchain in the retail sector. This prototype serves as a tangible example of how blockchain can improve customer engagement and loyalty, potentially attracting new users and developers to the Cardano platform. The costs for prototype development are signficantly lower than industry standard.
3. Retail Merchandise Purchase (3,000 ADA): Testing the technology with actual retail merchandise is essential for real-world validation. This expenditure ensures that the solution is not only theoretically sound but also practically applicable in a real retail environment.