Periodic Reporting for period 1 - BotsAndUS (BotsAndUS - First Assistant Robot For Retail And Hospitality)
Reporting period: 2018-02-01 to 2018-07-31
Providing consistent high-quality customer service is a must for retail, hospitality, leisure and travel sectors, while also one of their biggest challenges. 95% of respondents said they usually tell at least one other person about a bad customer experiences with a company, while 54% said they share it with at least 5 other people (Zendesk, 2013). Bad customer service leads to losses of over 100Bn euros each year in the USA and the UK, while a lost customer always means missed sales and revenues. BotsAndUs created a breakthrough technology that will put Bo to market, an assistant robot, which can help to cut these losses by 70%. The overall objective of this project was to perform a feasibility study in order to assess the market opportunity and sustainability of the product in the retail and hospitality sectors. Bo was tested in relevant environments and highly appreciated by potential customers. The conclusion is that once the product is finalized, a fast deployment is possible and sales can be achieved on international markets, with early adoption in the retail and travel sectors.
The market analysis identified a potential target market of €5Bn in the retail, hospitality, leisure and travel sectors, while the trend is expected to grow as there is an interest of introducing assistant robots in these businesses. During feasibility studies, BotsAndUs collected feedback from potential customers regarding their pains and gains, specific needs and how they can be better addressed. A plan for product redesigning is drafted and will be put in place in the following period. The distributor analysis identified the best partners for each targeted geographical market. A solid business plan was also drafted, including pricing strategy, competitor analysis, distribution channels, customer approach or IPR strategy. BotsAndUs disseminated the results at events, conferences and across their media presences. BotsAndUs are in the process of filling in a patent request.
BotsAndUs’ product is the most sophisticated one, having the best Human-Robot-Interaction compared with the state of the art and is suitable for both Customer service and Operations. During tests, it proved increases in customer satisfaction and return customers. 90% of customers were highly satisfied with their experience with Bo and over 60% claimed they would come back with family/friends to show Bo to others. The project validated product and business idea, while creating a broader market perspective.