2011 UC Berkeley Business Plan Competition
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CheckEt
Location: 2425 Piedmont Ave, Berkeley, California 94704, United States United States
Founded in: 2011
Stage: Napkin (idea)
Number of employees: 1-5
Profitable year: 2011
Short URL: vator.co/checket
Followers (405)

CheckEt

Product reviews, ratings, and comparisons- anywhere, anytime.
Startup/business
California, United States United States
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Company description

 

CheckEt is a customer-review platform that improves the shopping experience and empowers the consumer. Using the CheckEt smartphone app, consumers can scan a product and access customer reviews and product analytics at the store to make the best decision possible.

 


Business model

 

CheckEt can be monetized in 3 major ways:

1. The scanning, purchasing, and decision making data and analytics gathered through the CheckEt app. is extremely valuable. CheckEt will sell retailers monthly data and analysis of anonymous consumer-behavior within their stores. This data promises to provide stable low-cost revenue streams  

 

 

2. CheckEt’s second monetization strategy follows a Groupon-like model that is directly targeted to users based on their buying behavior. These coupons will be distributed to users directly to their phones. The coupon model gives CheckEt percentages of sales generated through the coupons.  

3. The third monitization strategy is a seal-the-deal coupon offering for consumers. A retailer can offer a coupon for that exact product that a consumer has scanned. The retailer is able to give the user one more reason to make the purchase now and gives ChechEt a percentage of the sale.
Additionally, this model also incentivizes users to use even more. It’s a win-win for all parties.

 

Competitive advantage

CheckEt's competitive advantage is its focus on creating a consumer-generated community that empowers users and informs retailers. Whereas many existing bar-code applications offer price comparisons and limited review features, CheckEt offers a comprehensive product review system that includes, rankings, graphic analytics, "hotwords", and a tiered-review system based on user expertise.

CheckEt's focus on consumer reviews also makes its monetization strategy especially strong.  With 70% of Americans consulting product reviews before making purchasing decisions, CheckEt stays attractive by focusing on the opinion-sharing niche.