Nanolocal ecommerce is a pioneering form of business conceptualized by Satish Medapati, whose app “Bounty” has recently been in the news for raising an as of yet undisclosed amount of seed funding from Fireside Ventures , Mumbai Angels and MAPE Advisory Group.
Bangalore-based Bounty aims to revolutionise brand promotion and marketing in general, by “checking in” users whenever they visit business locations which are a partnered with Bounty. Users earn reward points for checking in, and enabling them to nab attractive offers. Saloons, spas, retail stores and restaurants all come under the definition of business locations. “Nanolocal ecommerce” involves the precise identification of prospective customers who visit such locations, while using it to further ecommerce objectives.
How Bounty helps business establishments
Using Bounty, these stores are thus able to gather specific data on interested customers, while providing incentives to customers to visit such stores. The specific and effective targeting of prospective customers is made easy by Bounty. Moreover, the app doesn’t even make use of GPS, and thus, the benefits of its use can be accrued using very basic technology, which allows for seamless integration with a wide variety of business locations. The data which these set-ups gather can then be used to design brand promotion campaigns of many kinds. The business set-ups are being given the ability to identify people as soon as they enter stores, and the targeting of prospective customers at such an early stage allows for more effective targeting.
Reception, and the road ahead
The “Indoor Positioning” technology which Bounty uses has greatly revolutionized apps aimed at enabling users to personalize marketing campaigns. Available in Google Playstore , Bounty’s downloads have multiplied manifold since its release 7 months ago. With plans to greatly expand services to a much wider variety of business locations, Bounty is all set to give marketing a huge makeover.