Repit is a network of source nodes that distribute well formatted raw receipt data to collector nodes. The collectors then utilize this information to positively aide their business. Similar to a data brokerage we source public data and sell it. However, among many differences in model the one we focus on today is “Opt-in over Opt-out”.
Opt-in over Opt-out
I find that in both cases the consumer benefits as well as the business. However, what happens when the business reach peak effectiveness when using the data they have collected and it doesn’t yield a favorable result? The business has lost money and a number of consumers have missed out. We believe that if given the ability assign value to receipt data consumers are willing to boost the value of the data in efforts to receive a greater incentive. As opposed to the current status quo " we throw away receipts ".
“before a company can collect or use data, then a company may provide incentives to users to opt in to sharing their data. Naturally, the company will not offer to pay more than what the data is worth to it. Individuals who value their data more than the company will not accept this offer, but individuals who value their data less than the company would. Alternatively, if the law requires individuals to have the ability to opt out, then a company may provide incentives for users to not opt out to sharing their data. Again, only users who value their data less than the company would accept this offer.”
These days business must earn and grow consumer trust. By being transparent with data usage its show that consumers don’t mind providing there personal data as long as they believe they will gain a better product. And business won't buy data unless they value and can utilize it. By providing a market place in which consumers become the sellers and business/marketers become the buyers. Economics concepts can be applied to the success of acquisition and distribution of consumer data in order to facilitate transactions efficiently.
Quality over Quantity
Where offering info direct from POS systems that is validated by the consumer
The Repit Consumer Platform (RCP):
As repit is an autonomous network an entity cannot control the flow or format of the data. In order to access this data an entity must be apart of the repit network and must go through specific channels to receive the data they want.
When receipt data is collected from the POS system it is then formatted and signed using the consumers personal data this signature is then appended to the data. This infrastructure ensures that the consumer is the only one who can authenticate there receipts. In other words Repit stores all receipt data moving through the network and only the owner can compile and categorize it. Of Course this would be a problem from a business standpoint. Marketers want tagged data (profile -> raw data) and with this infrastructure it is not possible.
But then we thought what if we provided a marketplace where consumers sell their data. We can collect a tax from the transaction. That way marketers get access to data connected to a profile and Repit does not close off the revenue stream.
Feed vs. Packet:
As a developer I’d like to build data driven applications for myself. I’ve found that I cannot and will not keep a timestamped descriptive list of the things I do all day. I have even considered building a pee sensor for my toilet that tells me my (ph, amount, color etc) because urination patterns are a good sign of health. Now imagine if you had a sensor for spending But not just amount but cost, what you bought and what quantity etc. and an application could calculate and give me analytics, suggestions etc on my consumer habits. In this case the feed would be the best choice, consumers could provide real time data to applications with specific permissions to third party applications. Imagine providing your feed to google they could tell you the best route to save gas and time to collect all items on your grocery list at the best prices.
The Packet is more of a collection of data mapped to your profile that you give to marketers. In the near future Repit would collect data from half of all business. Marketers could then create reactive Ads. Think about it, we have a collection of products and there prices we have the consumers buying preferences (price locations, quantity, etc). And Marketers have a list of merchandise they would like to sell. Is it so crazy that a machine learning model could take this data and make a maps and calculations. And spit out a auto generated ad with 100% conversion due to specific consumer targeted ads? Maybe in the future Repit could create an Ad platform also ;-).
By allowing users to control their data Repit could create revenue by taxing the transaction of data from consumer to marketer. After creating the RCP and adding a market place. The need for an autonomous ad platform becomes possible. Just like facebook profits from mapping user relationships Repit profits from mapping consumer and Business relationships rather they be B2B or B2C.
And as always More to come!