LoReMo Solutions’ LoReMo
A platform for customer and merchant interaction designed to drive traffic through the merchant’s outlets leveraging a system of rewards and points
Functionality & Features: Once enrolled, the merchant can make use of LoReMo’s unique engagement proposition to push targeted in store data, guide customers to various corners of the store, and track how customers spend their time and money at the store.
For the customer, LoReMo is a beautifully designed app that is meant for large-scale adoption, and easy usage. This app alleviates the existing problems related to multiple program sign-ups, lack of transparency about points earned and the overhead of redeeming entitled rewards. It also integrates the power of social networks like Facebook and Twitter to add new dimensions to the concept of wordof-mouth. The kind of brand equity generated through social networks is easily trackable by merchants. Merchants also get access to a welldesigned, web-based dashboard– Bizz – through which they can provision deals and rewards, perform targeted marketing and easily keep track of the feedback they receive.
Technology used: Clustered deployment of application and database servers, Distributed caching mechanism, REST-ful web-services, QR encoding to provide a consistent user engagement model,RC4 and RSA based encryption mechanism to make the product resilient against malicious usage.
USP: This system addresses key issue plaguing loyalty programs and has potential to become norm in future.
Impact: This project with approximately INR 10 lac cost is expected to giver return of Rs 2.5 crores annually from 2nd year onwards (projected). Revenue streams are expected from two modes, first mode consists of merchant being charged for using this service which again is of two types.
What Judges Liked: Identification of an existing problem and an innovative solution to address that problem which involves modern technologies like mobile application and QR code.
What Judges Disliked: Being fairly new it is difficult to judge if such mechanism would be popular amongst major merchants.