After you submit the Hypotheses and Tests Submission,the TA will post all submissions here (please be patient, may take up to 48 hours to appear). Your task is to review and comment on your classmates

What is the GPS Credit Card? The GPS credit card is a battery operated, wirelessly charged credit card that uses satellites to trilaterate its position. Once activated, the GPS credit card sends distance measurements to 4 of the 31 orbiting GPS satellites. Once location is calculated, location information is displayed on the owners phone via an app. For clarification, the GPS credit card is not a credit card , we just named it as such when conceptualizing the idea and it stuck. For a future marketing campaign, we will name it the satellite card (SAT Card) for less confusion. GPS Credit Card Business Hypotheses There are three hypotheses that need to be addressed to valid this business idea. First, we need to know if losing a wallet is a common problem. If people don’t lose their wallets at a problematic rate, there will be no demand for the GPS credit card. Second, we need to know if a location service for a wallet is valuable. These cards will not be cheap, so we need to know if there is a market for a high priced location service for wallets. Third, we need to know if people will charge the GPS credit card regularly. Battery life is not infinite, and if the card is not charged when a wallet is lost, it is essentially useless. Because wallets are not lost every day, week, or even month, it is likely buyers will have to charge the card multiple times before they lose their wallet. If they forget to charge their card due to lack of engagement, then we need to reconsider the GPS credit cards viability or come up with a solution. Hypothesis 1 Test: Are Losing Wallets a Common Problem? ● Research shows that 300,000 wallets are lost every year. ● Usually people carry credit cards in their wallets to stay cash-free. ● Wallet “drops” most commonly occur on the street, public transportation, shopping centers, cafes, on vacation, and parking garages. ● Study’s show that about 7 in 10 Americans have credit cards in their wallets. ● There are 20-80 Million new credit and debit cards issued each year due to them being lost and also new accounts. ● Surveys suggest that more than 62% of people have had their wallets lost or stolen. The age group that reported losing their wallets the most was 18-29 year olds (38%). Hypothesis 2 Test: Is a Location Service For a Wallet Valuable? ● We will be paying close attention to our landing page and its conversation rate. For context, our landing page offers a subscription service where customers can enter their emails to receive a 50% off a first order purchase. The pages conversion rates (the percentage between page visits and email subscriptions) will tell us if people are interested in our product. Our landing page statistics are shown below. You can view our landing page by clicking here ! ● Currently, we have a 8.57% subscription rate in proportion to customers that visited the landing page. For comparison, in Google’s advertisement subsection of computer and electronic products, the average conversion rate is 3.16% (the percentage of people seeing versus clicking on that advertisement). The GPS credit card has a roughly 3x greater conversion rate. With a sample size so small, it is tough to say whether the GPS credit card is actually a product people want, but the early numbers look promising. We will continue to distribute our landing page over the preceding weeks to acquire more data. ● In addition to our landing page, we will be conducting interviews with potential customers to decide whether a card with location services is wanted. ● We will be doing thorough research into how competitors perform, and how we can outperform them. If competitors are successful, there must be value in the market. How can we learn from them? Hypothesis Test 3: Will People Charge the Card Regularly? ● Building a prototype would be the best way to determine if consumers will regularly charge their card. We will give 50 customers prototypes over a span of 3 months to test this hypothesis. ● In a survey conducted with a sample size of 20 students, 14 said they would have no issue with charging their card weekly or biweekly, 5 said they may forget to charge it, and one said he probably wouldn’t charge it. All 20 said they would be interested in a card with GPS capability. ● If feedback from the prototype is negative, an alternate disposable card with a battery life of 3 months is in consideration. However, this would be less cost efficient for us as we would have to send consumers a new card quarterly.