Home Smart 100 2010 Cardlimbo (SMART 100)

Cardlimbo (SMART 100)

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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

This innovation initially came to life when…

This innovation initially came to life when my business partner and I recognised that Australians had almost no flexibility when it came to the use of gift card vouchers. We soon discovered that the market was worth about $1b and that 1 in 3 cards were never redeemed, representing an incredible waste. We wanted to provide a service that gave people the option to use gift cards as they wanted to. A market study demonstrated that similar services existed in North America but not yet in Australia.

WHAT & HOW

The purpose of this innovation is to…

The purpose of this innovation is to give Australian consumers the power to choose exactly how they want to make use of their gift card vouchers, saving Australian consumers hundreds of millions of dollars per year.

It does this by…

Cardlimbo does this by offering consumers an instant cash quote on their unwanted gift card voucher, providing consumers with the option to donate gift cards to one of three charity partners and enabling consumers to purchase gift card vouchers at a discount of up to 30%.

PURPOSE & BENEFITS

This innovation improves on what came before because…

This innovation improves on what came before us in Australia because it provides an instant cash quote on gift card vouchers, eliminating the need to find a buyer, and because it provides a guarantee on the value and validity of all sold gift card vouchers, eliminating fraud. Globally, we are the first to offer Australians this choice.

Its various benefits to the customer/end-user include…

Cardlimbo’s various benefits to the customer includes earning the customer cash, providing them a less onerous avenue for charity donations and saving them money on everyday purchases.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

In the past, this problem was solved via private auctions and auction platforms such as eBay. Cardlimbo’s service, however, for the first time offers consumers instant cash quotes from over 70 retailer gift cards, a wide variety of gift cards to buy, guaranteed gift card validity and value and an avenue to donate the value of gift cards to charity.

Its predecessors/competitors include…

Plastic Jungle in the United States is a predecessor. We believe we have developed a superior and more user-friendly website specifically tailored to the Australian public’s needs.

TARGET MARKET

It is made for…

Cardlimbo specifically meets the needs of the 16- to 40-year-old Australian demographic, with a slight female skew. Customers are internet savvy and looking to save 5% – 30% on everyday purchases. This, however, is not our exclusive market segment as we have found all manner of Australians using our service. The Australian gift card voucher market is estimated at $1b per year and is growing at 20% annually (AMEX & ANRA survey Dec 2009), but up to 1/3 gift card vouchers go unredeemed each year (CHOICE).

DISTRIBUTION STRATEGY

It is available for sale through…

Cardlimbo is currently available exclusively for sale through Cardlimbo.com.au.

Our marketing strategy is to…

Our marketing strategy is to become the first place Australians think of to buy or sell gift cards. Market awareness is a critical success factor. We’ll actively engage customers through cardlimbo.com.au and social media for word-of-mouth, establish strategic partnerships to access customer databases and leverage public interest via press releases. Advertising will be used sparingly to generate continuity of awareness.

SUPPORTING IMAGES AND/OR VIDEO



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