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market_research.docxGoWallet
March Research and Analysis
MARKET
1 in 10 US consumers have already experienced identity theft. This number is only growing and people fear that their information can easily be stolen when their wallet is taken from them. The Federal Trade Commission also found that identity theft has been the top consumer complaint for 13 years straight. 2012 was the first time that the FTC had more than 2 million complaints, with 18% or 369,132 being related to identity theft.
Javelin Research conducted a study that found that data breaches are only a small percentage of identity theft cases as compared to stolen or lost wallets. Below is a pie chart consisting of their results:
Within this chart we see that traditional methods like lost wallets and transactions are a major part of identity theft whereas online and data breaches are not. With these traditional methods we continue to face the theft of societies personal information, breaking their privacy.
Primary Target Market
After finding out that 60% of college seniors have credit cards, we realized that the potential market for GoWallet would be tremendous. This age bracket of 18-24 is at the highest risk of identity theft. They are also highly technological and love using applications on their phones to make their lives simpler. 79% of US consumers ages 18-24 also own smartphones. With this market being highly active on smartphones and being susceptible to credit and debit card theft, we see this being a great opportunity for us.
Competition
As for competition, GoWallet has a few direct competitors. Passbook, an applications produced by Apple for iPhones, allows customers to store gift cards and plane tickets. Problem with this is that they do not allow credit or debit cards to be connected. Google wallet is also a contender within our market but customers are skeptical with giving such information to larger companies. We believe that being an independent company will give us an edge over our competitors.
