GoPack

  • GoPack Website Home Page
    GoPack Website Home Page
  • Initial GoPack Service Flow Chart
    Initial GoPack Service Flow Chart
  • Macro Trends - Travel Industry.
    Macro Trends - Travel Industry.
  • Macro Trends - Outdoor Recreation Economy.
    Macro Trends - Outdoor Recreation Economy.
  • GoPack Logo
    GoPack Logo
  • Personas reflecting the service’s three core customer segments: (1) Adventurer, (2) Staycationer (3) General/City Hopper.
    Personas reflecting the service’s three core customer segments: (1) Adventurer, (2) Staycationer (3) General/City Hopper.
  • Simple steps for how GoPack works for those interested in renting gear & gadgets
    Simple steps for how GoPack works for those interested in renting gear & gadgets
  • Simple steps for how GoPack works for owners looking to rent out their gear & gadgets
    Simple steps for how GoPack works for owners looking to rent out their gear & gadgets
  • P&L (Profit and Loss) 4 year forecast of the GoPack service, with break even happening in year 2.  (Base, Conservative, and Aggressive Models)
    P&L (Profit and Loss) 4 year forecast of the GoPack service, with break even happening in year 2. (Base, Conservative, and Aggressive Models)
  • Porter's Five Forces for GoPack service.
    Porter's Five Forces for GoPack service.

 

GoPack is a sharing economy service that allows users to rent outdoor adventure and hobby gear from private owners via a web based platform and community.

For a semester long project for an entrepreneurship class, we devised the idea for the GoPack. The idea stemmed from the notion that when traveling to a new destination, you often don’t have the correct adapter for your electronic devices, or a local cellphone to communicate with others. There is also often a need for renting specific gear, such as tents and other wares for hiking and camping. Based on these needs and issues, we came up with a challenge statement:

How can we provide vacationers and travelers with the gear and gadgets they need for their trip without having to purchase and pack these items ahead of time?

Market Analysis

Based on this How Might We (HMW) statement, we deep dived into the possible markets that our GoPack service would be a part of. We established that both the travel industry and the travel gear and rental market are booming right now, with $1.088 trillion spent on tourism and $646 billion spent on recreation products + trips/travel related spending in 2012.

With a better understanding of the market we developed the GoPack service and pitched it to a group of investors (class).

GoPack is the first full-service travel essentials rental service that marries personal trip planning with the gear & gadgets adventurers need when they travel. Our vision is to create a travel experience where planning, arriving, and vacationing are seamless, stress-less experiences so that escape can mean more fun, and less stuff.

The service would work by suggesting items or letting users select their own items to rent for an upcoming trip or activity. After making the reservation, users would arrive at their destination and pick up the items at the airport or kiosk. After the trip, users could drop off or mail back the items.

User Research

In order to better understand our market and refine our product offering, we conducted a combination of research strategies to capture as much information as possible about our market travel tendencies and service expectations.

Observations

We noticed that wait times, convenience, ease of travel experience, and affordability all seem to be common themes for travelers among our primary market (ages 26 to 39). Travelers appear to want a pleasant, hassle-free journey – all while commanding the most bang for their buck.

Survey & Interviews

We surveyed 58 participants across US and Canada to assess things like travel frequency, trip types, cost, new vs a sharing economy, common items rented, and many others. Some key takeaways included:
– Individuals more willing to rent items from those locally than they were to using a service with new items.
– Potential customers did not want to have to pay more for an item if they can rent it elsewhere or buy it themselves. Another concern is return policy and the ease of returns. Mailing cannot cost them, and they don’t want to be penalized for late returns either.

In addition to our quantitative research, our qualitative (in-depth interviews) drove of a set of personas. The personas helped us empathize and relate the GoPack service with the needs of the users – what would be their motivations and what would interaction with the service look like?

Feasibility Study

Based on the feedback collected we ended up pivoting our business model for GoPack, using a local sharing economy (a la Airbnb), instead of renting and returning new items straight from the GoPack service. The sharing economy exceeded $3.5 billion in profits in 2013, with growth surpassing 25%, thus it is guaranteed to be a dominant economic force over the next several years.

From a financial forecast standpoint, we looked at the adventure/outdoor gear rental market in the United States for a total addressable market space. We scaled down to the Mid-Atlantic region, which accounts for 9% of that total addressable market. We forecasted that we could feasibly capture 0.75% of the U.S. Market. Our major expense would be wages & salaries, including consultants, which we set at 20% of our revenue. Major expenses in brand packaging and marketing would need to be included to help create a the GoPack service into a household name. Additionally, we foresee upfront website and app development as a hefty expense as well. Overall, we projected reaching one million dollars of total revenue in our third year of business according to our base calculations.

Based on all of our research and feedback from users, we felt it was feasible to proceed with the GoPack venture with a slightly adjusted business model. The service would be successful because:
– market is ready for an offering that brings the sharing economy beyond cars and places to stay
– Millennials are constantly looking to find cheaper, more efficient, less environmentally impactful ways of living and exploring their interests
– an untapped market in the Mid-Atlantic region — GoPack would cater to all types of adventurers who were looking to have “more fun” and “less stuff”!

 

MBA/MA in Design Leadership
Entrepreneurial Ventures
Credit: Kyle Bodt, Akhil Chugh, Elizabeth McBride, Jasmine Touton, Sylvia Vadakara
Date: August – October 2014

 

• August 24, 2014

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