According to the KiRi report of South Korea, the fourth industrial revolution is promoting a lifestyle of a shared economy. Along with that trend, shared mobility is increasing in popularity. According to a report from Mckinsey regarding data in automobiles, Shared mobility, as opposed to privately owned vehicles, is growing as a mobility model. And By 2030, one out of ten cars sold could be a shared vehicle.
What it does
We are developing a business model for AMO Labs. They are currently looking for 1)how to get people to participate in AMO (incentives)? 2)any good service using car data? 3) any business proposal to expand AMO ecosystem. We propose a peer-to-peer car sharing business model. The major barrier of starting a peer-to-peer car sharing business is lack of driver credit system. Cars owners are reluctant to loan their car unless they are assured that drivers using the car have legitimate credentials. By using AMO technology, we resolve this issue and expand the business.
How we built it
This Is where AMO provides the solution. car data collected by AMO can bridge the gap between the owner and renter. AMO car data can be processed into driver and car status credits which allow for trust between driver and owner. Being the center of the AMO ecosystem, CAMO has a viable business model. In our AMO ecosystem, there are 3 main players around the CAMO. By providing car and driver credentials to P2P driver and car owner respectively, we are able to create a sustainable ecosystem. In return, we can collect driving and car data from the p2p driver and car owner. Ultimately, CAMO will have comprehensive car data which can be sold to the data consumer. These data can be processed to make some meaningful interpretation helpful for autonomous vehicles or smart city. There are three main revenue sources for this business model. The very first revenue is from the commission fee in the P2P car sharing service. With more people participating in the service we are able to achieve a stable AMO currency and hence increase in valuation. Lastly, we can sell the collected car data in the future.
Challenges we ran into
p2p car sharing seems to be the future. However, a number of challenges are preventing them from fulfilling their full potential. This is evident from the marginal growth of p2p car sharing compared to b2c car sharing market, which totaled at 12,000 cars and 4.8 million users in 2017. The biggest reason for this is because of the ownership associated with an expensive product such as a car. Due to this sense of ownership, it is practically impossible to allow a stranger without a way to prove their credentials.
Accomplishments that we're proud of
One way we are going to engage AMO users is through gamification. Currently, we plan to divide drivers into tiers based on their score, which they can earn through completing daily challenges. Based on the user’s tier, a reward or bonus will be given monthly or weekly. And through this, healthy competition is expected to promote the usage of AMO.
What's next for BitStarter
Here we will give you a road map for a successful CAMO. CAMO cannot just be implemented without any precedence. Given that AMO Labs has been successful with Taxi companies, CAMO can expand from there. AMO has provided an increased benefit for Taxi companies through the reduction of insurance fees. In our proposed business model, we suggest AMO labs sign an MOU agreement with B2C car sharing companies for the same reason. As I mentioned earlier, currently B2C car-sharing market is quite large and they are in need of technology such as AMO. After MOU with taxi and B2C, car-sharing CAMO will have a much lower early barrier into the P2P car sharing business. However, CAMO will not just merely end up as a car sharing company. With endless opportunities with data collected from its service, CAMO can open a new paradigm. The overall revenue pool from car data monetization at a global scale might add up to USD 450 - 750 billion by 2030.