Challenge
nexMart provides a platform to connect manufacturing companies (OEMs) with retailers. They asked wattx to discover new product and service ideas in the area of the circular economy.
Our customer nexMart, a leading production-related market (B2B) platform which connects manufacturing companies with retailers and end-consumers while managing the flow of information between them, approached us with a research sprint. The aim was to discover and define the problem regarding the development of new product and service ideas for the recycling/life cycle/rental space in their sector. Furthermore, our wattx team had to analyze their market potentials and prioritize them based on their impact, confidence and effort.
The project was inspired by the increasing need to develop more sustainable solutions for the tool supply in manufacturing companies for retailers and end-customers. Power tools are often very expensive and OEMs have difficulties selling repaired or slightly used ones, and they furthermore have a high cost-per-use ratio and no sustainable opportunity for disposal.
Solution
We conducted in-depth market and user research. Based on that we derived key problems and ideated new business models following our proven innovation process.
The role of our wattx team was to come up with elaborated product and service ideas, including the high-level problem & solution description and the market potential & size for each of the concepts. Therefore, we analyzed the value chain of the tools for OEMs, retailers and end customers, applied these results to the Life Cycle Economics and identified key pain points. We applied extensive user interviews to generate various sustainable ideas following our research and validation methodology, including a refurbished power tools e-commerce platform, a rental-as-a-Service platform, and a digital recycling center for electronic waste.
Outcome
Within six weeks we identified various sustainable product concepts incl. an overall evaluation of each concept. Together we developed clear next steps.
Based on our analysis, we defined seven life cycle product/service ideas in detail, including the underlying problem, the solution and MVP outline and an overall evaluation of each concept.
wattx developed a deep understanding of our customer's pain points, derived promising ideas and kicked off a fruitful discussion on potential business models among our team. Answer your digitalization „What“ with wattx - fast, productive and result-oriented.
Udo von Meltzing
Managing Director nexMart GmbH & Co. KG
Ready to discuss your ideas? Let’s talk!
Idea validation is a crucial part of innovation. It assesses the potential of new products based on facts rather than on gut feelings.
Managing Director @ wattx
