Proposed Ideal Business Model of an IoT Online Store (Case Study of Cosmic.id)

ABSTRACT: Cosmic.id is one of the businesses engaged in the IoT industry. It has been established since 2018 and is selling the products via e-commerce (Tokopedia). Cosmic.id has three products categories; in-house products (LoRa, and Development Board), resale products (Resistor, Connector, Capacitor, and etc) and custom products or services (Bridge Monitoring System, Temperature Sensor, and etc). Currently, Cosmic.id serves 2 segmented customers; B2C and B2B. Both segment give profit to the company, but since the internal resources are limited, then Cosmic.id has to decided which segment that the company should focus on, so the company could gain more revenue and have stable revenue for each month. The research objective of this thesis is to discover the ideal model business of Cosmic.id, B2B or B2C, therefore they could focus more to gain more revenue for the business. Also, another purpose is to discover whether the existing Unique Value Proposition is still relevant to the target model and what needs to be fixed. The research conducts in qualitative study, interviewing existing and prospective customers, both B2C and B2B customers. During the research, it was found that the B2B segment has a big opportunity for Cosmic.id’s revenue streams. It could give more revenue to the business, but some efforts have to be done to reach that market. In addition to that, some parts of the existing Unique Value Proposition are not relevant to the current condition. The end outcome of this study is the focus on B2B customers and the new Unique Value Proposition, which will be applied in this business and is given in the form of OKR and KPI in accordance with consumer needs. It is hoped that Cosmic.id and the team would do their best to provide the products that the market really needs and apply the new Unique Value Proposition both for B2B and B2C customers, so that the company will have stable revenue and could be sustained in the future. It is also hoped that Cosmic.id could contribute to the IoT development in Indonesia since there are not many LoRa manufacturers in Indonesia