- Investment sought:
- Equity offered:
Web based software for online retailers which allows them sync their stock levels from their website to their POS, Amazon and eBay sales channels in real time.
Veeqo also integrates into courier systems, so retailers can bulk print shipping labels very quickly without having to copy and paste customer data into separate system.
It also links into your accounting software, to automatically export sales from your website, eBay, Amazon, POS into your accounts.
It is designed to be the whole back office system for a online retailer, saving them logging into multiple systems, letting them manage everything from one dashboard.
Whilst we think managing orders in each of their sales channels systems is very hard for a retailer, we aim to bring all their orders into Veeqo to manage.
We would make managing these orders much easier with courier integration to print shipping labels automatically, so no copy and pasting addresses anymore, with tracking numbers updating the original sales channel. Advanced order workflow management, grouping orders by status/warehouse/sales channel and more.
We think syncing inventory across all those sales channels is even harder and often ends in over sellings. Veeqo would manage this for you, syncing your inventory in real time to all your sales channels.
The system would manage cost of inventory very carefully, thus allowing business to see their true margin by product/group and, most usefully, by sales channel.
Substantial accomplishments to date
Publicly launched in June 2014 and gained over 55 paying customers since then.
In the last 30 days we have grown our number of paying clients by 20%.
Completed integration with cloud accounting package Xero and they will publicise this in November.
Regularly getting over 25 new free trial sign up's a week.
Expanded the team to 8 software engineers, sales manager, marketing executive, designer and tech support.
Grown website organic traffic from 700 visits to over 2,500 visits per month and growing.
Exhibited at the ecommerce Expo in October and gained over 40 leads.
Got press in The Next Web, Retail Week, Startups.co.uk http://www.veeqo.com/press
SaaS with a monthly fee for customers depending on their size, starting from £30 to £350. See our pricing model here: http://www.veeqo.com/pricing_plans
Currently our average monthly price is £65, but this is going up every month at the moment and expect this to be over £110 within 6 months.
We are just rolling out a training and setup fee of £300 per client, so if we gain 20 new clients a month, its an extra £6,000 per month and actually ensures the customers gets the most from the system.
When our web based POS launches in December, this will be a chargeable extra of £30 per month per till.
Use of proceeds
Funding the current team of 8 software engineers, sales manager, marketing executive, designer and tech support.
We have a road map for the next 12 months which will add the following feature to Veeqo:
* Integration with over 12 UK Couriers platforms
* Point of Sale (POS) - so users can use Veeqo in their retail stores
* Product Pushing - ability to create listings in users sales channel from Veeqo, a massively requested feature we are currently building
* Integration with more ecommerce platforms (enlarging our potential customer base) such as BigCommerce, OpenCart, Etsy, Notonthehighstreet, Zencart and more.
Currently 2 of our 8 software engineers are part time, we will be able to make them full time. Look to hire another senior software engineer.
We will hire multiple lead generators, to call out to our databases we have aquired of retailers using sales channels such as Shopify/eBay.
Hire a sales person in the United States to close incoming leads and find new leads.
Small and medium businesses around the world that sell online.
Our initial focus has been on the UK, but we already have clients in the United States, Switzerland, Australia and more.
Characteristics of target market
There are 228,000 online retail businesses in the UK alone. We have already acquired customers from the United States, Australia, Switzerland and others.
Our marketing strategy:
(1) Ongoing SEO campaign targeting 20 keywords we have identified and using content/guest blogging to create backlinks.
(2) Integrate, Integrate, Integrate. Every ecommerce system or courier or accounting platform we plan to link with would open our systems to thousands more potential customers. We also believe most systems would market our service in their app store. For example Shopify generate good quality traffic from their app store.
(3) Veeqo App Store, we plan to release our API in the new year and encourage developers to create app on top of Veeqo for retailers.
(4) Re-targeting - We show display banner adverts to website visitors who did not sign up.
(5) We have experimented with PPC but it was not cost effective
(6) Making our blog (and twitter) helpful to online retailers by providing useful advice and tips we have found. Traffic is rising month on month from our blog and we get a high conversion to free trials.
The idea of Veeqo was born from the frustration that none of the existing solutions met our needs.
Simple to use
All of our clients compliment on how beautiful Veeqo is and how easy it is to use, we put a lot of work into making everything as easy to do as possible.
Veeqo is web based, which means it would work on PCs, Macs, tablets and even smart phones. Stock takes, for example, could be done by walking around your warehouse/store with an iPad. Some of our competitors are PC installable software.
Be amazing at one thing
Veeqo will connect the best of breed from CRM, Accounts, eCommerce, email into one dashboard, rather than trying to replace all of those system with something "average", we want to be the glue that joins everything together. Some of our competitors have built in accounting/CRM which is poor.
UK courier integrations
Our US competitors have virtually no support for UK market, especially not having integrations with UK couriers. We already have integrated with Royal Mail, FedEx, MyHermes and within the next 2 months we will have integrated with over 12 UK couriers.