WeGift is revolutionising a $300 billion Gift Card industry and transforming how businesses use digital currency, by turning plastic Gift Cards into a digital, automates, real-time payment methods for consumers. The process is instant, frictionless, global, and can offer savings of up to 20%, through the purchase of bulk discounts from over 75 top, globally recognised retailers.
- Marketing agencies (e.g. VoucherCodes) use Gift Cards to incentivise consumers to purchase a good or product.
- Loyalty point programs (i.e Nectar) seek to cash out loyalty points in Gift Cards, and
- Employee benefits agencies (i.e Perkbox) reward employees.
In addition to many more.
Today, if a company wants to buy Gift Cards as an incentive for customers to use its business, to reward its employees or to say sorry for poor customer service, it needs to go through a long-winded, analogue process.
Bulk orders for digital Gift Cards are made manually by some retailers. Companies fill out spreadsheets to make orders and email spreadsheets to various suppliers. They then await invoices or credit terms, pay and wait to receive the codes via email. With such a long-winded process so much can go wrong, invoices can have the wrong number of cards on them or have an incorrect level of discount. The process itself can take 10-14 days.
- WeGift makes this whole process quick, in fact, real-time quick.
- We removes the risk of mistakes.
- Retailers love us, we save them time and effort and make them money.
- Customers love us, we save them time, money and effort.
Substantial accomplishments to date
1. Integrated with 7 key Gift Card processors.
2. 75+ brands onboarded onto the platform.
3. Have set up operations to cover 12 markets and 8 currencies.
4. Have built 3 successful products, one of which has already won a prestigious industry award.
5. Have signed up 9 enterprise customers.
6. Winners of 'Best Card or Incentive Programme' at the emerging Payments Awards 2017.
We charge a monthly SaaS fee between £500 - £1,500 and cost for every code issued.
Alternatively, we charge 1-3% of the volume we process.
We offer, and are continuing to build a range of extra products, which will be charged at £500 - £3,000 pcm.
Use of proceeds
- Staff Costs – 66%.
- Capex – 13%.
- Office & Fees – 15%.
- Marketing - 6%.
Please note that c. £1.15m of the funds shown on the progress bar have been raised and received by the company since March 2017 and as such some of this amount may have been spent.
WeGift operates in the pre-paid retail Gift Card space (Tesco, Amazon, Debenhams gift vouchers or gift cards).
Initially, our business targets those companies already using gift cards, but whom are buying and distributing the gift cards physically or using a manual process.
Beyond that our target market is any business that has a high interaction with consumers. Imagine a world where any time a business has a need to transfer cash, pay a refund, give a reward, to pay-out a claim, send a thank you, or pay compensation etc, they can transfer the value through an egift card, instantly.
Characteristics of target market
- The global Gift Card market is valued at $307bn. (Persistence Market research).
- 92% of the market is plastic.
- Digital is growing by over 100% pa.
- 50% of the market is B2B where businesses use Gift Cards as a pay-out method to send to consumers.
- The global market for mobile ticketing is expected to grow to $677 million by the end of 2024.
- Direct selling and introductions through consultants: In our experience, the Gift Card industry is highly networked for both brands and the existing large buyers.
- Direct Selling and introductions through current investors: our current network of investors are highly networked with key stakeholders at large corporates who buy large volumes of gift cards.
- Presence and Sponsorship of key industry conferences and awards nights.
- Lead generation, customer segmentation and automated email marketing.
- Inbound marketing through case studies, thought leadership and white papers.
We see two types of competitors in our market.
There are incumbents, who we have very limited technology, and have a history of acquiring companies in order to innovate.
These incumbents have huge plastic gift card product portfolios but very few digital products. These incumbent customers are already demanding access to more digital ecodes, so working with WeGift delivers instant increased revenue, and our technology streamlines their inefficient processes generating significant savings. So incumbents want to work with us to have access to our technology and digital gift card products.
There is one direct competitor in the market to our knowledge, who has direct integrations with some of the processors, however, they do not have a global proposition and only have one product. Their product has been muddled, which means they have recently changed their pricing model.
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