Veeqo

Idea

Introduction

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.

Intended impact

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

Monetisation strategy

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.