Have you ever thought that receipts can become a chance to increase your income and build customer loyalty? If not, it’s time to get to know Receiptful – your next marketing opportunity.
Company and product name?
Where are you headquartered?
Receiptful is a UK corporation and we don’t have any headquarters. The whole team is distributed across the globe and works remotely from different cities: Cape Town, Belfast, Zurich, Malmo, Buenos Aires & Amsterdam.
What does the company do?
Receiptful is an API that lets you send beautiful e-mail receipts that increase customers’ lifetime value through the use of targeted, personalized marketing messages / up-sells. It also integrates out-of-box with leading eCommerce platforms to replace the default, dull and generic receipts of those platforms. E-mail receipts are a huge missed marketing opportunity and Receiptful aims to help eCommerce stores (or anyone that sells anything online) to make the most of that opportunity.
What is unique about the company?
Receiptful is unique, because we enable eCommerce store owners and marketers to leverage a previously untapped marketing opportunity: their e-mail receipts. Using an intuitive, WYSIWYG interface along with our dynamic, data-backed and intelligent marketing components (or upsells) we help merchants to create personalised marketing communications via their e-mail receipts. We also have a very ambitious roadmap for the next 12 – 18 months, which includes building complimentary (and paid) products that will maximise the value of our e-mail receipts. The aim here would be to use our data analysis to help merchants optimise their marketing across multiple channels, whilst giving them one consolidated dashboard to control this.
What have you learned from early versions of the product or service?
The most staggering statistic we’ve seen is that the open and engagement rates of e-mail rates are 3x to 4x higher than that of general e-mail marketing within the eCommerce industry. This proves that customers (even though most people complain about e-mail overload) are indeed opening and engaging with their e-mail receipts (thus making it a great marketing opportunity). We’ve also seen across our whole population (having now sent more than a quarter of a million receipts) that the average value of each receipt is almost $0.30 USD in terms of the additional revenue it generates.
What early traction has the company gotten?
Right now we’re very close to 5000 users with a little more than half of those being highly active. We’ve also sent more than 250k receipts in total and growing this number significantly. It took us 140 days to send our first 100k receipts and only 29 days to send the subsequent 100k. After that it only took us 8 days to send the next 8k.
Why does your company have high growth potential?
Right now, I’d say two reasons:
- eCommerce globally continues to grow; and
- Every eCommerce transaction generates an e-mail receipt.
Moving forward though with the complimentary tools we’re building, we’ll be focusing more & more on helping our merchants make more money and increase their Customer Lifetime Value. As the internet and global marketplaces get more crowded, we believe that retention marketing and maximising the value of one’s existing customers will become a crucial part of remaining competitive.
Who is a founder?
Who are the company’s competitors?
Right now, we don’t have any direct competitors on receipts. Going forward though, I’d imagine that the likes of Custora, Ometria and Klaviyo could be considered competitors along with individual tools for e-mail lifecycle marketing, recommendation engines, cart abandonment e-mails etc.
What is the company’s last valuation?
How do you plan to scale in the next 12 months?
We are generally not too concerned with scaleability at this stage; if things break because we’re growing too fast, then it’s a sign that we’re doing great things. :) That said, there’s two parts of our product that we’d like to scale:
- We’d like to find the silver bullet(s) in terms of generating additional revenue via our receipts. We’ve learnt a lot about what works and what doesn’t, but we’ve not been able to expand this value to all of our merchants.
- As soon as our paid tools are ready, we’d like to scale our initial sales approach. Getting initial revenue coming in is a crucial part of our medium growth strategy.