FETTCH
Omni-channel retailers are struggling with demand for same day delivery while online shoppers demand instant gratification. There is a decline in physical retailers across multiple industries.These retailers are also facing pressures from Amazon and other big-box retailers who can afford to invest in their own logistics fleet and are in-turn re-writing customer expectations as consumers expect to purchase products with minimal difficulty and wait. Ultimately retailers are struggling to meet sales targets and get products into consumers’ hands, and this has been exacerbated by the effects of the outbreak of Covid-19.
FETTCH Technologies Inc. has created FETTCH, a centralized mobile commerce marketplace with integrated payments, on-demand delivery, and real time inventory selection which connects shoppers in busy cities to their favourite local brick and mortar retailers. Shoppers can browse and buy seamlessly via the FETTCH app to remove the need for shopping online with immediate gratification and instant delivery. Mobile users can shop seamlessly through the FETTCH app and see the full inventory of all of their local retailers without having to leave their home and can have these items delivered within minutes by a FETTCH driver.
FETTCH offers faster delivery than any of its competitors focused purely on logistics (UPS, Canada Post, FedEx) and offers faster delivery than marketplace competitors like Amazon. The Company has optimized its technology and infrastructure to allow delivery within minutes to anyone in the cities it operates in, with a focus on ensuring that shoppers are buying local with maximum convenience and speed.
FETTCH is a mobile-first marketplace and it will standardize the shopping experience across its chosen verticals; beauty and essentials, apparel, and pharma. Unlike boutique e-commerce, the company has centralized the experience on a platform that is dynamic, user-friendly and is equipped with integrated payments to allow a user to purchase anything from diapers they may need to their beauty products with the tap of a button within minutes.
The team is focused on perfecting its key verticals of pharmacy, beauty, and essentials, as well as apparel. This focus will allow the company to ensure customer satisfaction and simplicity as it sets up the infrastructure to then standardize across all verticals. The Company is currently working on a function that validates and verifies identity immediately so both pharmaceutical and telecom retailers who cannot get products into users’ hands will be able to do so instantly via the app through its automated verification process.
The app maintains an advantage in terms of its product trajectory. FETTCH is in the process of incorporating and implementing patented sizing and measurement algorithms once it rolls out the apparel function. They maintain a keen focus on their product and how it can leverage technologies to enhance and optimize the shopping experience for the end-user, thereby increasing the sales of retailers who are producing new products and increasing purchasing habits of the end consumer.
FETTCH is in the business of enhancing its retail partners’ capabilities in more ways than just instant delivery. The platform was designed to service omni-channel retailers and is focused on a technical product and a vendor first and retailer first partnership mission and brand which renders it highly unique. The Company is currently working on rolling out an authentication feature for pharmacy and telecom companies to get their products into users’ hands immediately.
They are poised to become an innovative retail technology company with a smarter marketplace. The company will work on its AR product integration and incorporate patented algorithms for predictive measurements and sizing in 2021. FETTCH is committed to creating a shopping experience for the end-user that is centralized, simplified, and dynamic.
Traction
FETTCH has currently onboarded 15 retail partners, have waitlisted 1032 users, and have signed on 250 drivers.
Their most obvious hurdle to overcome is perfecting their infrastructure in Toronto before expanding to other cities. They have secured over 250 drivers and are conducting training with drivers simultaneously with vendors to ensure the seamlessness of their processes so when an order is made by a shopper their retail partners quickly and conveniently bag the items, and the driver can deliver within the estimated delivery period. They are facilitating new behaviours and expectations for users and vendors and ingraining this process to ensure our retail partners and mobile consumers are delighted every time.
While FETTCH currently retain first mover advantage, they know once they open up the space there will be competitors. Their advantage is their product; they are a technology company with a highly optimized logistics component. They will have already cemented an infrastructure of drivers and key vendors in anticipation of competitors entering this space. They are developing new technologies in house and are working with local technology companies to incorporate new features and innovate their solutions for omni-channel retailers while creating a more tailored, seamless, and smarter experience for our mobile users.
Team
Amanda Dias Sumanasekera, CEO – Amanda is a Business Development, Legal, and Analytics Specialist. She graduated from the University of Toronto and completed a program at the University of Oxford. She previously worked at CIBC.
James Labuguen, COO – James is a Strategic Growth, Business Development and Operations Specialist. He was previously the Vice President, Business Development at Bespoke Metrics.
Vamsi Tatikonda, CTO – Vamsi is Technology & Software Lead, and a Full Stack, Product and Data Specialist. He was previously a Senior Software Engineer, Data Passports, at RBC.
Funding
The company’s growth has been bootstrapped thus far. They are looking for $400,000 for 20% of the company in order to advance development and launch their application, hire key staff, and invest in marketing across Canada and the US.
In 2020 the team has focused on building their MVP. They are also focused on their launch in Toronto and will then expand into Vancouver and other major Canadian cities in 2021. By the end of 2022 they intend to begin their USA Expansion, targeting NYC, San Francisco, Austin, Chicago, Houston, and Phoenix. By the end of 2023 they want to begin a phase of Global Expansion by expanding into Europe and South America.
Revenue Model
Vendors pay an annual technology fee of $500 to join the platform and a one-time $250 integration fee. FETTCH takes a 15% commission from each order fulfilled through the app, paid for by the vendor. FETTCH takes an 8% user fee from each order, paid for by the consumer. There is also a small basket fee of $3 for any order under $50. Auxiliary revenue potential exists in providing hyper-local customer insights as an add-on service to retailers.
Details
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