Spocket
Spocket is set to revolutionize the dropshipping market by removing the need to hold inventory and erasing upfront costs for retailers. Spocket allows you to choose the best products to sell from thousands of dropshipping suppliers all over the world. Over 60,000 entrepreneurs across five continents were able to launch and scale their online stores through the platform. Spocket helps dropshippers around the world discover and dropship US/EU based products.
The competitive advantage that puts Spocket ahead of competitors is that they offer faster shipping times and have US/EU suppliers. Unlike their competitors, they also offer a 14-day free trial, which minimizes the risks for users of having to commit.
Traction
Spocket has just surpassed 60,000 active merchants and over the summer they have finalized Partnerships with BigCommerce, Wix, and Loox. In addition, unlike the drawbacks faced by many businesses due to COVID-19, Spocket was able to double their team size since the pandemic.
Spocket’s biggest hurdle to overcome in the following year is scaling the team while continuing to hire strong team members. Spocket finds that in order to build a great team, you have to hire great people and hiring great people takes time, which makes scaling hard!
Team
Saba Mohebpour, CEO – Forbes 30 under 30, class of 2020
Kaylee Astle, Director of Operations and Finance – BCBusiness 30 under 30, class of 2020
Shreyas Sali, Senior Group Product Lead
Thales Pinheiro, Director of R&D
Tom Hansen, Director of Engineering
Funding
Spocket is a seed stage company and investors include: Techstars Seattle. 7Gate Ventures, Panache Ventures, Plug & Play Venture Group.
Spocket’s vision is to remove inventory from the online and physical retail by using the dropshipping model and fixing the $1.1 trillion issue called inventory distortion. They plan to expand their team to fulfill this grand mission. So far in 2020, Spocket has hired 20 people and is on track to increase to another 10-20 people by the end of this year.
Revenue Model
Spocket is purely a SaaS company, in that they only charge subscription fees to their retailers and pass on no additional fees to their suppliers. Retailers pay Spocket a monthly subscription fee for use of the platform. The pricing is tiered and depends upon the features the retailer selects.
Details
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