This may appear to be a list of the most successful retail brands in Australia. I hate shock you, but in actual fact each of these companies are in pretty serious financial trouble, and its representative of a global retail meltdown. The first 3 brands on this list have suffered a 40% drop in profit in a single year. Myer CEO, Bernie Brookes, recently described the retail market as a “tale of woes”. The main factor driving this crisis is... Rampant discounting is killing retail. This has been widely reported including a whitepaper from KPMG... Let’s now jump to a more positive story with gamification. An emerging technology which applies game mechanics to non-game based activities. A growing trend showing significant potential across a range of sectors. Gartner forecasts most big companies will be using it in the next couple of years. A number of innovative brands have experimented with gamification with very strong results. Wynbox is gamifying retail to make shopping more exciting in order to drive sales without discounting... And help reverse this worrying trend in a market where online retail is worth more than $1T globally?
Let’s imagine you’re about to buy something cool online, like this mini speaker for your iPhone. Now instead of just clicking the boring old “Buy” button, Wynbox adds a bit of excitement so you can instead click the “Buy-to-Win” button which means that once you committed to the purchase, you instantly find out if you win it for free. Unlike most competitions, the chance of winning are actually seriously good, like a 1 in 4 chance to win it free! It’s also transparent, so if you buy up the odds, for example 4 items here, then you’re guaranteed to win one. Innovation – Why are you different? What is your secret sauce. Originality. X Factor. More? Why it solves the problem Screen shot or product picture – or – only if it is really good – a demo video. You almost certainly will NOT have time to do a demo but showing a step 1 2 3 slide can help
If we plot out the existing sales promotion methods, you can see that most of them sit in the bottom half because they’ve been around for a while and it’s difficult for retailers to offer something unique to their customers. Buy-to-Win sits high and right in the graph because winning cool stuff for free is a compelling proposition for customers and it allows retailers to offer something unique in the market to cut through the clutter of other marketing activity.
We’ve built the core technology in the cloud as a SaaS offering. We initially built our own online store selling direct to consumers under the Wyngle brand to test the concept and validate our assumptions. Following on from the successful results, we launched the SaaS model late last year under the Wynbox brand which integrates into shopping carts for brands to offer to their customers. This includes brands such as Rydges who we’re live with and others such as Dick Smith, David Jones and Pizza Hut who we’re in progressed discussions with. Next we’ll be releasing a facebook shopping app which allows the brands to run Buy-to-Win deals on their facebook pages which will simplify the integration and provide a rapid distribution channel.
We’ve got a really solid team with the right skills and experience to take this concept to the world. We’re very passionate about the concept and its global potential. We’ve also been very lucky to have the support of some key industry leaders who have been generous with their time, providing invaluable advice.
We went live with our first major client last month - Rydges Hotels. They ran a 1 in 5 free rooms campaign for their new Sydney Airport hotel. There were two main metrics we looked at - page conversion rate (which they normally get at around 5-7% for their other promotions) and sales up-lift, which they were expecting to see between 10% and 20% growth. We absolutely smashed it out of the ball park - roughly doubling their conversion rate and delivering 125% sales up-lift compared to their other channels. It went so well that they couldn’t turn it off and have extended the campaign to get more booking in.We generated $60k in revenue last year and almost surpassed that in the last month with $45k from a single Rydges hotel - they’re now looking to roll it our across all 50 hotels and into Events Cinemas for movie tickets, which is part of the same group, AHL. Traction – Data. Surveys. Profit. Signups. Evidence of Execution. Traffic. Customer interest. Adoption. Revenue. Some or all the above. More? Testimonials Differentiators!
We have a clear defensibility strategy covering a range of key areas. IP B2B Technology Integration partners Compliance Knowledge Market size Brand Defensible – Why will you stay ahead and not be de-throned. Intellectual Property – IP. Community. Marketplace Liquidity. First mover. More?
As we know, each category is typically led by a dominant player, becoming ubiquitous within their sector. We believe our first mover advantage and speed to market will allow Wynbox to become synonymous with Ratio Buying which will defend our leading position and create another barrier to entry.
In Summary, Wynbox ticks all the boxes and is set to become a seriously disruptive technology in the struggling retail space.
Wynbox presentation syd start - may 2013
Gamification is a solutionDiscounting is killing retailPROBLEM“Gamification will be used by 70%of the global 2000 by 2015” -Gartner 2011“The current retail culture ofconstant discounting... isunsustainable and likely to lead toincreasing numbers ofinsolvencies.” - KPMG 2012