This funding round has closed
Analytics to improve online checkouts for e-commerce websites
110% of minimum goal raised
Minimum Target £ 400,000 |
Minimum investment amount £ 5,000 |
Maximum Target £ 499,999 |
Maximum investment amount £ 300,000 |
Online checkout and form abandonment is costing retailers $billions in lost sales [Source: BusinessInsider]. Formisimo is an analytics platform that measures user behaviour in online checkouts and forms, and shows companies what they need to change in order to increase sales. Trading began in 2014, and Formisimo is now used by companies like Experian, Shop Direct, Secret Escapes, Arsenal, and Starcom MediaVest. There have been 1,800 signups in over 100 countries with the company targeting the UK and Europe.
Formisimo is a cloud based analytics platform that works "out of the box" with almost every type of online form and checkout - installation takes just 60 seconds and a website developer is not required. User behaviour in the online checkout/form is measured by Formisimo, and our reports pin-point the issues customers have that don't complete the process. Our reports have been created to drive website changes, and changes that lead to increase sales. Formisimo has grown revenues MoM (£13.5k MRR at the end of July) and is the only credible solution in the marketplace and it delivers more data and insight than any related product.
E-commerce websites are struggling with shopping abandonment, with an average of 71% of online shoppers not completing their purchase in 2013. This has risen from 60% in 2006. [Source: Business Insider]. The online checkout acts as a barrier to customers wanting to buy - they're complicated, frustrating and badly designed. E-commerce businesses know that their checkout process could be better, but they don't know what to improve. Current analytical tools are focused on pages and visitors rather than offering deep insight into how website users engage with the online checkout or online forms.
The company is currently utilizing three channels of revenue, which are split in to Enterprise, SME and Agency.
1. Enterprise plans start at £1,000 per month
2. SME's from £39/month
3. Agencies from £199
The average income per customer is £119/month, however legacy customers from the early stages of the business move that average down significantly. The expected lifetime value of the current product (based on 12 months of data) ranges from £2,611 for SME (lifetime of 29 months) to £55,000+ for Enterprise (Average lifetime of 66 months).
Formisimo is a cloud based analytics platform that works "out of the box" with almost every type of online form and checkout - installation takes just 60 seconds and a website developer is not required. User behaviour in the online checkout/form is measured by Formisimo, and our reports pin-point the issues customers have that don't complete the process. Our reports have been created to drive website changes, and changes that lead to increase sales. Formisimo has grown revenues MoM (£13.5k MRR at the end of July) and is the only credible solution in the marketplace and it delivers more data and insight than any related product.
E-commerce websites are struggling with shopping abandonment, with an average of 71% of online shoppers not completing their purchase in 2013. This has risen from 60% in 2006. [Source: Business Insider]. The online checkout acts as a barrier to customers wanting to buy - they're complicated, frustrating and badly designed. E-commerce businesses know that their checkout process could be better, but they don't know what to improve. Current analytical tools are focused on pages and visitors rather than offering deep insight into how website users engage with the online checkout or online forms.
The company is currently utilizing three channels of revenue, which are split in to Enterprise, SME and Agency.
1. Enterprise plans start at £1,000 per month
2. SME's from £39/month
3. Agencies from £199
The average income per customer is £119/month, however legacy customers from the early stages of the business move that average down significantly. The expected lifetime value of the current product (based on 12 months of data) ranges from £2,611 for SME (lifetime of 29 months) to £55,000+ for Enterprise (Average lifetime of 66 months).