on Sep 22 2013
We launched ~4 months ago
The $11 Billion food gifting market is highly fragmented right now. Customers tend to know one merchant that they really like, but don't have a place where they can find other merchants of similar quality. By providing a curated list of the best merchants and an excellent user experience we think we can own a significant portion of the market. Omaha steaks is $500 million business and Harry and David is $200 million business. We think we can be bigger than both of them.
We aren't just selling food gifts, we are selling experiences. Food is one of the most emotional gifts you can give. Each of our items has a unique story to tell about a culture and a place. We are experts at telling the stories of each of our merchants and items. Kickstarter has shown us how a captivating story can motivate people to donate to or pre-buy creative projects, we are bringing a similar experience to food. Most people already have most of the crap they need. They best gifts are experiences, and that's what we focus on providing everyday.
Initially we are only working with merchants that already have a reliable fulfillment process in place. There are enough of these merchants out there for us to grow for at least the next year. In the future we plan to help new merchants set up quality fulfillment processes. All of this is coupled with Zappos-like focus on customer service. Everyone on our team fields customer service calls so we all know exactly what our customers are asking for.
We have seen early success with press and social media. Our content lends itself well to both. We just partnered with Facebook Gifts, so millions of their users will now have the opportunity to send Goldbely food gifts to friends. In the future plan to focus more on media partnerships, event planners and corporate gifters.
Our prices range based on product and where/how quickly it ships. some items are very affordable, some are more of a luxury item. In general our prices are comprable to a nice bouquet of flowers ordered online. Some items are expensive because we only offer the best dishes and they often need to be shipped overnight or by 2 day delivery. Customers tend to be less price sensitive when they are buying gifts but we offer a range of products that also appeal to customers with a smaller budget.
Our average margins range based on the product anywhere from 20-50%
50% of our customers have ordered multiple times
Not capturing the market fast enough. There is a clearly unmet need here and moving quickly to establish a meaningful brand will be important for us to capitalize on the opportunity. If we can capture a large customer base quickly, we will be able to drive more sales to our merchant partners, and reduce the risk of any potential competitors making a run at us.
We want to be the brand that people instantly think of when they think of food gifts. Millions of people will discover amazing food that they never knew existed, our gifts will improve our customers relationships, and the world will be a tastier place.
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