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QuickReply.ai

Plug-n-Play Conversational Commerce for Online Stores

India, Haryana
Market: Internet and IT, Artificial Intelligence
Stage of the project: Prototype or product is ready

Date of last change: 01.11.2020
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Idea

QuickReply.ai is a Plug-n-Play Conversational Commerce Platform for online stores. Within seconds, QuickReply syncs store’s data of products, customers, and orders. With its Pre-trained bots over 40+ use-cases on abandoned carts, order status, refunds, etc, it proactively engages customers over multiple channels in an interactive way - boosting sales and improving customer service.

Current Status

QuickReply.ai is a pivot on our chatbot startup IntelliTicks which has about 120+ paying customers generating an ARR of $100,000.

QuickReply.ai was launched into closed beta in August. It has a total of 11 active online stores - of which 6 are paying. Currently, we have an MRR of $900. Here are our revenues from the last 3 months
Aug - $500
Sep - $600
Oct - $900

Market

Our target customers are the merchants who are running their online stores on Ecommerce Platforms such as Shopify, WooCommerce, Magento, Big-Commerce, etc.

Problem or Opportunity

Customers of Online Stores reach out to brands over multiple channels such as email, website chat, Messenger, Instagram, WhatsApp, etc. They usually expect a quicker response as they would experience with biggies like Amazon, Alibaba, etc. Managing these interactions is a pain for most of these online stores. QuickReply.ai helps Online Stores to manage and automate these customer interactions using AI - with just a few clicks (no coding required). It also leverages the customer's preferred channels to upsell, resell, and to recover abandoned cart. We already have 6 paying clients with an average MRR of $150 per client. We have a pipeline of another 15 stores for the next month.

Solution (product or service)

It's a Plug-n-Play Conversational Commerce Platform. Unlike other solutions that are generic and require weeks of setup, it's ready for use. It comes pre-trained over 40+ e-commerce use cases and can start addressing up to 70% of customer interactions in minutes. Any merchant can start using it without the need of any tech team. In Agent Dashboard, Support reps get all the customer interactions and their order information within the same view. They don't have to open multiple tabs to seek information.

Competitors

We have 2 sets of competitors
1. Ecommerce Dedicated Solutions - such as Gorgias, Jumper.io
2. Customized Chatbot Solution Providers - such as Yellow Messenger, Haptik, Verloop.

We might find more competition from Set 1 as they have closer solutions and the same target market.

Advantages or differentiators

QuickReply.ai is a plug-n-play conversational commerce platform. Unlike other solutions that are generic in nature and require weeks of setup, it's ready for use in minutes. It comes pre-trained with 40+ e-commerce use cases. This pre-training is powered by a common AI module - which is continuously improved by feeding in data collected from all our customers and gets better with time.

These are the substitutes people use
1. Basic chatbots, which only collect contact info and query and pass it to human agents.
2. Customized Chatbot Solutions, which solves most of the problems but very expensive to start with, takes weeks of setup, and requires regular maintenance & tuning.

Most of these substitutes are generic and do not integrate well with the ecommerce stack the way QuickReply.ai does.

Finance

We have a subscription-based pricing model targeting an average of $100/month/customer. Since there are around 2M active online stores which are active and selling things online (Semantics3 report), these could be the outcome.1. Best Case Scenario - 30% Market Share - $600 Million ARR2. Average Case Scenario - 5% Market Share - $100 Million ARR3. Worst Case Scenario - 1% Market Share - $20 Million ARR. Furthermore, ecommerce is expected to grow at around a CAGR of 20% which would further increase the projections.

Business model

We will be acquiring customers through these channels
(1) The Freemium model - The free plan (having unlimited, but manual usage) will get us quick installations. Our branding on these stores will help us acquire more users. Eventually, a fraction of them would upgrade.
(2) Via Partnerships with IT companies/ Agencies that help merchants set up their online stores.
(3) Via Online Education Series including webinars, podcasts, youtube channels on tips and tricks to grow an ecommerce business. This will help us build a network of merchants whom we can target. 

Money will be spent on

- Revamping Product
- Finding the right Product Market Fit
- Marketing
- Integrations with Ecommerce Tools

Offer for investor

We are offering 10% equity or convertible notes for a 0.5 Million USD seed round.

Team or Management

Incubation/Acceleration programs accomplishment

N/A

Won the competition and other awards

We are proud to be chosen as one of the Target Accelerators - 20 India's Top Retail SAAS Startups, 2020.

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
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Product Video