PRODUCTS & SERVICES
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).
Our strategy is to create valuable, meaningful partnerships with potential purchasers whilst building a significant users base and MRR. We’ve already built early-stage relationships with potential purchasers.
There are cash-rich businesses that exist in the SaaS marketing sector that would likely purchase us, businesses that operate in the data and analytics space are also likely purchasers.