December 2022 Update

Introduction

As we wind down 2022, we like to look back at the many milestones Krepling passed and what lies ahead heading into the new year: by year-end, we serve merchants across every continent, yielding close to $600k in annual recurring revenue.

We're very excited about what lies ahead for Krepling, and I wanted to share our key goals heading into 2023, which will arguably be the biggest 'tell or die' year for many tech and commerce enablement companies.

Focus on the long-term

Our management approach has and always will be centered on long-term considerations and may involve making decisions and trade-offs that differ from those of other companies. We will prioritize our merchants and make investment decisions with a focus on long-term market leadership in the commerce enablement space rather than short-term profitability.

We will continue to assess the effectiveness of our sales channels and customer retention metrics using key KPIs and will make continued adjustments with the long-term in mind.

Obsessing over our merchants (customers)

From the beginning, our focus has always been on offering the average merchant incredible value.

We were faced with the early challenge of figuring out the design of the e-commerce automation and integration infrastructure. We spent time working with merchants, brainstorming and developing ideas for what this system could look like. However, there were no existing models or examples to follow - even the current enablement platforms were not helpful in understanding how to build the necessary infrastructure. It was a completely new concept, similar to the first cloud data platforms, CRMs, or PSPs.

It turned out that a modern commerce platform needed three component parts: integrations, workflows, and a visual builder to bring it all together.

You should be able to build, extend, and adapt integrations to fit your stack and use cases. Together, this can connect the "arms and legs" of a merchant's e-commerce ecosystem.

But, you need a way to define logic across your purchasing channels in an intuitive way. It needs a brain.

A visual 'workflow' builder makes it easier for anyone to define their purchasing logics, like building inventory, fraud or shipping rules, routing best-performing payment gateways in each geographic region, or defining fallback strategies to reduce abandoned carts or capture more revenue

Krepling's workflows stretch way beyond "traditional" concepts of e-commerce too. Managing taxes, discounts, Slack messages, order fulfillment, data warehousing, restocking, trigger messages of emails, SMS, carrier pigeons, etc.

But to realize all this logic in e-commerce, the merchant needs to be able to bring it into their customer-facing commerce experience - that's Krepling's visual builder.

A merchant's customers see one, clean, standard shopping experience (on the web, mobile, or wherever) which adapts to them according to the workflows and integrations the merchant enabled behind the scenes. And merchants have one simple, future-proofed commerce platform.

Of course, Krepling needed to be beautiful, frictionless, and entirely no-code friendly. - and, most importantly, it needed to connect and present actionable data and results across the merchant's entire e-commerce stack. We believe a platform like this can deliver incredible value.

Now e-commerce is evolving at an ever-faster pace. New trends in how we shop, pay, and deliver our items are stacking up, adapting across different countries, cultures, and generations. We will continue to put merchants at the heart of this ever-evolving space, allowing them to adapt faster and compete at a higher level.

Conclusion

We are still in the early stages of learning how to bring merchants superior value once they decide to use Krepling. Our goal remains to continue to solidify and extend our platform and merchant base. We now know far more about how merchants are adapting their e-commerce infrastructure than we did when starting Krepling.

With integrations, workflows, and a visual frontend builder, commerce automation becomes a merchant's underlying commerce infrastructure through Krepling. It is radically faster for merchants to integrate, incredibly powerful, completely no-code friendly, and turns e-commerce into a first-class product area across the entire organization.

In 2023, our belief is clear: Customer expectations aren't shrinking. The way we shop is not falling back in time. The e-commerce landscape isn't getting smaller. E-commerce automation - integrations, workflows, and a universal builder - is the only feasible, technical path for merchants to compete and thrive in this new world.

That's how Krepling is solving the biggest problem in e-commerce.

Revenue 🚀

Krepling is now at $49.1k in MRR, pacing 25-35% MoM revenue growth.

Other KPIs 📊

In 2023, we will be adding additional metrics to our investor updates to help keep shareholders informed on how we are performing in relation to the goals outlined above. (i.e focusing on the long-term, obsessing over value to merchants).

We have set internal goals to keep monthly gross churn below 3% consistently, have a minimal churn range in the 1-2%, and consistently keep MRR net retention rates well over 120%.

We believe these are the KPIs that are in the future going to prove Krepling's case for being the 'most important commerce software' revolutionizing areas of merchant operations.

Average monthly gross churn (%) is at 0.90%, Average MRR net retention is at 117%

Burn 🔥

Krepling spent $70,921 during the month of December. We're expecting burn to rise as we begin to look to scale up our internal sales team.

Runway 🛫

We estimate we have 6-8 months of runway given the current cash on hand. We are currently fundraising.

Team Size 👥

Krepling currently has 10 team members (including both co-founders).

Click here to explore openings at Krepling

We are still currently hiring for the following roles:

• Content Lead (Remote)

• VP of Partnerships (Remote)

We are hiring in almost every sector! Feel free to reach out with resumes you feel we should be taking a look at.

Product Update ⚙️

The current development status of V0.1.0 of the product (titled 'Core Release') is at 80%

Sprint 19: From 09/11 to 06/01 - Delayed

• Investigation about performance issues and start to improve performance for the dashboard builder

• Ensure creating and deploying new stores is more smooth (It will not be completed on this sprint)

• Split the checkout and delivery address into separate components according to workflows

Asks and Discussions 🗣

There are no asks or discussions this month.

Reach out 👋

My email: [email protected]

If you would like to quickly catch up let's schedule 15 mins here:

https://calendly.com/liam-je-gerada/krepling

Best, Liam