- Krepling Investor Updates
- Posts
- November 2023 Update
Introduction
In November, most of the company’s focus was in management of our most busiest week of the year: BFCM. This year, Krepling has witnessed record-breaking sales on our platform. A remarkable number of 521 merchants participated in BFCM-related offers, with sales data spanning over 122 countries. This surge in participation and global reach has translated into significant growth in overall merchant GMV. We saw a 493% increase in new merchant GMV and a 192% increase in existing merchants' GMV compared to last year. Furthermore, the average cart price reached $283.02 on a constant currency basis across all Krepling merchants.
A noteworthy trend emerged during this period: over 32% of sales on Krepling were from eco-friendly and sustainable products. This shift not only underscores a significant change in consumer preferences towards environmentally conscious shopping but also aligns with the contemporary narratives in sustainability and responsible commerce on our platform.
Our analysis reveals that mid-market brands, with GMVs between $8M-$15M, utilizing Krepling's workflows, experienced an impressive 284% average increase in customer engagement. This metric, indicative of customers spending more time browsing the stores, alongside a 138% increase in net sales, highlights the effectiveness of our behavior-based workflows. These workflows, focusing on customer preferences, suggest products based on individual behavior, significantly enhancing the shopping experience.
The top two workflows utilized on Krepling were those targeting customer segmentation. For instance, if a customer selected a jacket from the men's category and browsed long sleeve shirts, our workflows recommended products solely from the winter catalog.
Additionally, merchants employing shipping-based workflows witnessed a substantial reduction in global shipping times, averaging a decrease of 24% during BFCM. This efficiency has not only enhanced customer satisfaction but also significantly contributed to a 20% increase in sales from repeat customers, underscoring Krepling's effectiveness in customer retention and loyalty programs.
We also observed a 15% jump in cross-border sales, showcasing our platform’s seamless international commerce capabilities and its growing appeal to global shoppers.
Looking ahead into the final stretch of the year, our focus is to maintain the newly acquired merchant growth through to the new year. A core objective will be to increase NRR and minimize logo churn, especially among merchants acquired between October and November, a period previously identified as having a significant uptick in net churn.
For the first time this year, Krepling will also be issuing an Annual Report to all our shareholders. This report will accompany next month's newsletter.
The purpose of this Annual Report is to provide our shareholders with a comprehensive overview of our performance over the past year. We understand that tracking the progress and growth of the company through monthly newsletters can sometimes be challenging. Therefore, this report is designed to serve as a reliable reference that consolidates all the essential information in one place.
By comparing the data and insights from this report with those of previous years, you will gain a clearer and more structured understanding of our trajectory going forward into 2024.
Revenue 🚀
Krepling is now at $189.3k in MRR, pacing 10-15% MoM revenue growth.
Other KPIs 📊
Average monthly gross churn (%) is at 1.1%, Average MRR net retention is at 108%, Average gross margins are at 96%, ARPU is at $3.4k
Burn 🔥
Krepling burnt $44,261 during the month of October.
Runway 🛫
We estimate we have 24-36 months of runway given the current cash on hand.
Team Size 👥
Krepling currently has 10 team members (including both co-founders).
Click here to explore openings at Krepling
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 91%
Asks and Discussions 🗣
We recently transferred our Investor newsletter list to a new internal CRM system due to the limitation of the number of subscribers we could have on our previous plan. During this process, we identified a potential issue where some subscribers might not have received our updates via email.
To ensure you have access to all pertinent information, I am providing direct links to the last two updates below. Additionally, for your convenience, we have included a link to the newsletter website where you can find all our previous updates from past months.
If you encounter any difficulties in accessing these links or have any other concerns, please do not hesitate to reach out to me directly via email or phone.
Thank you for your understanding and continued support.
Reach out 👋
My email: [email protected]
If you would like to quickly catch up let's schedule 15 mins here:
Best, Liam