2020 was undoubtedly an unprecedented year for most, if not all businesses. It was one filled with uncertainty, trepidation, trials and tribulations. AImazing was no exception - we faced countless obstacles, setbacks and failures. Looking back, it was truly a year of firsts for a startup, in which we took away valuable lessons and grew as a company.
We kick-started 2020 with our data analytics solution to enable our merchants to better understand their customers. Upon the unforeseen lockdown in April, we recognised that customer retention was an impending problem our merchants would face. In order to help businesses tide through this uncertain time, we knew that we had to come up with a solution for them fast.
After speaking to our merchants to understand their concerns better, the idea of a cashback solution was born. Unlike previously, where we served mainly corporate clients like shopping malls, we pivoted our solution to help F&B and retail merchants – whom we felt were hit the hardest by the lockdown. By taking this leap of faith, we hoped that our corporate clients and F&B/ retail merchants would mutually benefit from each other’s growth.
Our CEO, Jun Ting, at an interview earlier this year
Product brainstorming and conceptualisation officially began in May 2020. The product was 85% completed within a week and fully functional by the end of the month. In that same month, we had our first merchant sign up. We distinguished ourselves from other cashback loyalty programs available, by giving our merchants the autonomy of customising their loyalty program or marketing campaigns based on their needs. For instance, allowing merchants to blacklist specific SKUs, such as Happy Hour promotions from the cashback system, instead of the total receipt amount.
Our Messenger-integrated reminder system also allows merchants to send out personalised messages to their customers, allowing them to maintain seamless online communication. After rounds of research, tests and modifications, we managed to achieve product-market fit just 4 months after the start of our ideation phase.
Our AImazing plug-and-play device
The cashback programme was rolled out in June. Along with signing big names such as Morganfield’s, Dian Xiao Er and Chun Yang Tea, we also made major breakthroughs with our collaborations. In 2020 we're pleased to announce that, over 1,000 devices have been installed and we have helped our merchants attain a return on investment (ROI) of up to 16.07%, more than 2,000 reachable customers and a customer return rate of more than 52%.
Ending off with a quote from our CEO, Jun Ting, “Success is not about how good you are, it is measured by how many people are better off because you lived.” We remain committed to hearing our merchants out and helping them achieve their full potential with our solutions. Looking ahead, we look forward to securing more exciting partnerships and helping more merchants with our solutions. To support these efforts, we are looking to double down on our in-house capabilities while upkeeping our efforts to better serve our merchants. With that said, we are ready for more purposeful projects in 2021, and have some exciting news to share in the coming months!
Want to find out more about our solution and how you can bring more sales back to your store? Reach us here!