Today, we meet Charlie, founder and CEO of MangooID, who shares with us his vision of retail, e-commerce and entrepreneurship.
What’s the mangooID concept ?
mangooID provides retailers with a solution that allows them to identify their customers in store, and interact with them right after their purchase via a dematerialized receipt. Receipts are sent via e-mail and are met with a quite good appreciation as they facilitate exchanges, returns, guarantees and also save paper. Those emails have a 60% reading rate, which allows retailers to offer their clients more than just a receipt: the possibility to express their satisfaction regarding their in-store experience and the purchased products, as well as proposing relevant recommendations. Thanks to our solution, our clients (retailers) have a simple tool to identify their customers, manage their teams (customer reviews), make it up to disappointed clients, generate traffic on their website (recommendations), and boost conversion rates (product reviews).
Tell us about you, and how you got here.
I am an engineer, even though I’m not exactly keen on technique. After I graduated from CentraleSupélec, I worked as a consultant for 5 years before deciding to jump into the entrepreneurial adventure. The first step towards working for yourself and being on your own is quite difficult, it’s a very quickly acquired taste! I had wanted to start my own company for a while, and when the opportunity to work with my uncle on this project presented itself, I took it. He knew the market, and I knew how to manage projects.
How did you come up with the idea ?
My partner and I gave a lot of thought to the issues surrounding client identification in brick-and-mortar stores. We came to a pretty simple statement: 100% of online sales come through an email address, which gives companies a certain power over the use of data collected this way. Why is it that physical retailers can’t do the same ? We wanted to make that possible.Through iteration, we realized that e-receipts were the way to do it.
Which advice regarding CRM would you have ?
I have three pieces of advice for my retailer friends:
– To collect as much information as they can ! Knowing clients is the best way to always remain one step ahead of and fulfil their needs. Some data might seem useless today, but tomorrow’s technologies might allow us to interpret and use this data.
– To respect current regulations. From May 2018 on, because of the EU General Data Protection Regulation, non-conformity might be severely punished. It is then really important to respect the letter of the law. Beyond the legal aspects, respecting our customers’ private information also means respecting our customers themselves.
– To use MangooID, which will allow them to follow my first two recommendations!
What is your vision for MangooID?
MangooID allows retailers to link online sales and sales in brick-and-mortar shops. Our solution is the first move towards a broader strategy. Mangoo ID wants to be the must-use meeting point that extends the boundaries of the shopping experience beyond the shop itself. What we want is to offer customers a unique, brand-coherent and personalized experience so well-adjusted that they want to go back in the shops as soon as they can.
According to you, what do you think are the biggest challenges when starting with BtoB?
To earn the first euro! Launching an innovative product also implies finding or creating a market for the product. The first euro earned from the product is the sign that the solution offered is heading toward the right direction. During the research step, it is crucial to have a clear thinking by considering the feedbacks you get about the solution proposed. Be aware that not all of them are good to integrate, but that it is important to make sure not to be too stubborn!
Do you have an entrepreneurship nightmare to share with us ?
One meeting with a big retailer. We thought we had a hint with the company. What a surprise when we sat there with the entire technical staff asking for information regarding the architecture of our solution, only to replicate it in-house.
What does this year of incubation at look forward mean to you?
The recognition from a well-known company within the industry! From a marketing standpoint, the consequence is simple: our clients trust us much more easily.
We hope you enjoyed our time with Charlie and his opinions on CRM, and in-store/on-line retention techniques!