About
Loystar provides loyalty technology and a point of sale platform that integrates payment processes with loyalty programs for both in-store and online channels with a goal to deliver experiences that drive repeat sales. Merchants can use Loystar for in-store as well as online via a web plug-in we provide for their e-commerce websites. Merchants are able to use the product everyday to manage sales, customer records, track inventory, track payments and run loyalty marketing campaigns to drive repeat sales.
I wanted to use technology to help businesses become more profitable by maximizing the opportunity in customer retention. " During my masters in England, I liked going shopping once in two weeks, but they had a system that would make you go back more often. They were able to retain me as a customer for a long time. " I wanted to find a way to bring that technology and make it accessible to make smaller businesses.
Product and Services
Loystar provides a digital Point of Sale platform that integrates loyalty programs with invoices, receipts, products, customer records and payments. Merchants can use Loystar via the Mobile App for smartphones and tablets, via a computer and as a plug-in integration for their e-commerce websites. Merchants are able to use the product everyday to manage sales, customer records, track inventory and run loyalty campaigns to drive repeat sales.
POS PAYMENT INNOVATION To address the issue of payment failure at the point of sale, we introduce an innovative payment method that leverages existing payment channels, especially USSD to facilitate reliable payments at the Point of Sale.
Market
Our solution can be applied across industries like Retail, Hospitality, financial services and the fast moving consumer goods sectors based on strong demand received from these sectors. The global spend on loyalty management software across the globe is around USD7.5 billion, and expected to double by 2025, growing at a compounded annual growth rate of 15%. Source - https://www.marketsandmarkets.com/Market-Reports/loyalty-management-market-172873907.html
While we position as a global player in this space, Africa still amounts for the smallest fraction of that size, however we have seen that the growth of E-commerce and the wide-scale adoption of smartphones is driving merchant demand for consumer loyalty & reward programs. We estimate our serviceable market size to be worth USD 99 million considering the yearly spend on internet marketing and advertising across these industries in Nigeria.
Marketing and Publicity
To acquire our clients, it`s going to be a mix of product led tactics, network effect and offline strategy. There is an increasing search for solutions in the category we play. We are simply going to position ourselves to capture the demand. We already apply this today and see result. As our product is being used by free users our "Powered by Loystar" badge is subtle way to increase our visibility, capture new leads, and nurture them to close. To complement the product led and network effect strategies, we are going to deploy offline campaigns to greatly increase visibility, build trust and eventually close bigger accounts.
Competition
Globally, we know of companies like AIMIA and Alliance Data. In Africa we have identified ThankUCash actively going after this market. However, across the African terrain, Loystar provides an option that is NOT hardware dependent unlike other solutions in the market. We also are the only option that provide an end-to-end retail POS experience to merchants by integrating inventory management, invoicing and receipts, CRM, payments, accounting and logistics in one interface to deliver a richer experience that incites a loyal buying behaviour.
SWOT Analysis
Strength Omni-channel Strategy International market access Awards and Recognition Partnerships /Support and Collaboration Lean Operation Strong branding
Weaknesses Limitation to replace or migrate from existing Systems Lack of funds to build team and exec ute Subpar customer success strategy due to II
Opportunities Emergence of digitization in business. Enforcement of Cashlite economy Financial Inclusion drive to bank the unbanked merchants. Book keeping Requirement by financial Institution to access Loans products. Growth and advancement of fintech and e-commerce.
Threats International Competition Bad economy Low literacy level of merchants. Fraudulent Actors
Reason For Applying_
To primary reason is to speed up our growth i.e Marketing and Sales. We also need to begin product development for our customer facing solution to create more compelling offers that would increase repeat sales for merchants.Below is a breakdown of how the money will be used in the next 24 months. Marketing $33k/year
Personnel ($72k/year)
Office Space ($7.2k/year)
Software Services $13.8k/year
Operations $4.2k/year
Pro Services $7.2K/year
Misc. (Tax, Benefits) $14k/year
Staff and Management
Loystar was founded by Ayo Dawodu, a highly resourceful technology entrepreneur with a Lean Startup DNA. With experience in software engineering and product development. Udia Umoette is an early investor and supporter of the company. He plays an advisory role and leads our international expansion strategy. Ayo leads a team of staff with background in software engineering, product development, social media and customer service who have gained educational and professional experiences from top institutions and organizations like Lancaster University, UK, Kingston University, Uk, Covenant University, MEST, Founders Institute and Andela.
Together, the Loystar team is passionate and committed to building a world class product that would create value for it`s clients and other stakeholders alike.
Notes
Loystar provides a loyalty & retail platform that integrates a point of sale system with loyalty technology and payments for both in-store and online transactions with a goal to deliver experiences that drive repeat sales. Businesses, brands, SMEs, can use Loystar to track sales via multiple channels, including online and offline. Online merchants can use the product via a web plug-in we provide for their e-commerce websites. Consumer Brands can also utilize the platform to reward customers.
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