SkipQ describes itself as a journey retail market that connects airport retailers and passengers through its app.
What’s your 30-second pitch to traders?
SkipQ is a deep tech, journey retail, cellular app the place airport distributors and providers all over the world are merged on a single platform. We’re a worldwide, journey retail market.
Describe each the enterprise and know-how points of your startup.
At SkipQ, know-how is important to our firm’s success. With AI, on-line human habits prediction, understanding when, why and for what worth, we work arduous to find out when a buyer/passenger is prepared to hit the “Purchase” or “Buy” button. Such knowledge offers our suppliers great information of understanding the main points of when, what frequency and what amount of providers and merchandise may be offered.
SkipQ positions itself as a direct hyperlink between airport journey retail retailers/providers and the shoppers/passengers. On one aspect, we assist our enterprise companions achieve publicity of their merchandise regardless of the place the particular person is flying from and touring to.
At the identical time, we provide our prospects the flexibility to keep away from frustration at airports, with choices for advance purchases of desired merchandise via SkipQ. We’re additionally proud that our app will supply communication within the native language of customers.
Give us your SWOT (Strengths, Weaknesses, Alternatives, Threats) evaluation of the corporate.
Beginning with threats, we see it within the extent of the mission. From our analysis, we’ve not discovered anybody that has ever tried to do one thing like SkipQ. This may be seen as a risk as a result of there are such a lot of unknowns; be it from know-how, to partnerships, to easily working such a enterprise.
Nevertheless, on the flip aspect, this presents an amazing alternative. To be the primary to drive such a undertaking efficiently is a once-in-a-lifetime alternative.
Every year tens and 1000’s of hundreds of thousands journey by aircraft. We’re not seeking to get all these vacationers onboard; we’re capturing for 1%. That’s sufficient for us. Being humble and understanding that not every little thing belongs to us, along with our skilled and worldwide core group is an amazing energy. And identical to earlier than, the opposite aspect of this assertion is our weak point; we’re skilled however not skilled sufficient. Going world means we’re coping with completely different cultures, folks and habits. This studying curve is our weak point, however we really feel it is simply corrected by our dedication and dedication to pay attention, be taught and be inclusive.
What are the journey ache factors you are attempting to alleviate from each the shopper and the trade perspective?
Research have proven that persons are typically confronted with the next challenges when making an attempt to buy at airports: not sufficient time, lengthy queues, issues are too costly, can’t discover the shop/merchandise, unhelpful employees and poor signage. Having a cellular app with discounted costs tackles these subjects proper off the bat. You’ll be able to pre-order upfront, keep away from lengthy queues and easily choose up and go.
Discounted costs supply folks extra probabilities to spend their cash as a result of it makes objects extra inexpensive. UX/UI addresses the challenges of poor signage, finding merchandise and unhelpful employees. The trade experiences challenges of window customers, folks speeding/passing by, merchandise staying on cabinets and difficult in-person conditions. SkipQ presents the trade, airport distributors and shops one other venue, one other channel of visibility, to draw and promote their merchandise to folks worldwide. SkipQ offers them with a platform for promoting and a capability to know upfront how a lot merchandise is being offered, even earlier than somebody steps into the airport.
So you have bought the product, now how will you get plenty of prospects?
Buyer acquisition at SkipQ is occurring via journey entities similar to OTAs, bricks and mortar journey corporations, large consolidators, wholesalers and different journey company entities.
Inform us what course of you’ve gone via to ascertain a real want to your firm and the dimensions of the addressable market.
The thought got here when as a frequent traveler, passing via airports of all sizes, I typically skilled lengthy queues and/or lack of time to browse and store round. I had an thought for an answer – a single platform. This thought was quickly supported by studying official research, significantly these carried out yearly at greater than 300 worldwide airports all over the world.
Diving deeper within the airport setup, I typically found similarities whatever the continent. Moreover, once I journey internationally, like so many different vacationers, I fairly often have a minimum of one cease. At a minimal, this implies I’ve to obtain three completely different airport apps (departure, stopover and arrival airport). I felt this didn’t make any sense. I knew there needed to be a greater answer and SkipQ was shaped.
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As talked about, the market share we wish to seize is 1%. Within the U.S. solely 20% of passengers who journey by air determine to spend cash at airports. The typical quantity they spent is round $140. In 2019, there was virtually 1 billion passengers within the U.S. Because of this 80% of individuals don’t spend any cash in any respect. Right now, we take 1% of these 80%, multiply by $140 (for the U.S. solely) and we’re blissful. Tomorrow, we sort out the remainder of the world.
How and when will you earn money?
We have now a commission-based mannequin the place for every offered merchandise via our app, SkipQ receives a share. We’ll begin earning money after we promote our first product.
What are the backgrounds and former achievements of the founding group?
The founding members have been a part of earlier profitable startups, had enterprise exits, have been a part of a core group bringing an organization on to NASDAQ and maintain high-level positions in world corporations.
How have you ever addressed range and inclusion with what you are promoting?
Completely. Variety is a given with all co-founders. Our group features a feminine and male from India, a male from the U.Ok. residing in Canada, and a Slovenian male residing within the U.S.
Inside the first full yr of being stay, SkipQ’s plans are to include into its platform “add-ons” for folks with disabilities. We are going to companion (the place obtainable) with companies, which can convey merchandise to folks whereas they’re ready at airports.
And sooner or later as we develop, hiring and bringing onboard good and dedicated people who symbolize folks from all ethnic, social, financial, age and gender figuring out backgrounds is anticipated. That is inherent in SkipQ’s management, and we consider it’s one of the simplest ways to create a constructive and impactful distinction at work, throughout the trade and in our world neighbourhood.
What’s been probably the most troublesome a part of founding the enterprise up to now?
I consider there are two difficult elements when beginning an organization. First was speaking with potential enterprise companions, which we wanted for operational causes. For instance, coping with world service provider processors and secondly, potential enterprise companions for our stock.
Just lately, I learn an article about how a serious duty-free chain misplaced greater than $38 billion of potential gross sales as a result of very challenges SkipQ is addressing. Nevertheless, they see SkipQ as a possible risk and are very reluctant a couple of enterprise collaboration. The understanding and comprehension that no single participant in journey retail is ready to seize the whole market is lacking. I want there was extra space for collaboration and an understanding that SkipQ can act as an vital extra income supply.
Usually, journey startups face a reasonably robust time making an impression – so why are you going to be one in all fortunate ones?
We’re not the traditional journey startup. Our area of interest is journey retail on a worldwide scale. We’re providing to attach the components of this monumental puzzle!
A yr from now, what state do you suppose your startup will likely be in?
We consider that SkipQ will likely be experiencing mammoth growth.
What’s your endgame? (Going public, acquisition, rising and staying personal, and so forth.)
The imaginative and prescient is to stay a key stakeholder within the trade as a worldwide trendsetter. As folks adopted the phrase “Google” as a part of their every day vocabulary, maybe whereas touring folks will in the future merely say “I simply SkipQed”.
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