We offer a service for websites (in a form of a widget) that helps to increase their mobile presence while reducing content abandonment (i.e. shopping cart abandonment). The patent pending cloud technology enables website visitors to seamlessly move from one device to another (i.e. PC to mobile) and continue from the exact place they left off.
According to a Forrester research, 88% of Web buyers say that they have abandoned an online shopping cart without completing a transaction. US retailers E-Commerce sales in 2010 were $152.1B and are expected to grow to $223.9B in 2014. This makes shopping cart abandonment a huge and costly problem. Similar problems exist on other streaming websites (video, trading, gaming, etc). Folloyu™ aims to lower the abandonment rates as well as to increase website stickiness and conversion.
Online users are subject to interruptions which require them to disengage from their current online activity. The result in most cases is a complete abandonment of the content they were engaged in.
Folloyu’s patent pending cloud solution enables online users to switch device while remaining in the same activity they were involved with, in a matter of a click. For example, an online shopper can move from his laptop to his mobile while the information, like what page he was on, shopping cart content, and even secured information (e.g. login) is restored and available.
Folloyu™ offers its customers, the website owners (eCommerce, publishers, video, trading, gaming and other content owners) a significant growth in revenues due to the increased amount of time users will spend on their websites (cross-device stickiness).
Source of revenue
We plan to charge our customers according to a monthly subscription plan, based on the amount of traffic a particular website will require. Prices starting at $29 per month for websites with up to 200 Folloyu™ transfers per month.
Go to Market Strategy
Folloyu’s go to market strategy is to begin with eCommerce. Our plan consists of 3 parallel efforts: A) Secure one or more strategic customers that will increase Folloyu™ exposure. B) Develop alliances with key eCommerce echo-system organizations and platforms to help bring credibility and transactions through our service. C) Create a viral environment by adding utilities such as: browsers add-ons, CMS plug-ins and mobile apps, to be downloaded directly from the website and from the respective marketplaces. The Company expects to rely heavily on viral marketing, outbound marketing and strategic alliances.
Folloyu™ was publicly launched in November 2011 and is already deployed in a number of websites in US and Israel.
Currently we are seeking $850,000 funding, which will suffice for 18 months of marketing, sales and R&D completion.
Presently there are some solutions addressing mainly end-users’ in various industries: music listening (fivedetails.com), chatting (trillian.im), video (Vantrix.com) and even Google’s “Chrome to Phone” extension.
We believe that the competition will continue concentrating on the end users, while Folloyu™ will focus on producing a broad, generic and simple to implement B2B solution.
The problem that this solution is aiming to solve represents a huge market (10s of $Bs). Most of the websites can use this service since all suffer from the same problems of content abandonment.
Only now, the technical environment has become ripe for such solution, in the form of the additional mobile devices that are commonly used by more and more people.
We use that abundance of mobile devices to eliminate those moments of inconsistency in users online activity and turn it to revenue on the way.
Finance is needed, mostly for marketing and sales effort. Due to the nature of the solution, it fits any geography on the planet.