Event: iGlobal Rebrand and New Product Announcement
Date: February 16th, 2018
Speaker: Clint Reid
Well thank you. My name is Clint Reid, I'm the CEO and Founder of iGlobal Stores. And I think today we probably have close to 400 people that are here in Saint George, attending the event. Thank you for being here and for your support. Last I checked I think we had about 1300 people that were registered online to watch this live. To our channel partners, eCommerce platforms, customers and different online retailers that are evaluating us today, I believe this 20 minutes will be well worth it.
You just saw in the opening video a lot of the members of our team. They're good. I mean we're here today because of them. Our sales team, marketing, business development, finance, our engineering team, and our executive team are great. I think combined we have over 100 years of cross border experience. And we need it, cross border is a really difficult thing to tackle.
Really quickly, two things I'll be talking about. One is our new name, and then the other is some industry changing products. So to kind of dive into why is international so difficult for online retailers when they're selling to so many different destinations? One is you have to manage so many different business requirements. And the second is giving a world class experience to the international shopper.
Now before I founded iGlobal Stores I worked at DHL and subsequently at UPS. I fell in love with international eCommerce, soon realized how broken it was because eCommerce platforms are just not built for cross border. That kinda became our motto. The problems that are facing cross border eCommerce are routed in code. It's a technology problem. It's not a logistics problem.
There's other cross border technologies that are out there, but they're built by shippers, aggregators, resellers. What they'll do is they'll couple it all in one solution. It has the global eCommerce technology component to it, their shipping services and their payments. It's an all in one solution, and though they're in control of all of these choices for you, the most important thing that you lose is the ability for your own control ... Let's say you just wanted to add another carrier to your website, your checkout. Or if you wanted to add something as simple as the Post Office, a USPS option. You need to either integrate your website with an entirely new GELP, or build something on your own. And both of those choices are expensive, and neither are the answer.
iGlobal Stores is a SaaS solution, we're a technology solution, we're not a shipper. But our name's been a bit of a challenge. Heck, we even threw a spaceship in there to state we don't do shipping. So there's synonyms in there or matching letters with other GELPs like world, border, international, parcel, ship, web, cart, shop, trade, flow, checkout. And if you combine any of those words you'll probably end up with a GELP. And since we don't do that, since we don't do shipping, as you can imagine this has been a bit confusing.
Before I get to some new product announcements, it's time for a new name.
Zonos. Decoding cross border. And I am so excited about our new brand and name. It allows us to continue to differentiate ourselves in the marketplace, but now it's a little bit easier. The name and the tagline clearly helps outline our mission to decode cross border. It allows us to stand alone in our category as a true partner to logistics providers, payment providers, eCommerce platforms, and most importantly to online retailers that are looking for flexibility and control over their solution for their online web store.
To our channel partners in logistics, we are not here to compete with you. We are here to partner with you. We are not going to aggregate your volume in revenue, we're not here to skim off the top of your logistics, and we won't get between you and your customer. We want to work with you and let you keep the valuable relationship that you have built with your customers. We're here to let all online retailers increase their order volume, easily enable and access your services and ship with you.
Zonos.com will be live later today, and there you'll find over 50 rich pages of documentation for developers, customer service teams, marketing departments. You can learn more about our products that power hundreds of eCommerce websites today, and learn more about the products we're about to announce. But first let's see a quick review of our international checkout, now known as Zonos Checkout. And Zonos Checkout has become the industry standard for a cross border international shopper. It helps to keep and convert your international buyers, and here's why it does just that.
We have some amazing brands and companies that are using the Zonos checkout, and we have plugins available for Shopify, Magento, BigCommerce, Miva, MooCommerce, Volusion, and more. Pricing for Zonos checkout is available at zonos.com, and also for the enterprise and for customers looking to build out their own customer experience in their own checkout, we have RESTful APIs with JSON. These APIs couple the services that you see inside of the Zonos checkout, like localization, item restrictions, denied party screening, international shipping calculations, landed cost, and more.
Now when I talked about the business requirements that a business has to deal with, you really do need an HS code to derive the duty rate of an item. And it can vary by country and by product. HS codes and duty rates are extremely complex for businesses to understand and manage on their own, and it's difficult to get an ROI when you're paying for a classification service. Since eCommerce orders typically comprise a variety of different line items on international orders, it can get really costly to try to classify these items on your own. Let me give you an example.
Look at this cart. Have in here a rucksack, a tent, and a beanie. As you take a closer look at the rucksack, what we've done in the past and really been building out over the past year is the ability to find the right keyword through natural language processing of what's in the cart. In this case we can determine possibly from the description keywords like nylon, water bottle, straps. But it's still missing some information right? But as they say, photos don't lie. Today we're announcing that we're adding product image recognition to determine and classify the item dynamically during the shopping experience.
Let's take a look at this example. It's a rucksack, which is a clever description like a lot of online goods do have a clever description. For customs, when it's clearing, it's a backpack. And this is a nylon backpack. What we're announcing today will be known as Zonos Classify. It's gonna be a classification machine, and Zonos Classify is patent pending, our beta version for six digit classification is available on March 1st for all Zonos checkout customers at no additional cost for the first 10,000 skews. We anticipate classification to the eighth and tenth digit for many of the top export destinations by the fall of this year.
This is amazing. Bet you didn't see that coming. We're only half way through. Not sure if this is the most exciting thing we're gonna announce. To our current customers, we've been listening to your feedback on our backend, and we've made significant improvements. We invested heavily in product and development, adding cutting edge technology to deliver the best possible experience, to manage your Zonos checkout, your international orders, and your account settings. Our engineering team has been working tirelessly over the past nine months, and today app.zonos.com has been rebuilt with speed increases, dashboards, international label creation, and more. You'll love the new app.
Now as I mentioned earlier, talking about APIs and decoupling some components of the checkout. Sometimes online retailers are only looking to add that landed cost because of some type of business partner that might restrict them, but it's really only been available for those online retailers that have the developers and the ability to build this on their own in a custom platform.
For example, for a online retailer that's on Shopify, the only option that they have is to tie into the Zonos checkout. Today we're announcing landed cost for the Shopify checkout. Now our landed cost for the Shopify checkout, which works inside of your Shopify checkout, is available inside of the app store. It's the only app, public app, it's the only public app on the Shopify app store that calculates duty and tax for your shipping provider. Now you can surface any shipping carrier with the duty and tax inside of your Shopify checkout. You can go to the Shopify app store today to download it and look forward to it. We've already had some customers beta testing it, it's going great.
It's unreal how fast cross border eCommerce is growing, especially when you consider the experience of the international shopper. I mean picture being in their shoes. They don't live in the US, they probably bought from a US retailer before and had a really terrible experience, but they must want something pretty bad to be on a US website looking at your product. Then as they start to look at the items that they're excited to buy, the apprehension starts to build because they don't know how much the duty and tax is going to be, they don't know what it is in their currency, and they may even be unfamiliar with their own import laws. Then its a good possibility they don't speak your language.
Now imagine it for the online retailer, the US business. Now they got a localize their eCommerce platform, and that's super difficult. We support 220 different countries with different shipping calculations. 175 with local currency. 150 with landed cost and 18 different languages across 152 different countries. Setting expectations for international customers during the shopping experience is near impossible with eCommerce platforms today, and it's extremely costly to build this on your own. The question for the online retailer is, how many of these customers do you lose before they even start?
Today we're announcing something new, something for the shopping experience for any eCommerce platform, and this is Zonos Hello. Let me walk you through how Zonos Hello will assist a shopper, an international buyer, during the shopping experience.
It's a geo IP information chip that's translated to provide information as the person's shopping. As we take a look at an example in Germany, and it says hallo, which is hello in German. Now when the buyer first arrives Zonos Hello is on the website, and when the buyer first gets this information on buying into Germany it'll be translated. It will tell them how much they can spend in euros before they incur any duty. It'll tell them how much they can spend total before they incur any VAT. Inform about possible laws and regulations they need to worry about going into their country.
It's not just this, it really is the power that comes from Zonos Hello is its ability during the shopping experience to continue to inform the buyer of what's happening. And as I move on here, we go to add an item, a shirt, to the cart, if you look closer it's telling the buyer you can expect, and we're estimating for them that it's gonna be 48.74 in euros and duty and tax. They know this already by the time they're looking at the item. If they click on it they can look more closely and see the detail on how much the VAT's going to be, how much the duty is going to be, and in this case it's zero because we tell them that this item is actually 148.91 euros, for the actual shirt. And that's under the 150 number. They'll have no duty on it and they'll know it through Zonos Hello.
Zonos Hello is available in the US for online retailers, and it's soon to be available for online retailers in Canada, Australia, Europe and Asia Pacific. We're really excited about the possibilities with Zonos Hello.
It's amazing how far our team has taken us, and our far we have to go. It's also amazing to have everybody here that's supported us, so thank you very much. And to our channel partners that have trusted us with their customers, specifically a call out to UPS and their amazing sales team, thank you for seeing the vision, thank you for the acceptance into the UPS ready NCTP program. We will continue to offer discounts to any UPS shipper that uses UPS and enrolls through the UPS ready NCTP program. It's been an amazing partnership.
Thank you to all of our other partners and friends in logistics, payments, and eCommerce, and especially to the online retailers that are watching and attended. We will continue to help you go global, and I hope this was conveyed, but in case it wasn't, we're a technology company. We are striving to change cross border and there is more to come. This isn't it. It's time to decode cross border. Welcome to Zonos.