Fik Stores is the SaaS platform that helps Small and Medium-sized Enterprises enter the world of business online. The platform is based in WordPress, allowing users to start selling products online as easily as creating and managing a blog. With 1.5 million SMEs in Spain alone Fik Stores potential clientele is vast, especially as the company – founded in 2012 – already offers services in Spanish, English and Swedish.
KITE Invest: Fik Stores offers clients four different subscriptions. Please describe the company’s overall project and how and why the subscriptions differ.
Bill Murphy: We want to enable people to sell online and be successful. Our starter plan is free and you only have to pay per transaction, so if you have any doubts about your online business, you can pilot your store without any fixed costs.
The other subscription plans are paid and they vary according to the amount of features you get. You can display up to 10,000 products with our premium account, with an unlimited amount of images per product.
We also have special plans for enterprise clients that are tailor-fit to address their needs.
KITE Invest: How does having the platform based in WordPress make Fik Stores stand apart from competitors?
Bill Murphy: In a number of ways, first of all, there is a huge community behind the WordPress ecosystem, a lot of people are helping us out, making the platform better and more versatile everyday.
The WordPress powered storefront means that millions of potential customers already know how our platform works, it gives them confidence and an administration they are already used to.
There are already a very large number of themes and people who can customize WordPress, making our online stores easier to adapt to our clients businesses.
WordPress is a platform that is very well-known by developers and designers, who usually make the decision of which platform to use for client stores, which makes it very attractive and user-friendly for them. Another benefit that Fik Stores provides is excellent customer support, letting designers and developers go on with their jobs without worrying about everyday problems.
WordPress helps us with our mission to democratize e-commerce and make our platform very user friendly.
Although there are 1.5 million SMEs in Spain, an estimated 180 thousand will create an online store in the next four years.
KITE Invest: How has Fik Stores’ platform been received to date and how do you see this market evolving?
Bill Murphy: Fik Stores has had a great reception up to date. In fact, 39% of our new customers come reffered from existing customers, which is the best indicator of client satisfaction. We have clients in over 50 cities worldwide and so far our retention rate has been 95%.
We’ve been reaching out and working on partnerships with big players, helping small startups and entrepreneurs,as well as with companies and associations spreading and promoting the idea of collaborating in e-commerce.
KITE Invest: Within SMEs what is your target customer / sector, and why?
Bill Murphy: Fik Stores focuses on anyone who wants to sell online, no matter what their product or service is.
We have a varied portfolio of clients from different industries. Our platform is versatile and can be used by anyone who wants to set up a store online. In fact, we are currently expanding the range of functionalities we offer due to a high demand for the option to pay for reservations and bookings. As the number of features we offer grows, so does our target market.
KITE Invest: Does Fik Stores have plans to include products and services beyond the platform?
Bill Murphy: The company and the product are ready, and it is time for sales.
Fik Stores has an exciting year ahead of it. The product has been fully tested, our customers are happy with our service and we are ready to grow. We are planning to officially launch Fik Stores in January and to become more visible for a larger audience.
However, our development won’t stop at that. We are constantly introducing new functionalities and are planning to develop a mobile app in order to allow our clients to manage their store on the go.
Our aim is to help our clients sell more, and with that in mind, we are planning to increase the range of services that we provide apart from technical support. We want to start offering strategic marketing consulting, social media and website content services and also professional photography, to help promote our clients’ businesses.
Yes, it is a very large enterprise. We believe in the win-win proposition and we will grow with our clients. We see it as a fun journey.
KITE Invest: What are the next stages for Fik Stores and is the company seeking investment at this time?
Bill Murphy: We are already working on a spin off where we aim to unify Spanish fashion industry with cutting edge technologies, FashionBiz2.0. Fik Stores is developing the platform for this project, aiming to have it running in time for Madrid Fashion Week 2014. It is a very interesting project and we are excited to see where it goes.
Yes, Fik Stores is seeking funding in order to invest into our expansion. We want to significantly increase the amount and the extent of Fik’s marketing activities and to grow by attracting customers from all over the world.
Fik Stores was a recent finalist at the IE Business School Venture Day!