SimpleRegistry is changing the way people register for events like weddings and baby showers by allowing customers to have one registry for any item, activity, or experience they can think of and assign a price to. We help create registries that are personable, creative, and reflective of the couple or individual.
There are four problems with the current retail registry marketplace that SimpleRegistry solves:
1) Customers have to manage multiple registries for just
one gift giving event. Research indicates that consumers don’t like setting up,
managing, and updating multiple registries.
2) The availability of what a customer can register for is limited to what the big box stores have in their inventory. If a customer wants to register for a piece of artwork at a local studio, custom furniture, or hang gliding lessons with KittyHawk Kites, they are out of luck with today’s gift registry marketplace.
3) Registries don’t allow the customer to split the cost of expensive items into more manageable gift amounts. Nobody registers for the $1,800 dining room table at Crate & Barrel or a $500 iPad because it’s rare someone would give such a generous gift.
4) Finally, today's retail registries don't allow customers to receive the cash value of the gifts to purchase at a later time. What if the customer's preferences change, the item goes on sale, or the style is discontinued?
Target Market and Size
1) Weddings: With over 2.5 million weddings in the US each year, wedding guests spend $19 billion buying items from wedding registries. 91% of these registries are online and couples have an average of 2.7 wedding registries.
2) Expecting Parents: There are approximately 4 million babies born in the US each year. In 2010, gift givers spent $5 billion buying items from baby registries with over 90% of these registries online.
1) Using a wedding as an example, the process begins with a couple setting up an account at SimpleRegistry.com.
2) The couple creates a registry page with the items, activities, and experiences they want using multiple tools (iOS App, SimpleAdder bookmarklet, etc.). The couple can register for anything they can assign a dollar value to and can split up the price of expensive gifts so more than one person can give towards it
3) The couple shares their gift registry with friends and family using their wedding website or social networking site
4) Friends and family visit the wedding registry and select specific gifts to give using their credit card or PayPal account for payment.
5) At this point with a typical store registry, the couple would receive the physical item in the mail or at the wedding. However, with SimpleRegistry, the couple receives the value of their gifts in the form of a check, bank transfer, or PayPal payment so they can purchase the physical item or experience when they are ready.
Revenue is generated on a service fee (3.5% of each gift or a one-time $35 payment) and transaction fee (3.5% of each gift). Secondary forms of revenue include priority redemption fees, gift notification cards, retail store advertising, and retail store affiliate gift redemptions.
SimpleRegistry launched in Q1 of 2011 and is generating revenue with limited marketing. In Q3 of 2011, SimpleRegistry partnered with Points.com, a publicly traded company that facilitates the frequent flyer and rewards programs for almost every major airline, hotel chain, and credit card point programs. With our partnership, SimpleRegistry powers the registry and account management portion of “Miles Registries”. A registry for US Airways launched in Q4 2011 and Jet Blue launched January 2012.
In Q1 of 2012 SimpleRegistry received 60% of it's seed round goal.
The team behind SimpleRegistry is the same team that co-founded Traveler's Joy in 2005. Traveler's Joy is the world's largest honeymoon registry that allows couples to register for items and activities on their honeymoon.
Tony Alexander: CEO, Co-founder
Prior to co-founding Traveler’s Joy, Tony spent five years as an independent business consultant. Before this, Tony spent four years at Accenture managing a team that provided global technical architecture consulting to a variety of Fortune 500 companies. Tony’s day to day responsibilities include operations and development. Tony studied management information systems at Miami University (Ohio) and graduated in 1999.
Brandon Warner: CMO, Co-founder
Prior to co-founding Traveler’s Joy, Brandon worked with the United States Securities & Exchange Commission and Deloitte in their regulatory consulting group. Brandon graduated from Boston College with a B.S. degree in finance and economics in 1999, and Duke University with a Master’s degree in environmental economics. Brandon’s day-to-day responsibilities include finance, administration, and marketing.