💼 Opportunities

Customers are price-sensitive and picky when it comes to purchasing CPGs. This is a direct result of the overwhelming supply of choices at our disposal driven by the shift to e-commerce, regardless of what we’re in the market for. McKinsey’s data indicates that up to half of U.S. consumers buy household goods with a click, and Omniconvert reports that the average retention rate for e-commerce is 30%. This highlights the fact that 70% of buyers never return to a brand for a second-time purchase. It indicates that the marketing and customer acquisition efforts CPG brands put in do not often lead to repeat revenue. Subscriptions are a common way digital service providers retain their customers, but consumers do not fancy the idea of being locked in CPG subscriptions.

 

Enter Repeat. Co-founders Kim Stiefel and Sarah Wissel realized that through personalized, customer-level reminders, they could help CPG brands retain more of their customers. Consumers are often forgetful of what they purchased and when they need to replenish those goods. Repeat’s software uses artificial intelligence that acts as a personal shopping butler, gently nudging us when it believes it is time to restock. It even creates a replenishment shopping cart pre-filled with products it assumes are due for repurchase. For consumers, Repeat minimizes the friction of having to manually keep track of and find previously ordered products, making it easier to keep our homes’ shelves stocked with our favorite products. For businesses, Repeat handles detailed and personalized communication with existing customers, while keeping track of customer habits and preferences. This reduces overhead marketing costs for sellers. We believe this is just the beginning of next-generation CPG marketing.