Opinion
Shopify is one-size-fits-all, whereas Material Retail prioritizes brick-and-mortar
“Shopify is just one size fits all, right? It's e-commerce first, brick and mortar second. It's like, kind of, jump in and figure it out for yourself. Whereas material retail is a very specific set of tools for a very specific customer. So brick and mortar firs…”
Assertion Not checkable as stated
Material Retail: Total platform GMV reaches approximately $75M
“In-store sale is much higher. So including like the whole ecosystem, it's like seventy-five million.”
Insight
Fashion retail styles should be treated purely as spreadsheet sales data
“There's definitely a lot of ways to look at fashion retail. So if it's by like, what's fashionable, the other is looking at numbers and see what's selling. And at the end of the day, a style is just a number and a spreadsheet and see what's selling.”
Disclosure
Shoptiques board installed Elliot DGML and Mark as co-CEOs in 2020
“So it was like, 20, 20, early 20, 20, right when COVID was happening. Kind of happened really, really quickly. Me and my co-CEO Mark were kind of put in place by the old CEO and founder and the board.”
Assertion Partly supported
Shoptiques rebranded to Material Retail in 2022 alongside new software suite
“So, Shoptix we rebranded to Material Retail in 2022. Oh, same company. So, yeah, Shoptix is the marketplace that Material Retail owns. Shoptix.com was the only business that we had for about eight, nine years, and then we launched a software suite, which is Ma…”
Assertion Not checkable as stated
Software now accounts for roughly 70% of Material Retail's revenue
“So the software is like, 70% of the revenue.”
Assertion Not publicly verifiable
Material Retail previously raised $19 million in venture funding as Shopteeks
“It was like nineteen million in total.”
Assertion Not checkable as stated
Material Retail shifted its strategy and achieved profitability in 2022
“We kind of shifted to profitability and we got there, which was great.”
Disclosure
Material Retail takes a 0.25% to 0.50% cut of credit card processing
“So it depends on the boutique, but it's a minimal amount. Let's say a quarter of a percent to a half a percent. But the beauty is we also have a deal with our credit card partner that they beat the merchant's current rates.”
Disclosure
Material Retail has 200 software subscribers and 300 marketplace boutiques
“So we have like, 200 boutiques who are using the, like, full software suite, and then like another, call it, 300 on top of that, who are selling on the marketplace.”
Disclosure
Material Retail charges 30% marketplace fee and 25% for POS users
“So we charge usually a 30% commission on marketplace sales. We do pay for shipping and things like that. So we ended up making like called 10% to the bottom line. But for boutique, on the mark, on the POS, we'll charge them 25%, and we, you know, probably brea…”
Assertion Not checkable as stated
Material Retail: Shoptiques marketplace did $2.5M in GMV last year
“So it was called two and a half million.”
Assertion Not checkable as stated
Elliot DGML: Services Arm Drove 15% to 20% of Material Retail Revenue
“Call it 15, 20%.”
Prediction Not checkable as stated
Material Retail targets $1.5M recognized revenue in 2023 and $2M in 2024
“So we want to end the year with a 1,000,005 in revenue and in real revenue, not GMB or anything. And we want to and 20, 24th, hopefully two million.”
Assertion Not checkable as stated
Shopteeks marketplace website receives about 200,000 unique hits per month
“So it gets like 200,000 unique hits a month.”
Assertion Not checkable as stated
DGML: Shopteeks marketplace has approximately 500 active boutique sellers
“So we have like 500 boutiques selling on the marketplace.”
