RangeMe streamlines product discovery process for Target, Jet.com: 'It solves a real pain point in the industry'
And as for all those budding food entrepreneurs wondering if their emails, calls and web-based inquiries are disappearing into a black hole, what if there were a more reliable way to get on their target customers’ radars?
Enter RangeMe, an online product discovery platform that has taken the Australian market by storm since its launch there in March 2014 (New Zealand quickly followed), and has already snagged some high-profile partners in the US just six months after launching here, including Jet.com, Heinen’s, Bristol Farms, LuckyVitamin and Target, which now asks all prospective suppliers to make their approach via RangeMe.
It’s solving a real pain point in the industry
The algorithms underpinning RangeMe are complex, but the user experience is simple, according to founder and CEO Nicky Jackson, who has also teamed up with equity crowdfunding platform CircleUp to strengthen ties with innovative new food and beverage companies.
"Suppliers just submit a product image, description and key metrics, such as gross margin, MSRP, full year sales, current retail customers, and certifications (eg. USDA organic, Non-GMO Project Verified)," said Jackson, who caught up with FoodNavigator-USA at Expo West.
"Buyers in turn then log in to the [web-based] platform, select the categories they manage so that only relevant products show up on their buyer dashboard, and then move through the dashboard and click ‘Interested’, ‘Not Interested’ or ‘Shortlist’."
An email notification is then sent to suppliers in whom buyers are interested (if buyers selected ‘not interested’ or ‘shortlist’, suppliers only see that someone from the retailer in question has viewed their products), said Jackson, who has a background in CPG sales, marketing and brand management with chip brands including PepsiCo and Kellogg.
“From there, buyers can request samples, and start a conversation. But we’re not replacing brokers or face to face events, we’re just streamlining the product discovery process so suppliers can get their products in front of the right people, and buyers can minimize the time consuming process of receiving ongoing calls and emails with incomplete product proposals.
"It’s solving a real pain point in the industry."
A lot of pitches from new suppliers go into a black hole
Indeed, almost everyone Jackson has pitched the platform to over the past three years has used the term “no brainer”, she observed.
“At the moment, buyers are getting contacted via online forms on their websites, email, social media, at trade shows and other events and via brokers and agents, and a lot of it really just goes into a black hole because everyone is presenting the information in a different way and half of it is not relevant. RangeMe is just a much more efficient way to manage inbound approaches.”
Suppliers using RangeMe, meanwhile, are more likely to get their products in front of the right people, with several telling Jackson that they had repeatedly tried other methods of contacting certain retailers, but only got a response when they joined RangeMe.
“At Target, they are using us to manage their inbound proposals for every category except apparel because the products are uploaded in a standardized format and then routed to the relevant buyers. It only takes around 10-15 minutes to upload a product.”
Buyers, in turn, can filter products on the platform by a range of criteria, such as category, gross margin, private label capabilities, and so on.
A global business
RangeMe retail partners in Australia include Coles, Metcash, Costco, Blooms the Chemist, and Aldi; while Woolworths is onboarding this year. New Zealand came next (partners include Nosh Food Markets and Countdown); followed by the USA, in which RangeMe has partnered with chains including Jet.com, Heinen’s, Bristol Farms, LuckyVitamin and Target, says founder and CEO Nicky Jackson, who plans a European invasion next. "We're about to sign contracts with other very large retailers in the US."
How much does it cost?
So how does RangeMe – which has offices in Sydney and San Francisco - make money?
Right now, it’s free to use for retailers and suppliers, as the platform build critical mass, although in the summer, RangeMe will launch a premium service ($99 per month) to suppliers that want to upgrade to take advantage of features that will help them stand out in the crowd.
The platform, which raised capital in 2015 from Australian angel and seed investors including former Metcash chief executive Andrew Reitzer, is now preparing to raise funds from US venture capital investors to finance its rapid expansion.
Watch how it works below:
