Baltimore-based OpiaTalk, which provides a hyper-conversion widget for retailers, has received $500,000 in funding. The investors in this round included TCP Venture Capital’s Propel Baltimore Fund.
BALTIMORE, Dec. 30, 2014 /PRNewswire/ — OpiaTalk’s team of conversion experts turns browsers into buyers. Using the startup’s flagship widget, they help retailers release ‘disappearing promos’ – think Snapchat for eCommerce. One client used OpiaTalk this past Cyber Monday and saw a more than double conversion rate from last year.
Estimates put 2014 U.S. eCommerce sales at $304.1 billion, increasing to $491.5 billion by 2018. Yet while close to 80% of internet users shop online, shopping cart abandonment hovers at 65%. Online retailers have yet to determine how to quickly, reliably, and effectively convert traffic into sales.
OpiaTalk helps – dramatically. Industry average for online conversion is between 2-3%. OpiaTalk campaigns average 10-15% conversion. One luxury retailer has seen in-widget conversion rates of up to 19%.
OpiaTalk’s widget integrates seamlessly onto a retailer’s site, releasing time-sensitive promos once a certain number of people join the live-chat widget (say, 10 people). Users can invite Facebook friends to speed up the process, which also drives new, engaged traffic. Once released, customers have just 15:00 minutes to buy: It’s use it or lose it. All promotions are managed and optimized by OpiaTalk’s client management team, who works in tandem with the retailer’s eCommerce/marketing team.
As CEO Tom Popomaronis says, “The metrics continue to astound us. It’s thrilling to be a part of driving conversion rates above 10% across multiple enterprise categories. We have some very exciting retailers lined up, and can’t wait for what 2015 will bring.” Popomaronis, a Baltimore native, recently made the Baltimore Business Journal’s 40 under 40 list.
OpiaTalk’s current clients include Skype/Microsoft, Rosetta Stone and blu eCigs, leader in the e-cigarette industry. OpiaTalk just closed a $500K bridge round through angel investments and with participation by TCP Venture Capital’s Propel Baltimore Fund. Its next goal is a $1.5M seed raise.
Stuart Sutley, Managing Partner of the Propel Baltimore Fund adds, “Tom is an entrepreneur at heart, and we believe he has the talent to develop OpiaTalk into a leading driver of e-commerce promotional sales.”
OpiaTalk helps online retailers release ‘disappearing promos’, resulting in conversions at 2-3x industry average. OpiaTalk is WaaS (widget-as-a-service), and can integrate with any eCommerce platform and retailer.