Award winning UK startup Wriggle seeks to fill empty seats for the dine out sector, by offering local food and drink venues access to its discounting tool. The platform’s functionality is simple – local businesses reactively reduce the price of their products to reach Wriggle customers who, in a couple of taps, make cut-price last-moment purchases. Customers are provided with location and time-relevant offers from businesses tailored to their preferences through a variety of channels.
Valued at £1,499,981 and having proven demand for reactive pricing in the eat-out sector with 440 local businesses signed up across Bristol and London, 35,000 downloads and 15,000 last-moment transactions made – Wriggle is now raising investment to develop its technology and to prepare for scalable-launch across the UK. The startup, currently crowdfunding on Seedrs, is quickly nearing its halfway point to its £350,003 goal, having already raised over £168,130 for 18.92% equity offered.
While reactive pricing is a common tool to manage capacity across other sectors (such as flights, trains, taxis and hotels), the same innovation hasn’t been applied to the eat-out sector, despite being asector which sees vast discrepancies in demand based on season or time of day, according to the release. Helmed by Founder and Director Rob Hall, Wriggle tackles this last-moment capacity (4 tons of food waste per restaurant and £$7.2bn of emptytables worldwide per year) in a reactive manner. Wriggle tech development focuses on the threecornerstones leading to transaction i) the customer ii) the vendor iii) demand economic:
In particular, the crowd investment will be used to build out their technology to provide the following key features:
1. Customer intelligence platform: Smart-platform analyzes customer data to provide what customers want, when and where they want it.Behavioural analysis will be performed by analysing data on customers’ preferences, sales, activity,discount rates, proximity, frequency etc. The algorithm will become smarter as customers purchasemore often – allowing Wriggle to fine-tune individual preferences and our assumptions.
2. Business Intelligence Platform: A data-driven dashboard for restaurants to track performance, review price-reductions, and create newprice-reductions. The generalised business data and customer intelligence will direct businesses and created content to market more efficiently and respond directly to customer needs
3. Reactive pricing: Fluctuate pricing based on real-time activity, levels of capacity and remaining time of availability reinforces the concept of the perishability of the content, pushes people to book early and boosts sales during quiet times.
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