Malomo Co-Founder & CEO Yaw Aning joined Yahoo Finance Live to discuss how the company helps its clients turn shipping and tracking into a marketing channel.
- Well, e-commerce is booming. Small businesses are relying more and more on the digital experience. And our next guest, his company is helping these smaller businesses turn their order tracking services into branded customer experiences. So we want to bring in Yaw Aning. He's Malomo's co-founder and CEO.
And. Yaw, it's great to have you here on Yahoo Finance. So when you take a look at what Malomo does, I guess explain to us exactly how you're helping so many small businesses out there and why package tracking is becoming more and more important in this e-commerce environment.
YAW ANING: Yeah, absolutely. Thanks for having me on the show. Yeah, so we-- Malomo is a shipment tracking platform built for small- and medium-sized online retailers, and one of the things that we do is we track their orders on behalf of those customers so that you as a consumer can look up at any time where your order is. The number one question that online retailers get by far is consumers asking where their order is. And so on average, we check tracking about four to five times as a packages moving in transit.
So we proactively notify you of those orders as they're moving. And then one of the, kind of, unique insights that we do is we actually turn that into a marketing channel. So we take that attention that you-- you are looking at that package, trying to figure out where it's at. We also help activate that for retailers to drive more growth for the retailers. So offering up cross-sells and upsells on different products, offering product education so you can learn more about the brand of the product that you purchased, and it really becomes a marketing channel for the merchant.
- You know, I've actually had the delivery experience with being able to track over the past month. I'm loving this. I'm not so sure some of the delivery people like it, because one of them got called out. But why aren't the larger companies using a platform like yours? Because I did get the ads and the whole thing, which I didn't mind. I love the fact that I literally could watch the day-to-day transit of this thing we were waiting for.
YAW ANING: Yeah, yeah. So it's a complex problem, right? You-- in order to enable this type of experience, you need to integrate with shipping carriers directly like UPS and FedEx and DHL. They've got a global network of where they can deliver packages as they're moving in transit. You've also got to integrate with your e-commerce tech stack, your car platform so you're pulling in all that order data, that customer data and information.
Then you've also got to send that information to your marketing platform so that you can segment and personalize those delivery experiences for those consumers. That's a pretty large lift, right? These e-commerce retailers are in the business of selling products but not in the business of creating technology in order to do that. And so our platform is kind of a key component in that, where we make it dead simple for these merchants to kind of plug into that global delivery network and control the customer experience so the end consumer feels very connected, and they know exactly what's happening with their order. And they don't feel the need to reach out to the brand in order to understand where their package is.
- Yeah, what's the interest been like in your service? Because you would think more and more companies would want something like that just in order to help them facilitate at a time when it's so busy just in terms of what they're seeing from the digital sales perspective?
YAW ANING: Yeah, absolutely. COVID accelerated e-commerce dramatically. You know, we saw about 11-fold increase, about 1,100% increase in the number of consumers hitting our customers tracking experiences. We grew 500% last year, on track to grow about 300% to 400% this year. So the demand is extremely high right now.
Merchants, they felt the pain last year of carriers having this once-in-a-lifetime load on their network, and all these delivery problems and challenges emerged. And so they really needed tools to proactively notify their customers of where their orders were, or fear getting kind of blasted on social media for consumers not knowing where their packages are, right? We're all used to the Amazon experience where we can track a package step by step, all the way through delivery.
These independent retailers, they don't have the billions of dollars that Amazon does to spend on these purchase experiences. So demand for our platform was really large last year, and it's accelerating this year.
- You know, there's a lot of criticism of the Amazon experience because they use a third-party delivery services, which then put it all in. So I think I've got a wrap on you, so I'm going to just shut up. But thank you.
YAW ANING: Thanks for the time for having me.
- Yaw Aning, we're running out of time. We're up against a hard break here in a couple of minutes, but we'll get you back. Yaw Aning, he's the co-founder and CEO of Malomo. Thanks so much for taking the time to us.