- No one enjoys waiting in lines, it's no secret. For centuries this hasn't been reinvented and the biggest innovations we have seen have been 'take a number' systems. At Sleek, we have taken this and made it digital, and here's the magic - we have introduced a dynamic surge pricing.
What it does
- Monetizes on the long wait times for SMBs, so they don't lose revenue - they make up to 20% in profits (not revenue) with us.
How we built it
- We assess wait times based on a couple of different data integrations - POS, location data, Computer Vision & apply deep learning to assess a dynamic fee.
Challenges we ran into
Accomplishments that we're proud of
- Improved revenues by 20%, made $600 in dynamic surge fees for one SMB
- Large customer with about 20k food truck SMBs onboarded, about ~9k of those customers being on square.
What we learned
- Waiting in lines is a customer problem, not an SMB problem - so customers are more willing to pay a price for that.
What's next for Sleek
- Identifying newer segments for popular SMBs and bringing them onboard.