By enabling customers to place orders for groceries at the same time from a number of different stores, EasyBins is paving the way for the future of shopping, which will be liberated from the constraints of physical stores. We will take a look at Easybins Business Model in the article.
When compared to other grocery delivery services like GoPuff and Instacart, Easybins offers products from multiple retailers rather than just one, does not charge any delivery fees, and delivers your order at the same time for each order. In a similar move, DoorDash, based in San Francisco, introduced its own service, called DoubleDash, last year, allowing customers to order from different stores and categories in one transaction.
EasyBins does not deliver orders to customers’ doorsteps as quickly as the majority of on-demand service providers do. The company currently serves eight markets in the central United States and plans to increase its market penetration by a factor of three this year. Users have the option of selecting one of two predetermined delivery windows: either in the evening if they place their order before noon or in the early hours if they place their order by 10 PM. the night before.
However, in an era when fast-delivery services are running out of steam, a service that prioritizes selection and efficiency over speed appears to be increasingly in trend. According to James Farmer, the founder and CEO of EasyBins, his ideal customers are time-pressed suburban families that place a high value on a diverse product offering, competitive pricing, and a convenient shopping experience. According to him, these are the customers who aren’t necessarily placing regular orders for groceries right now, but they would if the deal was attractive enough.
EasyBins Business Model Explained
How does EasyBins make money? EasyBins business model is functionally equivalent to that of travel websites such as Priceline and Kayak, which provide users with a variety of lists of perks from different travel companies. More than 50,000 different products can be found through this service, and they can be found in local stores as well as major retailers like Trader Joe’s and Whole Foods Market, Walmart, and Target.
When EasyBins delivers products, they do so in temperature-controlled bins that keep the products fresh for four to six hours after they’ve been delivered while also keeping the influence of weather out. After customers have finished emptying their items from the bin and have gathered their belongings, they will be required to return the bin to the location where it was originally dropped off, and an agent of EasyBins will collect it within 12 hours.
The temperature-controlled bins have a service life of 600 deliveries and have the ability to maintain an optimum temperature inside. This ability is dependent on whether the products have to be kept at ambient temperature, frozen, or in the refrigerator.
Even though it lists a wide range of retailers in most markets, the company does not have any professional partnerships with any of them. EasyBins currently delivers from Trader Joe’s in five different markets, even though Trader Joe’s is known for not offering online shopping via all official channels. According to Farmer, EasyBins uses data from third parties along with the efforts of its employees to maintain accurate store listings.
“Our target market is dual income [families with] kids. According to Farmer, whose expertise is in accounting and who formerly co-owned retail firm The Harvest Group, “[families where] Mom and dad are both working and tend to be away from home anywhere from 12 to 15 hours a day.”
He observed that the multi-retailer approach taken by the company more closely reflects the fact that the vast majority of customers shop at more than one store. Over sixty percent of all orders that are placed on EasyBins contain items from more than one different grocery store.
EasyBins has an iOS app that allows users to browse for products from different retailers, add them to the cart, select the delivery timing and then pay them via Card or other payment methods. Similar apps can be developed using solutions like Qkly – a quick commerce delivery app that lets users shop and pay for products and also has controls for the business to monitor their sales and manage their delivery fleet.
EasyBins Funding and Monetization methods
EasyBins BUsiness Model does not require a minimum order size nor does it charge a delivery fee; rather, it generates revenue by placing a reasonable markup on the prices of the products it sells. According to Farmer, the average order placed with the company is approximately $54 and shoppers use the service an average of 1.2 times per month.
According to Crunchbase, EasyBins has successfully completed multiple funding rounds, bringing in a total of $6.7 million to date. The Arkansas Venture Capital Development Fund made a financial contribution to EasyBins in the amount of $400,000 back in April.
EasyBins also plans to extend its service beyond the areas in which it is already active within the next few years. These new areas will be added to the existing service areas. By the end of 2022, the company intends to be active in more than 20 markets, beginning with the launch of two new locations that it declined to reveal. EasyBins Business Model is expanding and is currently in the process of growing both its workforce and its geographic footprint thanks to a recent injection of seed capital totaling $2 million.
With the proliferation of new businesses popping up all over the world, quick commerce software solutions have turned into a worldwide phenomenon. After figuring out a business model, developing and releasing an application using quick commerce software like Qkly, making a presentation to potential investors, gathering financial backing, and deciding where to locate your warehouses, your 10-minute delivery service will be ready to begin signing up new customers and earning revenue.