Octer, formerly Shareight, is a mobile shopping app that makes the process of finding what you want, comparing prices with multiple retailers and making a purchase.
It explained that only a quarter of mobile shoppers actually convert a purchase on a smartphone, although rates on tablets are much higher because they use e-commerce tools designed for desktop rather than for smartphones, which is seemingly causing the problem.
Octer said on its Seedrs page: “Your mobile phone is closer to you than any other device. You use it more and more for emails, social conversations, photo sharing, discovering music, buying tickets and ordering a taxi. Yet we find shopping on mobile is frustrating.”
It went on to explain that although when you search for an item you want to buy on a mobile device, the majority of the retailers have mobile-optimised websites, the e-commerce platform is antiquated and does not make for a smooth process.
According to the company’s research, Octer allows you to find and buy the products you want in just ten clicks. The average shopping experience without the Octer app takes 127 clicks of your finger.
Octer wants to raise £700,000 of funding in exchange for 7.48 per cent equity that will give the company a value of £8.6m.
It has penned deals with major retailers including Jack Wills that saw three times anticipated traffic, Marks & Spencer experienced 75 per cent of sales completed on a smartphone and this year, Charles Tyrwitt came onboard.
It will use the new funds to speed up customer acquisition and will improve its analytics, tailoring results on a personal basis. It will also launch its first hosted checkout and expand overseas.
Last year, Octer raised £600,000 in 24 hours on Seedrs. At the time of writing, the campaign had raised £541,272 with almost two months still to run.
