Payments

Exclusive Interview with Gordon Russell, CEO & Co-founder of Springboard Retail

MEDICIFounder and Chief Strategy & Innovation Officer

On a recent trip to Boston, we got a chance to meet Gordon Russell, CEO & Co-founder of Springboard Retail. The first remarkable thing about Gordon and his group is that they come from the retail industry and they started implementing their cloud based solution more than a decade ago. And since they come from the retail world and the founder still owns a retail chain, they are able to understand their customers’ problems and offer the best possible solutions from an insider’s perspective. The company was established in January 2013 during the NRF (National Retail Federation) convention in the same year.

Springboard counts Boston Sunglass Company, Mahi gold, Pink Magnolia, The Vaccine Center, Porter’s Craft & Frame amongst its customers and has a 20 person development team situated globally. Springboard primarily offers a retail platform that includes solutions and services that are highlighted by the following illustration:

springboard1

Some key features/components of their service offerings are:

  • Dashboard with real-time actionable data across stores and channels
  • Developer friendly platform with comprehensive support for REST/JSON APIs
  • Implementation of Multi-tenanted, SaaS model
  • Portability across multiple platforms and devices
  • Seamless integration with 3rd party apps like Shopify, Vivoom, quickbooks Online, MailChimp, ShiftPlanning.

Springboard has recently partnered with NuORDER, a B2B E-commerce platform, to allow fashion brands and retailers to improve their buying and order management processes — saving time, buying smarter, and supporting higher sell-throughs at better margins. With the Springboard Retail partnership, when a Springboard customer places an order in NuORDER, it is immediately visible in Springboard’s inventory management platform, making data instantly reportable and orders instantly available for receiving. NuORDER’s software also utilizes cloud-based architecture and a native iPad app which are now integrated with Springboard’s platform.

Springboard Retail has also integrated its platform with Shopify to provide Springboard customers the ability to automatically sync and manage inventory in both brick and mortar and ecommerce stores, increasing revenue and enabling strategic buying initiatives. With this integration, Springboard customers can now make all inventory available across all stores – online and offline. Retail customers can compare website sales, in-store sales, and customer activity - online and offline - in one single place instead of two. Shopify offers a professional online storefront, a payment solution to accept credit cards, a point of sale system to power retail sales and a card reader to process credit card transactions through a mobile phone, and all of this would now be available to Springboard customers as well.

Springboard Retail’s mobile POS use case:

At the 1000 sq. ft. store of “In The Pink” based in Boston, Springboard had launched its mPOS solution on April 10 last year. Within a span of 4 months, Springboard helped increase net sales by 23.2%, unit sales by 18.4% and overall transactions at the store by 22%.

Springboard Retail is moving towards a “self-onboarding” model for retailers which requires less training for sales people. It is a SaaS based model and is available to retailers for as low as $79 per month.

The company’s plans for this year include looking for further partnerships in commerce for the retail industry, implementing their sales strategy and also looking for collaborations with e-commerce platforms like Magento and certain payment acquirers as well.

Amit Goel

MEDICIFounder and Chief Strategy & Innovation Officer

Amit Goel is the Founder & Chief Strategy & Innovation Officer for MEDICI. Amit’s vision is to build a strong FinTech market network that involves financial institutions, banks, startups, investors, analysts & other key stakeholders across the ecosystem – helping each one of them in a meaningful way by removing the asymmetry of information and providing a platform to engage & transact.

Amit is passionate about bringing actionable FinTech-focused insights, innovative products & services for the FinTech ecosystem. Some of his work involves startup scores, bank scores/assessments, predictive viewpoints & other innovations that have helped MEDICI’s customers and the ecosystem. He has been named amongst the Top 100 FinTech thought leaders/influencers in the world & Top 10 in Asia multiple times by reputed agencies, consulting firms as well as financial institutions. Amit has built MEDICI (formerly LTP) as a new-age, tech-enabled advisory/research firm, which is now considered the #1 global research & innovation platform for FinTech in the world.

Amit has been writing pioneering viewpoints on financial technology space that have been ahead of the curve since 2010. His data-driven predictions have helped the customers as well as the ecosystem. His past work experience includes a strong background in strategy & market analysis and advisory to clients (from big business houses to Fortune 500 firms) in payments, commerce, financial services & IT/technology. In the past, Amit had also founded a successful consulting & research practice called GrowthPraxis and has worked at Boston Analytics, Frost & Sullivan, and Daimler Chrysler in strategy & research.