|SEASON 9 EPISODE 18|
|Pitch||shopify pricing app that lets customers set prices on items|
|Asked For||$100,000 for 10%|
|Status||Out of Business|
What is Savy?
Savy and their flagship product, the Savy Sales, partners with businesses to help clear their unsold or slow-moving inventory. It allows brands to maintain dignity and increase customer satisfaction by allowing both parties to engage directly and come to an agreeable price.
Without discounting, businesses can open their inventory to bidders, who enter an amount they want to pay. If the merchant is agreeable to this, they can agree or decline it. It also helps the business maintain reasonable profits without heavy discounting to clear stock. It also has a knock-on effect on increasing the merchant’s web traffic.
Who Owns Savy?
The founder of Savy is Disha Shidham of Indian immigrant heritage. An entrepreneur from a young age, she’d already started working on the app design when in high school.
She decided to defer her entrance admittance to the University of Michigan to study electrical engineering to pursue her business idea.However, Disha has since moved onto other entrepreneurial and academic pursuits she has a passion for.
Disha always felt inspired by her grandfather, a shop owner in India — where the art of haggling over prices is a common and accepted practice. At a young age, she was inspired by entrepreneurs and attended programs allowing her to design business prototypes during her high-school years.
These thoughtful and engaging educational experiences combined with her passion for sales got her thinking. Stemming from her grandfather’s retail background, ingrained with providing excellent customer service brought about the idea for Savy — where businesses can increase customer satisfaction by offering them to bid on prices. Already being proficient at tech, you designed both the front end and back end of the app.
She then began cold calling and emailing businesses and had mixed results, but this only furthered her resolve.
It was then around this time that she started to look for investors. In the hope of helping to market her business idea and grow it into what she’d visioned it could be.
What Happened to Savy After Shark Tank Update
Is Savy Still in Business?
Savy Sales, an online business-to-consumer app that allows potential customers to barter with shop owners, never took off and is out of business. Disha Shidham, the founder, was unable to gather sufficient funding to get her business off the ground, despite an accelerator program and at one point having close to 2500 mom-and-pop and boutique stores signed up for the offering.
It appears the more prominent commercial brands, which offered the most opportunities for the company to scale, were not interested in the B2C bid-to-buy concept. StaySavy.com is now no longer working, and any social media accounts linked to the company are dormant.
Unsurprisingly, giving purchasing power to people would not interest the average multi-million-dollar global corporation when exceeding profit margins and paying shareholder dividends takes precedence. However, the concept of online bidding has already been around for more than two decades, with companies like eBay, founded in 1995, leading the market. Primarily focused on B2C through fixed pricing, it does allow consumers to purchase at discount prices or for private peer-to-peer selling of second-hand goods through bidding.