SEASON 9 EPISODE 18
shopify pricing app that lets customers set prices on items
$100,000 for 10%
Often, there’s no better feeling than getting a good deal. Especially if you negotiated the price down to something more affordable, such as buying a $30,000 car for $15,000, imagine being able to do that with clothing. Now, everybody can work with Savy. Savy is an e-commerce platform that allows users to name a price they’re willing to pay for an item. To use Savy, people log in and find the clothing they like. Once they found clothing they like, they save it in their profile and indicate what they’re willing to pay. If a business accepts the price, the app sends them a notification email.
Disha Shidham created Savy when she was a 16 year old in high school and taught herself how to code. At the time, it was called TacBoard. Disha knew that Millennials accounted for nearly a quarter of the US population, but they also didn’t have a lot of purchasing power. In 2014, she decided to turn it into a business while attending the Quarter Zero Catapult Incubator Program.
She became involved in other startup incubators such as the Rev1Concept Academy, Draper University Entrepreneurial Studies. She believed in her business so much that she deferred her acceptance to the University of Michigan, where she had hoped to earn a degree in electrical engineering.
Before appearing on Shark Tank, Savy had products from various stores, ranging from mom and pop boutiques, independent designers to big-box retailers. During the beta testing rounds, it found that around 90 percent of users could purchase items at the prices they wanted.
At the time of her Shark Tank appearance, Savy had partnered with 1,000 stores and over 2,000 registered users, but the Sharks were still wary of the product pricing app.
One shark backed out because she had no intention of going back to college right away. Another shark didn’t accept the deal as they felt she was too inexperienced. A third didn’t feel that she was fanatically obsessive about what she was doing. The last shark turned her down as Disha had not sold anything over the app, despite operating for a year, and that the project was not yet fully fleshed out.
Since appearing on Shark Tank in January of 2018, Disha has participated in Stanford’s StartX accelerator in the fall of that same year and had over 2,500 businesses use the Shopify plugin. She launched Savy Sales in May of 2019 and, as of August 2019, had a 30% increase in revenue, a 26% increase in average order value, and 12 times the increase in ad click-through rates. She also discovered that shoppers who buy from Savy Sale are nine times more likely to return and buy a product at full price.Visit the Savy App website