In this blog post we will analyze Flipp‘s business model canvas. Flipp can be best described as a shopping application with flyers, coupons, and shopping list (soon to be adding a lot more features). The company recently raised an impressive $61M in funding after their previous $1M round.
The method for this analysis is via a business model canvas – a framework that charts various elements of the business that come together to create value – a business.
By the end of this blog post, you will have a high-level understanding;
- Business Problem
- Business Solution
- Customer Segments
- UVP or USP
- Revenue and Costs
More importantly, you will come to understand how all of these elements relate and support one another.
If you are a visual person, here is a video overview. For text, please scroll down to the next section.
Video Overview – Flipp Business Model Canvas
Text Overview – Flipp’s Business Model Canvas
Here is the business model canvas of flipp. It includes customers, problems, solutions, unique value proposition, unfair advantage, channels, cost and revenue streams.
I hope to go in more detail regarding the startups in retail and grocery space in the near future.
Download Flipp’s Business Model Canvas (PDF)
Other Notes: Future of this Space
Having worked in retail, B2B software, and ecommerce, I am particularly excited about the innovations that startups and new companies are (or will) bring to this space.
I have first had experience in working for a retailer that was once the largest chain in Canada – Zellers. Over the 3+ years I worked for them, I experienced how the digital competitive landscape changed the game and we failed to engage the customers.
This space will remain one of my “itches” that I hope to scratch in the near future.
If you have a basic level understanding of the retail landscape and want to better understand the changing taste of buyers (or other players in the business model), I recommend the following reads;
- Keep an eye on latest Food / Retail / Grocery Startups – Doing this will help you build a gut of where the industry is going. I do that by keeping an eye on retail startups on crunchbase.
- Read annual reports or Press Releases of Public Retail Companies – This will give you a sense of where they see opportunity and what they classify as risk in their public-facing documents.
- Talk to Executives in the Field – Reach out to people and experts who are at the forefront of this field. I have had success by getting mentored by some of the best co-founders and entrepreneurs in this space – both successful and unsuccessful.