Event: 2021 Phocuswright Conference
Product: Local Purse
HQ: Stockholm, Sweden
Principal(s): Lola Akinmade Åkerström and Sara Mansouri
Funding: Bootstrapping to date
Product Description: Local Purse is a web-based platform which supports travel guides, local artisans and cultural vendors by using live video shopping technology to host travelers around the world virtually.
Local Purse: 1) Saves tons of money while providing virtual travel experiences 2) Helps travelers reduce their carbon footprints 3) Makes travel equitable and accessible to a broader audience 4) Facilitates cultural exchange which is the most memorable parts of our travels 5) Supports six (6) UN sustainability goals
Business Model: We currently charge 20% commission per booking and 5% order fulfillment fees, with an average spend of at least €50 per customer during each session. We have also identified four additional revenue streams as we continue to grow and expand.
Competitors: No direct competitor working with live video shopping and cultural travel experiences seamlessly. Amazon Explore is testing out live travel shopping.
Competitive Edge: We focus on two-way personalized experiences and foster connection. Local Purse also generates product information on the fly for offline stores dynamically and also integrates with existing e-commerce platforms. Our solution provides a very low-barrier for entry and speedy onboarding.
Market Opportunity: A global market size of 1.3 billion leisure travelers who spend €600 billion shopping in-country when they travel. By taking just 5% of the European market size of €245 billion in-country travel shopping spend, we already have access to €12 billion from 32 million travelers.
Early Customers: Live beta in Argentina, China, Costa Rica, Lebanon, Morocco, Nigeria, Slovenia, Peru. 1,550+ early adopters. 75+ paying customers.