Stage: Revenue generating
Number of employees: 1-5
Short URL: vator.co/qtlingo
Businesses are ‘Letting Money Walk out Of the Store’ due to language barriers. Our solutions help businesses overcome these barriers and maximize their ‘sales potential’. We provide an industry-first solution that utilizes cutting-edge Mobile and QR technology to help the customer understand the product’s value proposition in their own language.
Across the world, the business owners are ‘Letting Money Walk Out Of the Store’ due to language barriers. The retail shops are losing out on a tremendous opportunity to generate additional sales due to inadequate multilingual staff at their stores. QTLingo’s solution allows consumers and businesses alike to overcome the language barriers in commerce. Our industry-first technology utilizes QR (Quick Response) codes for language translations via our proprietary QT Codes (Quick Translation Code). These QT Codes allow businesses to deliver complete information about their products and services to customers in multiple languages and embed this information seamlessly within the product placement in retail stores. This enables the consumers to make an informed buy decision and the businesses to maximize their selling potential. Our solution also allows purchases of products via a secure mobile payment system.
Market Opportunity and Research
There are about 950 million travelers around the world and language barrier remains one of the biggest challenges between consumers and businesses. By rough estimations, language communication issues cause businesses $20 billion annual loss due to the language barrier of traveling consumers. Additionally, these consumers routinely purchase wrong products and services that lead to a poor consumer experience. Studies have shown that consumer’s buying behavior differ when they have to decipher products/service information in a foreign tongue. Research conducted by Harvard Business Review (HBR) and Common Sense Advisory group has following interesting findings:
Businesses continue to use traditional multilingual printed materials and interpretation services, which are inefficient, costly and wasteful. These passive and ineffective solutions isolate users and the language barrier stays intact. There are disintegrated language translation tools available in the market, but these solutions have several drawbacks:
How it Works
Businesses use QTLingo’s self-service SaaS portal to upload product information. QTLingo platform generates QT Codes in multiple language and currency formats. Businesses embed these codes within product placements. Consumers then scan code and view information using any Smartphone.
Go to Market Strategy
As the world gets flatter, the foreign cnsumers are becoming increasingly important for retailers’ bottom-line. However, the language barrier continues to negatively impact both sales and consumer experience. Our solution solves this growing problem significantly better than other existing alternatives. Just within US, there are 350 outlet malls. These malls have 20,000+ premium stores, 60,000+ individual stores and 50,000+ restaurants chains. In addition there are 10,000+ shopping areas focused exclusively on tourists that face these language barriers every day. These businesses continue to lose millions of dollars every day.
We will initially be focusing on premium outlet malls which account for a total annual sales of $500B. This creates a $5B market for QTLingo just within this segment. Our initial customers can get started with very low up-front costs. Their most essential ROI is as simple as saving one person-month salary of a multilingual worker using our solution. Their actual ROI is the significant gain in revenues by maximizing their sales potential. We aim to service over 50,000+ store locations in US for premium brands. These stores account for as much as 45% of their entire sales from foreign language speaking customers. As a reference, Prada's Outlet in Livermore CA, has upto 70% of its consumers and highest spenders from Asia and Brazil. The GM of another premium brand outlet in the same location where 25% of monthly sales are from premium suitings, remarked that his store's sales revenue drops from an average of $110k per day to as low as $10k a day if the right multilingual staff is not available.
Our subsequent focus areas will be Airports and Restaurants across US and North America. There is also a significant potential for expansion in Europe due to its language diversity and tourism. We are actively segmenting these markets and defining our long term go to market strategy..
The development of core technologies is complete. We are in active discussions with a select premium brands and planning a roll out of a pilot initiative (private beta) at select store locations in the coming weeks. In addition to these engagements, partner relationships are being actively established with key retailers.
QTLingo has an industry-first solution that has three main competitive advantages: easy to deploy; easy-to-use and end-to-end integration. Our SaaS platform provides a cost-effective solution using human translators and guarantees unprecedented content accuracy. Our mobile-ready architecture leverages cutting edge NFC and QR technologies to provide a seamless integration.