Retailer, Faisal Masud is feeling your ecommerce pain. He says he has a solution, a new e-commerce platform called Fabric.
Masud who earned his ecommerce credits on Amazon
Fabric, based in Bellevue, Washington, emerged from stealth mode today and announced it will be backed with $ 9.5 million in seed funding. Fabric has been quietly welcoming retail brands since the beginning of this year and is now ready to talk about their operations.
His target clientele, said Masud, are “medium-sized to small business customers who are ready to accelerate their online growth”. He defines medium to small businesses as companies with revenues of $ 5 million to $ 1 billion.
The first brands to use the Fabric platform include ABC Carpet and Home, GNC and BuildDirect.
Fabric, Masud said, was designed to provide retailers and B2B companies with an e-commerce platform that is easy to update and customize without the need for a dedicated army of engineers or costly consultants.
“Essentially, Fabric is a platform designed to relieve retailers of the engineering burden,” said Masud. “Their technology platforms are the biggest limiting factor stifling the growth of these retailers.”
Retailers, Masud said, are effectively paying an “e-commerce tax” in the form of licenses, infrastructure, hardware, software fees, and all employees and contractors writing custom code every time they need to make a change. “Our goal is to relieve them of this.”
According to Masud, one of Fabric’s key selling points is that the company’s executives are familiar with e-commerce and retailing and can therefore better understand what retailers need in an e-commerce platform.
“I was a merchant, inventory planner, marketer, supply chain forward logistics, reverse logistics and inventory planning,” he said. Ryan Bartley, a Fabric Co-Founder and Chief Revenue Officer, and Luke Shardlow, Chief Product Officer, also have strong e-commerce backgrounds. “It puts us in a unique position” to think like a retailer while developing a technology solution, Masud said.
Another advantage is that Fabric is a modular platform. Retailers looking to update their existing websites can add the components they need, and the modules are designed to work with existing platforms.
Fabric works on a software-as-a-service basis with a monthly fee and, unlike other platform providers, does not charge a percentage of sales.
“One of the big challenges facing retailers today is that when you get sizeable with some of these platforms you pay an arm and a leg in revs,” Masud said.
Retailers who sign up with Fabric usually come to the platform from Magento, Shopify, BigCommerce, or their own self-developed platform, he said.
ABC Carpet and Home, the pioneering New York-based retailer, ran its website on an outdated version of Magento before moving to Fabric in February. Aaron Rose, who joined ABC as CEO 17 months ago, said improving the brand’s digital skills and website was one of his top priorities when he took the role.
“When you think about the ABC in-store experience, I realized that magic wasn’t historically translated online,” said Rose.
“We had a choice between moving on to a more modern version of Magento or choosing a new platform,” he said.
He reviewed a number of platform options and chose Fabric. “Your product designers and developers and engineers who develop the product come from some of the best designers and developers in large technology companies, and they bring in many skills that were only available in these large enterprise solutions in the past. Market, ”said Rose.
He also liked the flexibility of the platform and that it will be easy to add components and personalization as ABC expands its digital capabilities. “I’ll be able to have a truly unique abchome.com experience, tailored over time to what we know about the visitor, the site user,” he said.
The platform is easy to upgrade for non-engineers, Rose said. “It’s a very intuitive series of interfaces. It doesn’t require the ability to do custom coding, ”he said.
With Fabric, abchome.com’s website speed and online engagement increased, and conversion and revenue run rates almost tripled, Rose said.
Fabric’s $ 9.5 million seed funding round was led by Redpoint Ventures, with the participation of Sierra Ventures and Expa. Alex Bard, Partner and Managing Director at Redpoint Ventures, and Tim Guleri, Managing Partner at Sierra Ventures, have joined Fabric’s board of directors.