Jisp’s mobile marketing, shopping and payment app earned the Alton-based technology company a finalist’s place for Innovative Tech Company of the Year at the 2019 and 2020 South Coast Tech Awards. The next year should be pivotal for the business, says founder Julian Fisher.
As the Covid-19 pandemic spread, smaller convenience stores seized their opportunity. While larger competitors struggled to keep shelves filled, they had stock available and were easy to reach for people in lockdown. All they needed was to make it easier to shop with them.
Jisp’s technology is supporting smaller retailers by combining home delivery and tracking, Click & Collect, mobile payments and an in-store Scan & Go service. In fact, everything the big players offer, all in a handy mobile app. Partnering with the Federation of Independent Retailers (NFRN) opened the door for Jisp to thousands of new customers.
Fisher started Jisp in 2015 as an online-only proposition, but he quickly saw a future in combining this with in-store services. As well as transactional elements, retailers can add images, video, customer feedback and social engagement.
“The cost of bringing together online and in-store in an ‘omnichannel’ can be expensive for retailers, especially if they have legacy offline systems. We developed technology that solves the challenge and enables a unified shopping experience, rather than treating the same customer differently, depending on how they shop,” he explained.
The company decided not to offer a ‘white label’ version of the app for customers to personalise. “It has been difficult turning down customers in pursuit of our long-term goal, but worth it,” he said.
Instead, Jisp is a cloud-based platform on which all its customers sit. They include retailers, convenience stores, coffee shops, restaurants, hotels and pubs. Next year, Jisp plans to introduce advertising on the platform.
“With advertising, we can monetise traffic and share revenue with our customers,” said Fisher, “and we plan to introduce augmented reality, so you can see 3D-layered product information and promotions (such as vouchers) simply by pointing your mobile over products on shelves.”
Jisp brought together a group of high-net-worth backers, rather than going down the venture capital route. “Our investors have stuck with us through thick and thin,” he said.
The company has held four rounds of funding over the past few years, all over-subscribed. “It’s not typically how start-ups arrange finance and, in some respect, it has been harder for us, but it keeps us in control,” Fisher noted.
“I update our investors monthly and, since the pandemic, weekly. We regard them as part of our team, so it’s important they know what’s happening,” he added.
Jisp’s funders are happy to give Fisher a free rein. “As an entrepreneur with a disruptive idea, the problem can be if investors try to push you in different directions. You have to stick doggedly to what you believe in. Of course, you have to be flexible and adapt, if necessary, but you also need to know when to say ‘no’ to those who might try to influence what you are trying to achieve.”
Ultimately, Fisher intends to find a buyer for the company. “That’s always been our exit plan, and our investors know this.”
As well as building its customer base in the UK, Jisp operates in Norway (Fisher is half-Norwegian), and is currently exploring opportunities in the US, Dubai, Australia, Japan and Italy.
The company rewards long-serving staff with share options. “It’s right that they benefit from our success,” said Fisher. His staff joke that the name Jisp (a randomly chosen word that provided a concise website url), in fact, stands for ‘Julian is a special person’. There’s loyalty for you.
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