Xoxoday provides a tech platform to organizations to initiate, implement and manage their reward programs. These programs are typically for Employee Rewards & Recognition, Sales & Channel Partner Incentives and Consumer Incentives. Xoxoday mainly operates from India. However, we have around 800+ clients from all across the globe (mainly the US, Europe, SEA, ME and India). We have a very robust and automated reward catalogue - which is one of the largest in the world. We provide rewards in over 120+ countries and 30+ categories.
1) In FY21, Expected to reach Gross Reward Sales of US$ 43Mn with a very minimal capital investment (US$ 700K) 2) 800+ clients, 35% from international markets 3) ~2mn Platform users 4) ~100% Growth YoY 5) Pipeline - 100+ Clients with US$ 20 Mn in Sales (Q1 FY22) 6) Projected to be US$ 1Bn with 15% Gross Margins by FY26
We are focusing on the following industries: 1) IT/ITes, BPO 2) Consumer Goods 3) Internet and Ecommerce 4) Modern Industries - Edutech, Online Gaming, Market Research 5) BFSI 6) FMCG
Our target client size is mid-market i.e. employee size of 200 to 1000.
We are focusing on the following markets. 1) USA & Canada 2) Europe 3) UK 4) India 5) SEA
Problem or Opportunity
Opportunity: The Global Rewards and Incentive market is around US$ 300 Bn and growing at a CAGR of 14%.
Key Pain areas in R&R Space: 1) Rewards not aligned to business goals and KPIs 2) Operational Inefficiencies - Multi- vendors, Expiry, Calculations, Manual errors, Repetitive, Low transparency 3) Rewards are not immediate and not integrated with existing applications 4) Limited choice and geographical spread of the rewards
Solution (product or service)
We have built a tech platform with can easily integrate with existing client systems like ERP, HRMS, Communication (e.g. Slack), Survey Portals, Customer Support Systems, Sales CRMs and their intranet portals. The integration allows the creation of workflows for automated rewarding. These workflows are linked with KPIs of the client. E.g. Based on the sales achievement of the sales team or channel partner - a reward is triggered at each milestone achievement. These rewards are automated and real-time - hence it increases the impact of the rewards.
1) Accelerated digital Supply and demand for rewards & incentives - largest catalogue in the industry with presence in 120+ countries and 30+ categories 2) Integration Stack - Inorganic growth through integration with “Rewardable” use cases of 1000+ apps. 3) Product First Robust and scalable technology - High business efficiency, process automation & analytics. 4) Large Client Base - High ‘land & expand’ opportunities to existing clients with 100% YoY growth. Provides us deep domain expertise
Revenue in FY21 - US$ 42Mn with around 10% of Gross Margins Exp Revenue in FY26 - USD 1.3 Bn with around 15% of Gross Margins
Business Model - Fees on transactional revenues (pay-as-you-go model) + Software license fees
Key Metrics: 1) Reward value managed by the portal 2) Gross margins on the reward value 3) Software fees 4) No of users, active users, rewarded users/total users, reward ticket size 5) Platform usage metrics
Money will be spent on
1) Sales, Marketing & International Expansion * Sales team recruitment * Demand generation in the US market
2) Technology – Recruitment, Systems & Tools * Adding product, QA, Design & Tech team * Infrastructure, DevOps, Security ramp-up
3) Other Misc Spends * Recruitment - Analytics, Finance Lead, Catalog Lead, Customer Experience Lead, Legal Lead * Offices Setup at international locations
1) Regulatory framework 2) Resistance to change in terms of reward behaviour of the end users 3) Global unified reward currency
Incubation/Acceleration programs accomplishment
Won the competition and other awards
1. Ranked #20th in Deloitte Technology Fast 50 Award 2020 in India https://www.youtube.com/watch?v=DWpiI7o4-NE&ab_channel=Xoxoday
2. Key Players in Gamification Industry https://neighborwebsj.com/space/3309150/gamification-software-market-share-after-covid-19-breakdown-by-key-vendors-xoxoday-influitive-aon-bi-worldwide-ambition-verint-khoros-mambo-io-mps-interactive-systems-gamifier-tango-card/
3. Key PLayers Landscape in Channel Incentives space by Forrester https://go.forrester.com/blogs/channel-software-tech-stack-2021/
4. Case study published by Harvard Business Review HBR https://store.hbr.org/product/xoxoday-com-customer-engagement-through-social-media/W19308
5. Top 15 employee recognition platform 2021 https://semoscloud.com/blog/employee-recognition-software-platforms/
6. Gamification market to grow significantly https://www.openpr.com/news/2162051/gamification-market-to-grow-with-a-cagr-of-26-7-by-2025-tango