In late 2020 I interviewed a developer who had launched a Shopify app to ship guide textual content messages to cart abandoners. Eighteen months later we spoke once more, this time to debate his sale of that firm and buy of one other, an app for creating upsells in a Shopify checkout.
By early 2023 he had offered the second firm and launched a 3rd one, a coupon-leak restoration app.
And that brings me to my fourth dialog with Dennis Hegstad. He has shut down the coupon-leak enterprise and began his fourth, an information supplier for the ecommerce trade referred to as Web Analysis Unit. What, precisely, is Web Analysis Unit? I requested him that query and extra after we lately spoke.
All the audio of our dialog is embedded beneath. The transcript is edited for readability and size.
Eric Bandholz: Give us an replace on what’s taking place in your world.
Dennis Hegstad: In 2021, I offered LiveRecover, our SMS app for Shopify. That was our first exit in ecommerce. Then I offered one other app, OrderBump, simply 100 days after shopping for it in 2022. That sale was just about luck.
In 2023 I launched Vigilance, a coupon-code leak safety app, however that enterprise failed. Shopify up to date its checkout system, finally killing Vigilance, so we shut it down. We supplied to return the buyers’ cash, however they mentioned, “Strive one thing else.” That’s after we began constructing Web Analysis Unit earlier this 12 months. Those self same Vigilance buyers are a part of it.
Bandholz: What’s Web Analysis Unit?
Hegstad: It’s an information platform for the ecommerce trade. Our main customers are model homeowners, companies, app builders, and financiers. Manufacturers can monitor rivals’ income, items offered, widespread SKUs, app stacks, and extra. They’ll arrange alerts to trace rivals’ gross sales or app utilization adjustments to information product launches or strategic selections. Businesses and app builders can use the information for lead technology — monitoring which manufacturers use particular companies or applied sciences, comparable to Klaviyo, and which don’t. Financiers can assess tendencies or establish struggling firms they may wish to put money into or purchase.
Our product is high-end, priced round $500 a month, so it’s not for novices. It’s aimed toward established firms who wish to fine-tune their methods.
Our information is public; manufacturers can’t disguise it from our platform. We are able to monitor compliance-related points, like worth manipulation or accessibility compliance, so firms can deal with potential issues earlier than they result in lawsuits.
We’ve got methods of precisely estimating gross sales and breaking it down by SKU. For instance, if a model sells leggings, we will report which colours and sizes are promoting finest. That method, rivals can deal with high-performing merchandise.
Bandholz: The front-end design of your software program apps, together with Web Analysis Unit, is terrific. What’s your design philosophy?
Hegstad: We don’t use skilled designers on the positioning. My co-founder and I deal with design and prioritize aesthetics. Stripe pioneered the pattern of superbly designed SaaS platforms, and we observe that method. Software program ought to really feel thrilling to make use of, not boring or outdated.
We intention for a cyberpunk vibe with Web Analysis Unit — one thing that feels futuristic and appeals to tech-savvy customers. We even began promoting a little bit of merchandise — shirts and hats — with designs impressed by this aesthetic. We did rent a designer to create cyberpunk-inspired shirt artwork. One says “anti-algorithm” as a result of we really feel like everybody’s life is dominated by algorithms nowadays. It’s a enjoyable approach to insurgent towards that.
We’ve thought of different branded merchandise, comparable to ZYN-style [nicotine-pouch] cans with USB drives inside. However we’re centered on rising the software program enterprise earlier than diving deep into merchandise. If the software program performs nicely, we’d reinvest among the income into the model aspect.
Bandholz: Is the platform absolutely constructed?
Hegstad: There’s extra to return. We launched in March, and we’ve slowly onboarded customers. In November, we’ll open it to the general public. We wish to add funding information so our customers can discover manufacturers which have raised capital however are underperforming. That will assist enterprise capitalists or merger and acquisition groups establish struggling firms that need assistance.
We’re not attempting to shoot for the celebrities. We wish to construct one thing enjoyable and maintain it going. Reaching $5 million in annual income can be nice. We love the enterprise — it feels difficult, and there’s a lot to be taught.
Bandholz: The place can folks help you?
Hegstad: Our web site is InternetResearchUnit.com. You too can discover me on LinkedIn and X.
