Vend (software)

Vend Limited
Private
Industry Software as a service
Founded 2010
Founder Vaughan Rowsell
Headquarters Auckland, New Zealand
Area served
Products
Services
  • Point-of-sale
  • Ecommerce
  • Retail training
Number of employees
 200+
Website www.vendhq.com
Previous logo

Vend is cloud-based point-of-sale and retail management software that lets retailers run their business in-store, online, and via mobile. Vend’s solution includes POS software, inventory management, E-commerce, customer loyalty, and reporting analytics. Vend integrates with other business and payments applications including Shopify, Square, Xero and PayPal, and is a key retail partner in Apple’s global Mobility Partner Program.

History

Vend was launched in August 2010 [1] by software developer Vaughan Rowsell.[2]

In the two years following its launch,[3] Vend secured funding from various investors [4][5][6][7] and announced a partnership with Paypal.[8][9] [10]

In 2013, Vend raised NZ$8 million of funding from investors in Australia (i.e. Craig Winkler, MYOB founder and a cornerstone investor in Xero, and Paul Bassett and Matt Rockman, co-founders of Seek.com.au) and New Zealand (i.e The Milford Active Growth Fund, managed by Brian Gaynor).[11] Further capital has also been raised from existing investors including Point Nine Capital in Berlin.

The following year, Vend closed US$20 million (NZ$25 million) in Series B funding. The funding round was co-lead by PayPal co-founder and the first outside investor in Facebook, Peter Thiel of Valar Ventures and Square Peg Capital in Australia.[12] Later in 2014, the company also opened offices in Toronto and London.

In August 2015 Vend announced that it had raised NZ$12 million, mainly from existing investors along with new entrant Punakaiki Fund. The company also announced cuts to staff despite achieving 1100% revenue growth in its first 3 years, and 100% revenue growth in the previous financial year. [13]

In 2015, Vend announced that it was working with Apple as one of a select group of business app developers to bring innovative mobile solutions for business to iPad users. Vend is now officially endorsed by Apple and is one of about 20 apps that Apple is curating for SMBs that are billed as both working well, and working well in concert with each other.[14]

In the same year, Vend launched Vend Ecommerce to help brick-and-mortar retailers set up shop online.[15] It also announced a partnership with UK payments provider iZettle,[16] and North American payments provider Mercury (now Vantiv).

In 2016, the company joined forces with Square to enable US-based advanced retailers who use Vend’s POS software and retail management system to process payments with Square.[17] It also revamped its integration with long-standing partner Xero and announced a formal partnership, uniting the two companies under joint business goals in key international markets for the first time.[18]

In 2016 Vend also launched an app separate to its own platform for inventory management named Counter.[19] Available through Apple’s App Store, Counter allows retailers to perform full and partial inventory counts, as well as process product deliveries and transfers using their iPhone, iPad or iPod Touch. The app is aimed at retail store owners, warehouse managers, and stock room supervisors, and seeks to streamline counting inventory by reducing manual work for retailers.

At the end of 2016, Vend raised a further US$9 million ($NZ13 million) led by existing investors, and with significant new investment from fund manager Movac. With the additional funding, Vend aims to continue its expansion and product development in its established markets including Australia, the US and the UK. In 2016 Vend grew its UK staff to 20 and opened a new office in East London.[20]

In 2017, Vend updated and relaunched its inventory app Counter due to widespread popularity of the app, and renamed it Scanner by Vend.[21]

Technology

Vend uses HTML5 features in Google Chrome and Safari to implement offline processing capabilities.[2]

  • A webSQL database built into the browser provides local inventory storage so sales can be processed offline and all stock levels updated.
  • HTML5’s offline manifest tells the browser to take copies of certain files and pages for offline use.
  • WebSocket (another element of HTML5) allows Vend to talk to other devices on a local network, interfacing with hardware such as an EFTPOS unit or other payment devices.

Aside from being compatible with Mobile Safari & Chrome, Vend also has a native iOS app called Vend Register.[22]

The architecture of this ground-breaking point of sale system allows it to be truly hardware independent, and despite being 100% cloud-based, Vend can continue to ring up sales during an Internet outage.[23] In 2016, Vend’s Solutions team gained world-wide notoriety in technology and security circles after detecting and disclosing a major security Internet vulnerability, unrelated to the Vend platform.[24]

Product overview

Vend’s core feature is its web-based POS system, which runs on any device that has a web browser as well as its iPad app Vend Register.

Vend also has robust inventory management capabilities designed to help retailers stay on top of stock orders, transfers, and inventory counts. It also provides features including loyalty, customer management, gift cards, and employee tracking.[25]

Reporting is a big component of Vend’s software. Vend allows merchants to generate reports on several aspects of their business, including sales, inventory, and customer behavior. Users are able to build their own reports, and use a wide range of variables and filters to get the data they need.

Vend also helps retailers sell across multiple channels. In addition to its cloud-based POS system that works on multiple devices, the company also has Vend Ecommerce (complete with click-and-collect capabilities), as well other integrations, to enable retailers to sell online.[26]

Vend has been able to secure key partnerships with companies such as Paypal, Xero, iZettle and Apple, to accelerate its growth and increase its global profile. It is one of only a handful of app developers bringing business applications to iPad users.[27]

Customers

Vend is made for SMB retailers, through to larger multi-outlet businesses with more complex retail operations. Its focus on sophisticated inventory allows it to take a unique position in the market for advanced and multi-outlet retailers. Vend provides powerful multi-outlet features, which enable retailers to stay on top of multiple stores and hundreds (or even thousands) of products. This is combined with “omnichannel” capabilities such as ecommerce and click-and-collect, allowing merchants to sell and serve customers across physical and digital channels.[28]

Notable and successful Vend customers include:

  • Jurlique - Australian success story and beauty business with hundreds of stores worldwide[29]
  • The Supercool - an Australian multi-outlet and pop-up emporium[30]
  • Magic Memories - a global tourism photographer located in over 180 world-known attractions such as Madame Tussauds and The Sydney Opera House[31]
  • Kukri - global sports brand that powers sales in stadiums around the world[32]

Awards and recognition

  • 2011 NZ Innovators Awards - ICT category and Supreme Award[33]
  • 2011 Xero Add-On Partner of the Year
  • 2014 NZ Hi-Tech Awards - IBM Hi-Tech Exporter of the Year (under $5 million revenue) and Cisco Hi-Tech Emerging Company of the Year categories[34]
  • 2014 Gold Stevie Award for Vend’s homepage video (American Business Awards)[35]
  • 2014 Monocle Magazines’s Top 25 in Retail[36]
  • 2015 Gold Stevie Award for Customer Service (American Business Awards)[37]
  • 2015 Silver Stevie Award for Vend’s video with TopShelf Style (American Business Awards)[38][39]
  • 2015 Silver Stevie for Marketing Department of the Year (International Business Awards)
  • 2015 Deloitte NZ Fast50 - 7th fastest growing company in NZ[40]
  • 2015 Industry Specific App of the Year - Xero UK[41]
  • 2016 Deloitte NZ Fast50 - 38th fastest growing company in NZ[42]
  • 2016 Deloitte APAC Fast 500 (83rd fastest growing technology company in APAC)
  • 2016 TIN100 Hot Emerging Companies New Zealand (2nd)[27][43]
  • 2017, Vend named as the best all-in-one POS system for small businesses by Business News Daily[44]

Blog

Along with its software, Vend provides content, inspiration and advice for retailers of all sizes via the Vend Blog.[45] Its blog site has been recognised by other industry experts and independent small business sites as a leading resource for retailers and SMBs. This includes Capterra’s ‘9 Retail Blogs You Need to be Following’;[46] FitSmallBusiness’ ‘Best Retail Blogs of 2016’;[47] and Star Cloud Services’ ‘Top 20 Blogs for SMB Independent Retailers’.[48]

References

  1. ↑ "Innovators Awards: Supreme/IT winner, Vend". idealog.co.nz. 21 October 2011. Retrieved 7 January 2018.
  2. 1 2 "Cloud-based cash registers slash POS costs - Storage". boxfreeit.com. Retrieved 7 January 2018.
  3. ↑ "Cloud POS Vendor VendHQ Picks Up Funding". diversity.net.nz. 9 August 2011. Retrieved 7 January 2018.
  4. ↑ "Moving sales into the cloud". 23 September 2011. Retrieved 7 January 2018 – via www.nzherald.co.nz.
  5. ↑ "Web-Based POS provider Vend raises funding from Point Nine Capital and angel investors - SFGate". sfgate.com. Retrieved 7 January 2018.
  6. ↑ "Vend Rings Up $2 Million for Point-of-Sale Technology". allthingsd.com. Retrieved 7 January 2018.
  7. ↑ "Vend raises $2 million in funding - Computerworld New Zealand". computerworld.co.nz. Retrieved 7 January 2018.
  8. ↑ Perez, Sarah. "PayPal Rolls Out To 15 More National Retailers, Announces Deals With 6 Top POS Software & Terminal Makers". techcrunch.com. Retrieved 7 January 2018.
  9. ↑ Vend Raises $2 Million, Announces Key Partnership with PayPal | Virtual-Strategy Magazine
  10. ↑ "- The National Business Review". nbr.co.nz. Retrieved 7 January 2018.
  11. ↑ Herald, New Zealand. "Vend gets $8m in new money". m.nzherald.co.nz. Retrieved 2017-03-16.
  12. ↑ "Vend Closes $20M in Series B". www.vcnewsdaily.com. Retrieved 2017-03-16.
  13. ↑ "Vend Raises $12 million, confirms cuts to local staff". nbr.co.nz. 19 August 2015. Retrieved 17 September 2018.
  14. ↑ "Why Apple Picked Vend | PYMNTS.com". www.pymnts.com. Retrieved 2017-03-16.
  15. ↑ Kepes, Ben. "Vend Adds E-commerce To Its Point Of Sale Offering". Forbes. Retrieved 2017-03-16.
  16. ↑ "Vend & iZettle Get Together in Perfect Match | Payment Week". Payment Week. 2015-01-29. Retrieved 2017-03-16.
  17. ↑ Etherington, Darrell. "Square brings payment and capital offerings to TouchBistro and Vend customers". TechCrunch. Retrieved 2017-03-16.
  18. ↑ "Vend and Xero forge global partnership". CIO New Zealand. Retrieved 2017-03-16.
  19. ↑ "Vend introduces barcode scanner app". Retail World Magazine. Retrieved 2017-03-16.
  20. ↑ "Vend completes $13m capital raise". The National Business Review. 2016-12-22. Retrieved 2017-03-16.
  21. ↑ "Scanner | Inventory Barcode Scanner for Retail on the App Store". App Store. Retrieved 2017-09-18.
  22. ↑ "Vend Register App". www.vendhq.com. Retrieved 2015-11-19.
  23. ↑ "Vend Review 2017 | Reviews, Ratings, Complaints, Comparisons". Merchant Maverick. Retrieved 2017-03-16.
  24. ↑ Osborne, Charlie. "15-year-old httpoxy flaw causes developer patch scramble | ZDNet". ZDNet. Retrieved 2017-03-16.
  25. ↑ "Vend Review 2017 | Reviews, Ratings, Complaints, Comparisons". Merchant Maverick. Retrieved 2017-03-16.
  26. ↑ "Click & Collect in Vend Ecommerce". How can we help?. Retrieved 2017-03-16.
  27. 1 2 "Technology Investment Network | NZ Technology Companies | TIN". www.tin100.com. Retrieved 2017-03-16.
  28. ↑ Aberle, Craig. "The Crucial POS Software Distinction That Retailers Aren't Paying Attention To". Pointofsale.com. Retrieved 2017-03-16.
  29. ↑ "Ahead in the Cloud: Jurlique Rolls Out New POS System - Power Retail". Power Retail. 2016-05-12. Retrieved 2017-03-16.
  30. ↑ Potvin, Chloe (2016-07-27). "From Buenos Aires to Melbourne: The SuperCool pop up emporium challenges the traditional retail experience". Kochie's Business Builders. Retrieved 2017-03-16.
  31. ↑ Vend Point-of-Sale (2015-03-31), Magic Memories & Vend: Global Mobile POS, retrieved 2017-03-16
  32. ↑ Vend Point-of-Sale (2015-06-25), Vend & Kukri. Multi-outlet success at the Hong Kong Sevens., retrieved 2017-03-16
  33. ↑ Administrator. "NZIA - Winners 2011". www.innovators.org.nz. Retrieved 2017-03-16.
  34. ↑ "2014 NZ Hi-Tech Award Winners Announced — NZ Hi-Tech Awards". www.hitech.org.nz. Retrieved 2017-03-16.
  35. ↑ "Video Awards | Stevie Awards". stevieawards.com. Retrieved 2017-03-16.
  36. ↑ "Vend named as one of Monocle Magazine's Top 25 in Retail Award winners - Vend Retail Blog". Vend Retail Blog. 2014-03-24. Retrieved 2017-03-16.
  37. ↑ "Customer Service Awards | Stevie Awards". stevieawards.com. Retrieved 2017-03-16.
  38. ↑ "Video Awards Winners | Stevie Awards". stevieawards.com. Retrieved 2017-03-16.
  39. ↑ "Video Awards Winners - Stevie Awards". stevieawards.com. Retrieved 7 January 2018.
  40. ↑ Digital, Born. "Results". www.deloitteprivate.co.nz. Retrieved 2017-03-16.
  41. ↑ "Celebrating our partners: Xero Awards London 2015 |Xero Blog". Xero Blog. 2015-02-11. Retrieved 2017-03-16.
  42. ↑ Deloitte. "Deloitte Fast 50 2016 | results". www.deloitteprivate.co.nz. Retrieved 2017-03-16.
  43. ↑ http://www.tin100.com/About+TIN100+Reports/Hot+Emerging.html
  44. ↑ "Vend Review: Best All-In-One POS System for Small Business". Business News Daily. Retrieved 2017-03-16.
  45. ↑ "Vend Retail Blog - The Latest Retail Trends, Technology & News". Vend Retail Blog. Retrieved 7 January 2018.
  46. ↑ "The Top 9 Retail Blogs You Need to Be Following - Capterra Blog". blog.capterra.com. Retrieved 2017-03-16.
  47. ↑ "Best Small Business Blogs of 2016". 2016-05-16. Retrieved 2017-03-16.
  48. ↑ "Top 20 Blogs for SMB Independent Retailers - Star Cloud Services". Star Cloud Services. 2016-08-07. Retrieved 2017-03-16.
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