Elle Decor Austin/San Antonio
Dropbox
·
Sep 1, 2020
This article appeared in the September 2020 edition of Elle Decor magazine Austin/San Antonio
Problem
$6B worth of valuable stone is wasted every year
Countertop fabricators sell countertops but have to purchase the raw material in oversized stone slabs. They pass this "full slab" cost to customers and hold on to the unused material— creating a $6B "partial slab" surplus every year.
CountertopSmart sources partial slabs from local fabricators so that customers can access the best option for their countertop project. We make outfitting your home easy!
A fabricator's core business is NOT selling partial slabs. In fact, they produce so many partial slabs that they run out of space and have to pay to dispose of them.
Need countertops for a bathroom, small kitchen, or island? CountertopSmart lets you access more selection while saving both time and money!
Solution
CountertopSmart: The Partial Slab Marketplace
Our online marketplace allows users to search through thousands of local partial slabs by dimension, color, species, etc., receive a quote for installation, view the stone in person to make sure it's perfect for the project, and then enjoy the savings.
CountertopSmart users typically save 60-80% and access a design selection previously outside the budget.
Countertop fabricators add 20-30% to their bottom lines by turning a historical cost center into a significant new revenue stream.
Product
Big savings for customers and a substantial revenue stream for fabricators!
CountertopSmart makes it simple for customers:
CountertopSmart gives fabricators the tools they need to manage and sell their partial slab inventory:
CountertopSmart makes selling partial slabs efficient by automating the sales process for the fabricator. Countertop fabricators can finally liquidate their surplus partial slabs without distracting from their core business of selling large, full slab projects.
Traction
Writing the rules for the future of the countertop industry
CountertopSmart was named the CodeLaunch 2018 overall winner and we've graduated the prestigious Techstars and Quake Capital accelerators.
We have already hit a $720K run rate, merely scratching the surface of what's possible in the two markets we're actively operating in. We take 50% of the sale, a take rate that illustrates how dire the partial slab problem has become for fabricators, and the value that CountertopSmart provides.
We're changing the way an industry operates and our traction proves that we've hit on the solution to a 60-year-old problem.
The cost to acquire customers is low and the return is high.
We've received press from local and national home design publications.
Customers
Buyers save up to 80% and sellers add up to 30% to their bottom line
CountertopSmart serves buyers and countertop fabricators alike. Our buyers enjoy a "full stone universe" selection as well as 60-80% savings, and sellers add 20-30% to their bottom lines. We’ve helped with projects of all sizes, and continue to garner rave reviews.
Business model
A big take rate pours in revenue and rapid scale locks out the competition
CountertopSmart takes 50% of all stone sold on our marketplace. The fabricator keeps 50% as well as 100% of any labor contracted directly with the customer.
CountertopSmart works in local markets to allow our users to view the stone in person prior to purchasing while also guaranteeing users can get their small project installed at competitive rates. Our model allows for rapid scale, a feat that's almost unthinkable in the brick and mortar countertop industry:
Market
$30B+ combined market opportunity for stone
An additional $290M for software and add-ons
The demand for partial slabs is massive; the overall US countertop slab demand market is worth $30B+. Currently, CountertopSmart is targeting the $10B market for countertop projects that require partial slabs. In the future, we plan to target the combined large and small lead markets for a combined TAM of $30B. Our go-to-market takes advantage of a weak online competitive landscape to drive revenue through digital advertising and SEO.
Competition
No direct competition and frightening barriers to entry!
CountertopSmart's completely unique platform offers countertop customers 60-80% savings, guaranteed installation rates, an unparalleled selection, total pricing transparency, and the most enjoyable shopping experience in the industry. We enjoy competitive advantages that will have potential competitors thinking twice before entering the market:
Our first-to-market product combines the functionality and selection of an online marketplace with an ingenious no-risk process that allows users to view and inspect their slabs in person prior to purchasing. Countertop selection is an essential element in home design so it's imperative that customers feel confident in their selection prior to purchasing.
Vision and strategy
Control the countertop industry by consolidating the fabricators
1. The partial slab marketplace is the unbeatable value prop that scales quickly and entrenches CountertopSmart at fabricator shops across the country.
2. We'll take advantage of our online position to establish a leading brand name.
3. We'll roll out subscription software that caters to the fabrication industry and monetizes add-on services.
4. Partial slabs are great for certain types of projects but we can monetize all types of projects by charging for lead generation.
5. We'll launch the B2B Marketplace where fabricators shop full slabs and volume orders from distributors and manufacturers. We'll take a cut of the full slab sale, and then take a cut of the remaining partial slab sale!
Funding
Founders, executives, and institutional investors believe in CountertopSmart
To date, CountertopSmart has received individual investments from leaders across the technology industry, from partners at well-known venture capital groups, and early-stage funding through Techstars and Quake Capital. Our current raise will provide the necessary funds to grow our team, continue market penetration in our active markets, expand the marketplace into new cities, and supercharge growth.
CountertopSmart is going to be the biggest name in the countertop industry and we hope you'll join us for the ride!
Founders
Countertop industry experts and veteran software startup company leadership
