Company: Virtualstock, Reading
Company Description: Virtualstock is Europe’s leading dropshipping and curated marketplace SaaS platform. The business has been providing supply chain solutions to major retailers since 2004. In 2023, Virtualstock launched its disruptive Proof-of-Concept (POC) model, a three-month deployment that enables clients to launch a dropshipping channel in a low-cost, low-risk, light-touch way.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Retail - Small
 Nomination Title: Virtualstock
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since 1 January 2020, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
N/A
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 191 words used.
WHO WE ARE
Virtualstock is Europe’s leading dropshipping and curated marketplace SaaS platform. It has been
providing supply chain solutions to major retailers since 2004. Appendix-1.
Using the Virtualstock platform, retailers can substantially expand their product range via dropshipping. The platform facilitates a one-to-many connection to suppliers, ensuring easy/scalable/rapid access to
multiple suppliers without increasing stock expenditure.
THE NEW RETAIL LANDSCAPE
We’re often told that supermarkets, the internet, and Covid-19 have caused consumers to abandon the
high street in favour of online shopping; but the truth is more nuanced. Rather than online vs. offline, the
new retail age is about developing an omnichannel strategy where traditional retailers can reap the
rewards of both physical and ecommerce sales. This is where Virtualstock comes in.
In Oct-23, Virtualstock enriched its value proposition even further with a unique Proof-of-Concept (POC)
model that gives retailers a low-cost/low-risk/light-touch way to introduce dropshipping. By rapidly
demonstrating ROI and allowing organisations to scale their dropship channel while meeting their targets,
POC gives retail decision-makers the confidence to evolve their business and maximise revenue. No
wonder, then, that 100% of POC users have since signed long-term contracts with Virtualstock.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2020 that you wish to bring to the judges' attention (up to 250 words):
Total 239 words used.
PROOF-OF-CONCEPT SUCCESS
In Oct-23, Virtualstock launched Proof of Concept, a SaaS-based service for retailers to test a dropshipping
channel without committing to the cost/risk of a full-scale implementation. To date, 100% of POC clients
have gone on to sign 1-3-year agreements.
BUSINESS PERFORMANCE
[REDACTED FOR PUBLICATION]
2. Client retention/acquisition
Virtualstock has retained >95% of its clients since 2020. In the last year, five major clients signed three-
year renewals, despite the standard one-year renewal term.
3. Customer Satisfaction
Virtualstock received an NPS of +40 in a Feb-24 customer survey. Moreover, customers consistently rated
Virtualstock >8 (on a 10-point scale) for Support, Technology, Expertise, Responsiveness and Account
Management. Appendix-4
5. Customer success
For client Robert Dyas (£195m turnover, 93 stores), Virtualstock turbocharged online revenues by
increasing its ecommerce channel and modernising its IT infrastructure. [REDACTED FOR PUBLICATION]
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 250 words used.
POC – A GAME-CHANGER FOR TRADITIONAL RETAILERS
For large retailers, the risk of adding a dropshipping channel can be so daunting that it causes indecision,
delay, or complete inaction. Ultimately, this inaction causes traditional retailers to lose ground to
ecommerce giants like Amazon. But here’s where Virtualstock’s POC is changing the game.
The benefits of POC include:
- [REDACTED FOR PUBLICATION]
- [REDACTED FOR PUBLICATION]
- Value: The POC includes an ROI modelling tool which will demonstrate precisely how a client’s costs will decrease (and how profitability will increase) over time.
- Satisfaction: 100% of customers agree that Virtualstock has improved their ecommerce business, citing improvements across order enquiries/delivery speed/product range/end-customer satisfaction/sales volumes. Furthermore, when asked to what extent they agreed that Virtualstock was a ‘growth driver’ and ‘market leader’, customers gave scores of 8.2/10 and 8.0/10.
Virtualstock’s POC model is unique within headless ecommerce. Retailers now have the means and the confidence to explore dropshipping in a low-cost, low-risk, light-touch way. No surprise, then, that 100%of POC users are now signed up to long-term agreements.See Appendices for more.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 2 words used.
[REDACTED FOR PUBLICATION]
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