A Giant LEAP For Mobile Shopping
Want the ability to compare prices and reviews from one mobile app? Would you like to ask both friends and the general population about an item before you make a purchase?
Either way, LEAP Commerce might make the right app for you.
PYMNTS.com spoke to Amit Chatterjee, CEO and co-founder of LEAP Commerce, to discuss the company’s two apps, the smartphone revolution, and how mobile shopping is changing the way consumers make purchases.
According to Chatterjee, LEAP was founded in around a year ago and made its services available to the public available in August. The company’s beliefs over what constitutes mobile commerce can be found in its name.
“It’s the concept of loyalty, customer engagement, analytics and payments,” Chatterjee said. “You take the four letters … you get leap, hence the name LEAP Commerce.”
Following those four concepts, and despite its relative youth, LEAP has already released two mobile apps: BestDecision, which was released in August, and Spark, which launched in early December just a few weeks ago.
BestDecision takes advantage of what Chatterjee describes as the “transformation from dumb phones to smartphones” by providing geo-location, price comparison and research information all from place.
“We wanted to basically help consumers discover the best product they could identify, use the data behind the web, as well as price comparisons, to be able to consider which one to purchase, and last but not least, be able to help with quick mobile payments via our universal cart app extension,” he said.
Spark, meanwhile, helps users research what type of product they should be purchasing if they’re entering into unfamiliar territory. Chatterjee said Spark uses a system “similar to how Quora ahs run it’s conversations” to allow users to ask questions about products or types of products, which they can restrict to groups of friends or to the public in general.
According to Chatterjee, the main differences between the two apps center around the type of information consumers want before they make certain purchases. “With BestDecision … I’m likely to want to look at an alternative around a particular product. So if I know I want a television, I want to choose between five or six brands and maybe two r three different sizes. Best Decision is ideal for that,” Chatterjee said.
But, as LEAP’s CEO points out, there are hundreds of purchases a year consumers make without substantial information about the product their buying. Spark is best used in such scenarios.
“You’re not sure what items you need, and you want to, as a result, create a conversation around how you want to basically decide around a particular decision. The Spark app actually allows you to have conversations around products," Chatterjee added.
To hear more Chatterjee on LEAP’s apps, how it processes payments and the increasing influences of social and mobile on commerce, listen to the full podcast below.
*In you have trouble with the audio player above, click here.
CEO & Co-Founder
Amit leads efforts around vision, strategy and fund raising at LEAP Commerce. Prior to co-founding LEAP, he was CEO of Hara Software, which was funded by KPCB and other leading VCs. Amit was previously appointed the youngest SVP at SAP. He was also head of Product Marketing for SAP NetWeaver and SVP of the SAP GRC business unit (with over $1B in revenues). Earlier in his career he was involved in mergers and strategy activities at McKinsey, in the business building and software practices.
He has also founded and serves on the board of several companies, gaining him a few industry recognitions as an innovator, the Venture Capital Entrepreneur of the Year and EY Entrepreneur of the Year - Cleantech 2011. He is also a fan of the San Francisco 49ers, a wine enthusiast, and candidate for Father of the Year (weekend edition). He was recognized as one of Fortune's 40 under 40, but aspires to get to 70 under 70 at some point.
He has also been a leading thought leader for US on job creation, at one point advising the President on job creation for Green and Cleantech sector.