One market segment that has simply exploded (and this may be an understatement) is social commerce, and we're extremely pleased to play a small but important role in it. Leaders in this space -- Groupon, Living Social, Entertainment, and OpenTable among them -- need to close thousands of vendors, across the globe, to bring them on to their services. We're proud they all chose EchoSign and are truly honored to be part of their growth.
The answer, and there really is only one, is electronic signatures. As you can see below Groupon, in the midst of its hypergrowth (from $0 to $500m in less than 2 years - wow), Groupon was tripping all over paper signatures, losing hours and hours per deal. E-Signatures weren't just an option, or an improvement - they're requisite in this space, when thousands and thousands of new vendors are signing up for ever more new deals per month.
EchoSign Exchanges Travel Time for Selling Time
Groupon grew out of a website called The Point, a website launched in November 2007 that lets you start a campaign asking people to give money or do something as a group — but only once a "tipping point" of people agree to participate. Launched in November 2008, Groupon features a daily deal on the best stuff to do, see, eat, and buy in a variety of cities across the U.S., Canada, Europe South America China and Russia. Groupon is currently present in over 180 cities in 26 countries across the world and is the fast growing company ever.
“Simply put, our sales reps were spending too much time getting our partner contracts negotiated and signed, says Ash Mahmud, Head of CRM UK/IRE, Groupon. “As our reps were getting the contracts signed in person, and this led to delays.” On a number of occasions the Groupon sales reps had to visit the client 2-3 times before the contract was signed. On average the reps were spending 20-25% of their time on the road and scanning the document into Salesforce.com. In addition, sometimes the contract was difficult to read and resulted in customer service issues.
Ash found EchoSign on the salesforce.com AppExchange. “We also looked at [another solution] and found that EchoSign was easier to use and supported multiple languages. Groupon is a global company so this was important to us.” Groupon started a two week pilot with both solutions and picked EchoSign, and became an EchoSign customer in July 2010. “We are using EchoSign in conjunction with AppExtreme’s Conga Merge and Salesforce.com. We were also impressed with the support that we received from EchoSign and Conga.”
Currently the sales reps using EchoSign are experiencing an average time to sign of just under three hours. “EchoSign has saved our reps a lot of travel time that can be used for selling. In addition, EchoSign gives us a lot of data for our management team,” says Ash.
An online business requires an online solution. EchoSign enables Groupon to streamline the sales process and remove the time lag between verbal agreement and contract execution.
— Ash Mahmud, Head of CRM, UK/IRE Groupon