Shop Pay Validates One-Click
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Fast is a universal one-click checkout solution that aims to streamline e-commerce transactions by saving user information across multiple websites. The concept mirrors PayPal's functionality but focuses on simplifying the checkout experience.
Key Points:
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Core Product:
- Universal checkout button for e-commerce websites
- Saves customer information for repeat purchases
- Works across multiple websites/merchants
- Similar to Shop Pay and PayPal
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Business Model:
- Helps websites increase conversion rates
- Makes customer purchasing more convenient
- Validates market opportunity through competitors:
- Bolt (successful competitor)
- Shop Pay (Shopify's version)
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Company Performance:
- 500 employees
- $600,000 lifetime revenue
- Secured significant funding despite low revenue
- Had premium assets:
- Fast.com domain
- @fast Twitter handle
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Marketing Approach:
- Heavy focus on brand building
- Active social media presence
- High-profile promotional events
- Emphasis on speed and convenience messaging
Note: This business ultimately failed despite significant investment and marketing efforts, with extremely low revenue relative to team size.
22:53 - 27:42
Full video: 01:05:50SP
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.