Online shopping is here to stay. Now Greek Start-up Totos.gr is working to enhance the online shopping experience. Marissa Tejada reports.
Greek Start-up Totos.gr
According to Tech Crunch, 79 percent of U.S. consumers shop online, up from just 22 percent back in 2000. Marissa Tejada spoke to the founder of Greek start-up Totos.gr that is revolutionizing the e-commerce industry in Greece with its promising technology.
Five years ago, when there were only two companies in the e-commerce market in Greece, Mike Ikoutas came up with the idea for Totos.gr. He explained.
“We came in the market with a shopping search engine that changes the way people search and shop online.”
Mike said that the Totos.gr software provides a search experience that is similar to perusing the shelves of a well-stocked physical store. He says the Totos.gr algorithm uses both text meta-data and user-behavior data. This means that in the end the software can determine the best choices for the online shopper. The shopping experience becomes that much more engaging and helpful.
The technology also provides relevant complimentary results while the consumer is shopping. For example, if a customer is searching for a PlayStation4, the Totos.gr algorithm recognizes whether the shopper is searching for a console, a game, or a controller. The most relevant results pop up first, without excluding the rest of the categories.
In the end, Mike’s technology does something very important for companies with online offerings.
“We increase basket size.”
And that’s a big thing for Greek companies that are looking to expand. However, it wasn’t always easy for this founder and his business partners.
Mike stated that he used his own savings to start the business. Also, when an application for a NSFR (National Strategic Reference Framework) grant was approved, that helped keep Totos.gr functioning until revenue started flowing in.
Along the way, the economic crisis put forth many challenges.
“Looking back, I don’t think a day that went by without having to face a challenge. We tried to launch the same day that capital controls were introduced. The Greek banks were closed. There wasn’t a single person in Greece on that day that cared about our launch. We had to freeze most of our promotion strategy, and that took things backwards for us.”
With perseverance, the company moved forward. During the start-up’s first nine months more than 500 Greek e-shops signed up for the technology.
Mike added that the economic crisis actually helped fuel the growth of the e-commerce market. It’s just one reason why his software continues to be in demand. Surely we’ll see continued growth from this Greek start-up.
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