Flower's House Group announced it has been recruited to join Newchip Accelerator's prestigious Series A Program cohort. Flower's House Group aims to consolidate every step of the supply chain and triangulate all POS to deliver a mobile-first customer experience. This lowers inefficiencies, delays, and quality claims, currently present in the global flower chain. In the works is a mobile app to sell all flowers for brokers, wholesalers, and florists. First in the US & Canada, then worldwide.
According to the company, financial technology services and financial literacy products will be added to the app to address the urgent needs the industry has for alternative credit scoring and access to financial services. The industry's approach to finances is notoriously outdated, with many clients relying on in-store loans or personal credit cards to access products. Due to this, the company is digitizing its current B2B BNPL credit offering for long-standing clients and generating an alternative credit score for new customers who are registered flower retailers.
"We are thrilled to form part of this 6-month program with incredible mentors. We are excited to see what the future will bring with this new partnership." CEO and partner Luis Cadavid commented. He also added that "nothing is more important than the financial well-being of our customers. So that when they need it, they can access buy now pay later products or the resources they need to grow their business." Cadavid has led the company's global expansion.
According to a recent report by Global Industry Analyst, competition for the global cut flower industry is expected to become more severe. Rapid innovators with insider knowledge of the industry will have an unfair advantage over newcomers or other competitors who only control a section of the supply chain. Furthermore, the opportunity for growth is immense given that, in contrast to other retail markets, middle-aged and above demographic segments are among the largest users of e-commerce platforms when shopping for flowers.