Perk Labs Inc. (CSE:PERK, OTCQB:PKLBF), the company behind mobile commerce platform Perk Hero, told investors it continues to sign up new customers and aims to deliver more advanced functions to members later this year.
In a wide-ranging corporate update, the tech group, which aims to help firms' transition to the digital economy, also said it was looking to reduce costs, expand in the US, and plans to announce a rebranding in October this year.
Notably, Perk has changed its business model from a transaction-based B2C marketplace to a B2B software-as-a-service subscription-based model in the last year.
"Omnichannel order management is the foundation of our next-generation membership-based sales and marketing solution," said Gary Zhang, the chief technology officer of Perk, in a statement.
READ: Perk Labs reveals new features and new customers for its platform
"Our product team is working on the top 5 sales order channels: QR-based on-site orders, pickup orders, neighbourhood delivery orders, reservation orders and subscription orders.
"Our team plans to complete work on reservations and subscriptions by the end of October 2022. In the last quarter of 2022, our product team will deliver more advanced functions such as an advanced reward system, white-label customization, notification-driven omnichannel marketing and branded token," he added.
By adding subscription orders, Perk believes additional revenue opportunities will open up from many other types of businesses that require recurring subscription-based payments such as club and gym memberships and fitness studios.
"With much of the heavy R&D work now completed to get our platform robust and scalable, and building upon our early successes in signing new customers, we are now moving to a 'sales-first organization'," the company told investors, adding it had expanded its sales team and hired a new director of sales.
"We also have ongoing discussions with a group in the United States whom we plan to partner with to grow our presence in the US. We expect to make an announcement in the next 30 days," it added.
Perk Labs also highlighted that it has taken several steps to reduce its monthly cash burn and aims to phase out its digital gift card offering for which it incurs a minimum monthly fee. To increase its treasury, it recently sold over $600,000 in Hero Innovation Group (CSE:HRO) stock.
"We are also exploring other ways to increase our cash position, including potential equity, debt financing and special bank loan programs that are available as part of Government of Canada programs for startups," it added.
On blockchain and non-fungible token (NFT) technology, it said it aims to further develop its loyalty token on the Solana blockchain to provide a white-label loyalty platform to brands that will also include NFTs as a mechanism for unlocking memberships, subscriptions, events, and special benefits.
Contact the writer at giles@proactiveinvestors.com