Facedrive Inc. (“STEER” or the “Company”) (TSXV:FD), (OTCQX:FDVRF), an integrated ESG technology platform, is pleased to provide a general corporate update detailing plans for its next stages of growth. Plans include a strong focus on existing subscription-based and on-demand offerings in which the Company expects to show significant year-over-year growth, and a re-alignment of operations to drive efficiencies. In particular, STEER will be organizing its operations to reflect “On-Demand” and “Subscription-based” as its two fundamental types of offering, with all services being ultimately powered by its data, analytics and machine learning engine, EcoCRED. This will allow the Company to better capture, analyse, parse and report on key data points that will measure the Company’s impact on carbon reductions and offsets. EcoCRED will also use the same data sets to analyse and measure customer behavior and patterns in order further its revenue growth.
The Company feels that its plans will best allow it to execute on its vision to build a one-of-a-kind system that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. This vision, in turn, has been inspired by a number of global megatrends identified by the Company: 1) widespread adoption of environmental, socially conscious and governance oriented (ESG) consumer behaviour and an increased emphasis on social issues as a factor in commercial decision-making; 2) international environmentally-conscious legislation and policy mandating the production of only electric vehicles within a certain timeframe; 3) corporate and institutional commitment of funds towards ESG-related initiatives, and 4) the modern gig economy, reflecting a decline in traditional ownership models in favour of shared, subscription-based and on-demand solutions.
STEER Subscription-Based Offerings
The Company’s Subscription-Based Services are led by its flagship STEER EV business unit, which allows consumers (typically on a monthly recurring subscription basis) to choose from a diverse fleet of automobiles that includes a range of premium luxury and entry-level electric vehicles (EV) – without the hassles that come with long-term ownership or daily rental. The Company has been pleased with the success of its operations in Toronto and Washington, with strong utilization and subscriber growth rates, and intends to expand into various targeted North American markets that its analytics and research have helped identify. The Company anticipates this expansion translating into strong organic revenue growth on a year-over-year basis from its business-to-consumer (B2C) operations.
On Demand Services Powered By EcoCRED
On-Demand Services include the Company’s marketplace and delivery offerings, which cater to both businesses and consumers. This includes the Company’s food delivery service, its delivery-as-a-service (DaaS) business, and its fast-growing business-to-business offering “B2B Marketplace”. B2B Marketplace provides for the sale and delivery of just-in-time supplies to restaurants so that they can not only reduce their inventory and storage costs, but also choose from among the Company’s more environmentally conscious supply options. This adoption of environmentally friendly options will then be reflected in the carbon reduction and offset numbers that the Company plans to begin tracking and reporting. As of today, the Company estimates that approximately 1 in 5 independent restaurants in Ontario are on STEER’s Foods and B2B Marketplace platform, a 20 percent market share that the Company feels provides sound footing for its next stages of expansion. These next stages will include, in the coming months, an anticipated launch of STEER’s new “super-app”, which will bring all On-Demand offerings onto the same platform with a view to streamlining both the user experience and the associated operational footprint.
ESG and Data Driven Intelligence
The company is experiencing an increasing number of users, and businesses are transacting on its EcoCRED platform. EcoCRED, driven by data analytics, will take on a pivotal role in analysing datasets collected related to consumption patterns, carbon impacts and carbon offsets (in addition to general consumer behaviours). First acquired from a wholly-owned subsidiary of Exelon Corporation in April of 2021, EcoCRED has become the Company’s ESG big-data analytics machine with which it analyses all carbon impacts and offsets coming through its platform. The goal is to power all of its Subscription-Based and On-Demand services through EcoCRED to automatically capture carbon reductions and offsets created in real-time, particularly by its EV subscription service and its B2B Marketplace The Company is also working closely with industry-leading consultants to better understand all carbon reductions and offsets within the context of global industry standards. The Company intends to not only further integrate key sustainability metrics and statistics into its user interface (as it currently does for consumers on its mobile app), but also to the broader market.
“We continue to be excited by this next stage in the execution of our vision. We are making a conscious effort to focus on our key Subscription-Based and On-Demand product and service offerings which are key in the current gig economy. Recurring and subscription revenues allow us to build an organization in which we are able to better predict and accurately forecast our revenues in the future. We will continue to focus on year-over-year growth in revenue, driven by growth in users, businesses and market share. Ultimately, growth in revenue will directly increase our collection of data and improve our analytics as we continue to push forward into the future of mobility and delivery,” said Suman Pushparajah, CEO of STEER.
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