Welcome to the Prospective Investor Frequently Asked Questions page for our company. Here you’ll find answers for many of the common questions both prospective and existing investors have asked about Eread Technologies, Inc.™ and our group of ten integrated ecommerce properties including Ereading.com®, eComicBooks.com™, and eLibraryBooks.com™.
Sure! Here's part of our Elevator Pitch:
Ereading.com®, our flagship "million dollar" domain, is the first in a seamlessly-integrated group of ten ecommerce websites that will offer more than 22 million books and reading-centric products as well as a full suite of publishing and distribution services.
Ereading.com and our ten additional reading-centric sites is in the process of becoming part of the Stores Pacific, LLC family of ecommerce category retail stores. Over the next two years, Eread Technologies, Inc. will formally merge with Stores Pacific, LLC, and the new, combined entity will be called Stores Pacific, Inc.™
Believe it or not, this is a question we've gotten several times. The answer is no. This version of the website was built from the ground up using WordPress and the Bootstrap framework. Its sole purpose is to serve as an interim information source for consumers interested in Ereading.com® and the entire Eread Technologies, Inc.™ group of future ecommerce properties. The actual Ereading.com® store will be built on an advanced, scalable enterprise-grade platform designed to adequately handle our extensive inventory and high traffic requirements as discussed elsewhere in this FAQ.
Yes! We're very proud of our current Board of Advisors and the guidance they have provided to us so far.
From notable entertainment figures like comics legend Steranko, to publisher and Chicago comicbook store owner Joe Gentile, we're well on our way to building a strong and effective Board that will help guide Eread Technologies now and in the future.
When we have completely filled out our Board, we will have a total of seven leaders from the worlds of business, entertainment, publishing, bookselling, and other relevant fields advising us.
Our biggest barrier to entry is probably adequate funding. On the other hand, we firmly believe we know what we need to do in order to succeed. We have spent a great deal of time carefully planning our costs, forecasting our burn rate, and doing everything possible to maximize our chances of success. We've examined our financial model many, many times, and will continue to do so as we move forward in order to mitigate, or outright avoid, expensive and time-consuming mistakes.
Three years ago, our second biggest barrier to entry would have been technological. Now, solutions we need that would have required a proprietary or ground-up build are now available as licensed products we can integrate into our overall development plan.
In short, we may license certain products or services–but we will not be locked into one company or service provider now or in the future, providing us with the freedom to move nimbly and to adapt to the evolving needs of our business.
This question is not as complex as it might seem. The short answer is that we can't, although we can say with relative confidence that the track record of our major competitors is rather telling. So far, it indicates that they either cannot, or will not, create a business model identical to ours anytime in the foreseeable future.
Right now, our biggest competitor continues to earn a great deal of negative publicity because of their operational structure, huge financial losses, internal culture, and their treatment of their partners (including publishers), their authors, and sometimes, even the readers who buy their books and other products.
Eread Technologies is unique because we are a much smaller, leaner organization that is obsessed with selection, price, and customer service. In addition, we are truly innovating with our master-planned Development Roadmap, rather than trying to acquire other companies and "shoe-horn" them into our operational structure while losing millions of investor dollars in the process.
This means that in the future, all of our future ecommerce divisions will be efficiently integrated with Ereading.com®, while still remaining viable, stand-alone targeted lines of business.
A careful examination of our leading competitors also shows that they're growing too fast, and sometimes cannot move nimbly enough to adapt to the rapidly-changing marketplace in order to meet the needs of their customers. In the most notable case, they’re losing billions of dollars annually by spreading themselves too thin. The runner-up is “just” losing millions.
They’re both too big and too slow to adapt, and ultimately this will cost them marketshare.
At the moment the "Big 2" online bookstores, as we like to call them, have great consumer traction. But the history of bookselling, from independent shops to brick-and-mortar superstores like the now-defunct Borders chain, shows us that any bookseller can be vulnerable, no matter how big they become or what medium they use to reach customers.
If Eread Technologies, Inc.™ plans better, executes its business model more efficiently, and treats its partners, customers, and stakeholders with respect while providing many value-added products and services, we firmly believe that our company can and will become a respected market leader.
The Ereading.com® production website will begin development in early 2017 for soft launch in the fourth quarter of 2018. However, we do have thousands of prospective customers on our mailing list, and we're adding more every day. Our team clearly understands the market and we're confident that our ongoing marketing efforts and our merging with Stores Pacific, LLC will continue to help us gain awareness as we grow closer to our 2018 soft launch.
We will accept Visa, MasterCard, American Express, Discover Card, and services including PayPal, Square, and Visa Checkout. We'll also accept cattle and small children. Okay, those last two were a joke; we figure if you've read this far you deserve a laugh. But seriously, we intend to offer every viable payment option to our customers.
Obviously, much of our marketing strategy is confidential. Still we can tell you that we are actively utilizing and/or developing a number of marketing strategies that include (but are not necessarily limited) to:
Although many details must remain confidential for (we hope) obvious reasons, we can say that we are deploying a fully-hosted, enterprise-grade solution on the ShopifyPLUS® platform. Shopify® is one of the world's fast, most stable ecommerce hosting solutions, and their ShopifyPLUS® division offers technologies that are both scalable and capable of meeting our needs now and in the future.
We are fully-aware of the software, server, and bandwidth requirements involved in offering more than 22 million products for sale. That is one of the many reasons we've chosen ShopifyPLUS® as our primary platform.
So in a word, yes.
ShopifyPLUS® is designed to accomodate millions of products and is used by companies that generate billions of dollars each year in online revenue. Also, ShopifyPLUS®'s 's ability to meet our requirements for both the B2C and B2B markets we intend to serve was a significant factor in our decision.
Right now we have a total of 6 employees and contractors working for Eread Technologies, Inc and our forthcoming parent company, Stores Pacific, LLC. We're very proud of our team; you can view our Key Team Members here and our Support Team here.
Of course, in accordance with our business plan we operate as a lean company. Our team members are spread across the globe, and for the moment, all are remote. However, we do plan to open a small office in Los Angeles in the near future that will allow our local and remote teams to work together in an environment that is both efficient, comfortable, and cost-effective.
By the end of Year 2 (2020), we anticipate we will have approximately thirty full and part-time employees and contractors working on Ereading.com®, with some team members sharing duties on other Stores Pacific, Inc. ecomerce properties.
Even though we have a long-term plan for all ten of our web properties, our Development Roadmap is actually based upon a master-plan that has been in the works for several years. The master-plan takes into consideration a long, detailed, and frankly expensive analysis of the book retail and publishing markets to maximize our odds of success now and in the future.
During our first Development Phase over Years 1 through 5, Stores Pacific, Inc. will start with Ereading.com®, our flagship domain, and our free PocketReader mobile app for iOS and Android devices. In future years we will build on the existing Ereading.com® infrastructure to deploy eComicBooks.com™, CollegeReads.com, and our other ecommerce properties.
Unlike many startup companies, we have made gaining consumer traction during the pre-development and development stages of Ereading.com® a priority. Implementing key strategies in our marketing plan will help us gain strong traction pre and post-launch and generate substantial revenue during our initial "runway" phase.
One good example of our pre-launch marketing is our email list. Until recently, we made a strategic decision to remain largely "under the radar" of our larger competitors. Despite this, we have still gathered thousands of email subscribers to our newsletter over the past two years. And we continue to add many more each and every day.
With the initiatives we have planned for the coming months, we intend to drive an even more dramatic increase in sign-ups prior to the launch of the Ereading.com® production store.
If you have any additional questions or comments about our company, please don’t hesitate to contact us directly.