Hurricane Modular Commerce Ltd has developed a duties & taxes and compliance engine for use by online retailers, e-Commerce platforms and carriers. With the volume of international online retail increasing at 25% p.a. until 2020 and is forecasted to be worth $900bn GMV (gross merchandise value) by 2020, retailers face the problem of being able to show prospective consumers the total cost of a purchase which includes cross-border shipping, duty and taxation that may apply when importing/exporting online purchased items. With geo-political instability (e.g. Brexit, Whitehouse trade policy), the company’s compliance engine aims to assist retailers, shippers and merchants in identifying prohibited or restricted products before they are sent to countries or individuals.
The Company’s proposition seeks to enable retailers, merchants and platforms to be globally compliant and accurately show the total cost to shoppers before purchase & in-cart with an existing client suggesting and experiencing improvements in the conversion rate of purchases and repeat purchases by up to 20% for the merchant.
The Company has also developed an Artificially Intelligent Customs Classification solution (taking common product descriptions and translating into international customs nomenclature), which meets the criteria to be classed as Artificial Intelligence as per the standards set by the Massachusetts Institution of Technology (MIT) and offers a unique solution in the sector.
Additionally, the Company is developing a Delivery Duty Paid solution in order for the Postal Authorities to compete with the global carriers (e.g. DHL) in the global e-Commerce parcel market, to combat the dramatic reduction in letter mail revenues.
Sector: Business enterprise software
Region: UK: South West
Eligible Tax: EIS
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