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Shopblocks, a Stockport based software-as-a-service (SaaS) ecommerce website provider, has reached the milestone of £1 million annual recurring revenue from subscription holders.
The company has grown its customer base sharply as retailers looked to pivot online during the coronavirus pandemic.
Shopblocks has seen continued growth in recent months, picking up 62 new customers in January 2022, and now boasts 1,500 clients in the UK, US and Australia.
The company has also agreed a number of partnerships with larger enterprises that has seen the company achieve the £1 million recurring revenue milestone.
Co-founder and CEO Kevin Jones commented:
“It’s a real landmark to hit £1m ARR for the first time and it’s the result of a lot of hard work. However this is just the start and we’re so excited by what the future has in store.”
The business is now confident it will achieve a target of £2.5 million turnover in the next year. Jones continued:
“All our sales at the moment are direct. We are picking up individual ecommerce businesses but in the works we have bigger enterprise partnerships which are much slower to onboard but have the potential to deliver hundreds of new customers to us every month.
“This will give us a huge second revenue stream. We’re going to continue working with businesses but we also have the partner channel. That’s the reason we’re confident of doubling up.”
Stockport ecommerce website specialist employs around 50 staff, and its recent expansion prompted the firm to move into larger premises at 1 St Peter’s Square in Stockport town centre earlier this year.