Summer 2024: Metrics, Milestones, and Moving Forward at Resin
This summer has been all about proving our concept and making a real impact now that our product is live. Recycling has been broken in the U.S. for decades, and we’re tackling this hard problem head-on. We’re thrilled to see tangible evidence that our product is changing habits and shifting perspectives. In just three short months, we’ve already recycled 85,000 aluminum cans and 24,000 plastic bottles. Onward to 1 million! 🚀
📈 Metrics! Metrics! Metrics!
Staying close to our customers and gathering both quantitative and qualitative metrics is key to our success. The past 3 months have shown we’re off to strong start across a few key dimensions.
Returning Customers: 60% of users turn into repeat customers. This is significantly higher than the 40% considered best in class in the retail world, offering concrete proof that our experience is resonating positively with users.
Customer Satisfaction (CSAT and NPS): After their first drop-off, every customer gets a survey to share feedback on their experience. So far, 87% of customers report being satisfied or very satisfied (CSAT). When asked how likely they are to recommend Resin to a friend (NPS) 86% of respondents report a 9 or a 10, (a promoter) and no one one reports below a 7. (a detractor) Word of mouth remains our strongest growth driver, a testament to the seamless product experience we’ve worked hard to create.
User Growth: Our user base continues to expand, and we’re thrilled with the level of engagement. In July, the number of drop-offs at our station grew by 66% compared to June, and we nearly doubled the number of unique users visiting the station. We’re halfway through August and expecting to see another month of up and to the right growth.
“I love the concept…I thought it was easier than expected”
🌟 Customer Spotlight: Poss Music Works
Poss Music Works fosters music and culture in downstate Illinois by hosting festivals and one-off shows. Their June festival, Moccasin Creek, piloted Resin as their recycling option. After a successful festival and recycling drop we’re excited to partner again for their Fall events.
💰 Meet our Strategic Finance Expert: David Ting
Meet David Ting, our expert in strategic finance with two decades of experience in financial management, M&A, and corporate development. David has been instrumental in refining our business model, leveraging his expertise from leading IPOs, managing multi-million-dollar acquisitions, and driving international growth. His insights have helped us navigate the complexities of financial strategy, ensuring our expansion is both sustainable and robust.
🎚️ Technical Spotlight: Designing V2
We’re deep into the design phase for our second station. Our pilot station was retrofit into an existing building (thanks to our very flexible landlord!) which gave us the ability to iterate quickly and validate the core customer-facing experience would resonate in the real world. Our positive customer metrics show we’ve made a seamless experience and validate the success of some core product hypothesis. For our second station, we’ll be moving into a standard shipping container we can plop in any parking lot. We’re expanding automation to include more of the material conveyance and processing that we currently run manually. We’ve worked hard to keep the footprint small, ensuring scalability and are so excited for v2!
🔮 Looking Ahead: A Resin Recycling Station in Any Parking Lot
The standalone station blueprint we are developing will allow us to deploy a Resin station in any parking lot. Our product-led growth flywheel is gaining momentum as we’ve added more community partners including a local hospital and kids’ baseball team. And our visibility in the community has increased as local events, including a barbecue festival and church picnic, have chosen to recycle with Resin instead of letting their bottles and cans end up in a landfill. Our momentum is building and we couldn’t be more excited! 🚀
