Gold Coast economy: Boardcave creators Chris Greben and Ryan Mets surf online retail wave
The Gold Coast creators of a homegrown surfboard marketplace are riding a massive wave of demand for their software during coronavirus.
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THE Gold Coast creators of a homegrown surfboard marketplace are riding a massive wave of demand for their software during coronavirus with revenue up 400 per cent.
Chris Greben and Ryan Mets founded Boardcave.com in 2012 – a website that brings together surfboard buyers with leading shapers from around the world.
In 2015 they started licensing their software, called Cavewire, after seeing demand from customers, including manufacturers, suppliers and retailers, to use the technology and its user network to track and update inventory, order products and process sales.
One of its key tools is called The Board Engine – a search algorithm that uses more than 30 attributes to rank and refine surfboard models and size results for clients.
Boardcave recently secured the Australian patent for the tool after a three-year application process.
“Traditionally you would drive around to different surf shops and talk to shapers to find the right board,’’ Mr Mets said.
“Now it is the data driving the evolution of that process.”
Mr Mets said covid has transformed the company through a huge burst in online demand.
“In covid there has been an incredible shift online in the way people are buying products.
“Online sales are going through the roof – not just for surfboards but bicycles and other products.”
Sales from March to August this year are up 420 per cent across the Boardcave network compared to the same period last year.
In FY20 the gross market value of transactions across the network was $80 million.
Mr Mets said the hardest part now is keeping up with demand.
He said because factories shut down during the early part of the coronavirus crisis, they would struggle to ramp up again to meet demand in summer.
“We are selling out before products have even been made.”
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