BoxLock from Shark Tank

BoxLock shark tank

E-commerce has become one of the most prevalent business models as numerous customers worldwide are looking for easy buying solutions at the expense of a click. This demand has made most businesses seek e-commerce solutions while also looking for smart solutions to ensure package safety. Package theft has increased as package deliveries are becoming a norm.

Brad Ruffkess faced a similar situation when someone stole a package delivered to his doorstep. While he had CCTV installed, the device did no good in identifying the thief, so the authority could take that action against him. This issue led to a need for a sustainable solution that could ensure safe package delivery from business to the customer.

BoxLock, founded by Brad Ruffkess, is the innovative mind behind the BoxLock padlock and integrated app designed to ensure that customers receive their packages without worrying about theft. The padlock was initially designed for a separate box, allowing delivery drivers to drop the package in the safe box, which they could only access through scanning package barcodes from the padlock. The app allowed customers to track their packages and access the padlock’s friends and families.

Brad had invested nearly half a million in the business’s Research & Development. He then sought out a shark’s support through Shark Tank to allow the business to reach new heights. Brad appeared on Season 10 of the show with his product BoxLock.

Brad opened his pitch with his introduction and the problem his product solved. He then introduced the product and demonstrated how the padlock secured the packages. Brad passed on the samples to allow the sharks to assess the product’s quality and strength.

Sharks were skeptical despite the padlock’s sturdy material and integrated barcode scanner as Brad sought a million dollars for 5% equity. This massive ask made the company’s valuation $20 million. Sharks were curious to know the numbers Brad had based on his valuation.

Brad shared that the product was in demand but not yet in the consumer market. He shared the profit margin per unit, which was decent. What shocked the panel was an added product: the BoxLock box that customers needed to buy separately.

Sharks wanted to know the sales of only 800 units at the time. Daymond inquired about the reason behind Brad’s valuation, which Brad had based on future opportunities and not the current worth. Brad failed to answer Daymond.

Jamie Siminoff, founder of Ring and former Shark Tank contestant, saw the market’s worth but not the company’s as much groundwork needed to be done. One million dollar investment was neither worth nor enough for him; he was out. Daymond was next to leave the field.

Mark went next as he found Brad’s business plan all over the place. Kevin didn’t think one million dollars would make any difference and the company would keep seeking more; he was out too. Lori was the only remaining shark on the panel.

Lori offered a million dollars as a loan on 8% interest with royalty until it summed up to 1.5 million dollars. She left the royalty pricing on Brad, who countered $3 and another $500K as a loan. Lori asked Jamie if he wanted to invest, to which he refused.

Lori declined Brad’s counter and took her deal off the table. Brad left the show securing no deal.

Our Review of BoxLock

BoxLock has turned out to be a profitable business, building its customer base in a short period. While the business was struggling on its own, the Shark Tank appearance has turned it into a recognized business nationwide despite not scoring a deal. Today, BoxLock is making over $17 million in annual revenue.

The excellent and sustainable solution to a massive and widespread problem has made BoxLock a customer favorite. Whether it’s Amazon packages, government-subsidized bills, or other parcels, customers receive the package safely without needing to be present at the time of delivery. The smart and easy-to-use app, combined with a sturdy padlock, assures package protection against theft.

BoxLock’s team is dedicated to serving businesses and customers in the B2C market to assure security for both parties. The company’s incredible customer service and mindful updates have made it well-used in the healthcare sector.

Pros of BoxLock

In a short time, BoxLock has found a breakthrough in the B2C market as it targeted coming up with a sustainable solution for a prevalent problem. The company’s smart lock and app and mind-blowing customer service have gotten BoxLock a loyal customer base. Here are some things customers love about the business:

  • BoxLock is a smart padlock integrated with a free-of-cost app that allows customers to receive packages delivered securely.
  • The lock and app protect the packages against theft, prevalent today due to the boom of e-commerce.
  • The integrated BoxLock app is user-friendly and allows a watch on the package delivery to ensure safety,
  • The integrated app and lock system is easy to set up and operate, eradicating the need for a skilled worker to overlook the process.
  • The sturdy lock is durable and weather-resistant, allowing the lock to stay put for ages, becoming a pocket-friendly investment.
  • BoxLock’s padlock is rechargeable with a battery life of 6 months, ensuring that the charging doesn’t strain your electricity bill.
  • The padlock also has Wi-Fi and Bluetooth connectivity options.
  • The access code can be shared with friends and family using a barcode that customers could generate for one-time or multiple uses.
  • BoxLock mobile app is available for download on iOS and Google Play Store to serve both Apple and Android customers.
  • BoxLock app allows customers to track their package for a transparent delivery service 24/7 easily.
  • BoxLock reduces the need for customer presence at the point of delivery.
  • The award-worthy customer service has kept the customers coming back.

Cons of BoxLock

Despite having a loyal customer base, some things haven’t worked in favor of BoxLock:

  • BoxLock’s effectiveness entirely depends on the delivery drivers using the technology. However, many customers have observed the package delivery drivers refusing to use the technology and leaving the package as it is at their doorstep, making BoxLock worthless.
  • Several users have faced issues with the operational qualities of the smart lock, limiting the security customers can get for their packages.

Who Is BoxLock For?

BoxLock is a popular technology amongst business owners aiming for secure supply chain access across all the steps from picking to delivering the packages. The system is designed to protect packages against theft from customers’ front doors through an integrated lock and app system. Businesses can track their inventory during transit to ensure their customers securely receive packages.

BoxLock is also widely used by individuals looking for extra security for their incoming packages. The tracking system notifies the users when the package has been delivered to their doorstep.

Are There Any Alternatives?

While BoxLock has proved to be more secure, Amazon Key is an alternative rising in popularity and demand. The key allows authorized shippers to access the customer’s homes, cars, and postal boxes to ensure safe package delivery. These deliveries are made during scheduled times throughout the day. This way, the customer would know when to expect the package, also notified by an alert on the integrated app.

If the customer isn’t home, the delivery person can access the house through an OTP. This step has proven risky for some customers and has decreased Amazon Key’s efficiency and effectiveness.

Our Final Thoughts

BoxLock has proved profitable and shown promising growth, ensuring that the business will continue to make waves in the future. The company has found a technological solution for a problem faced by thousands each day. The future of secure package transactions for customers and businesses is now in the form of BoxLock.

BoxLock will progress in the future, and we’d see more of the business transforming the supply chain through smart integrated apps and products.