My curiosity leads me down interesting paths, and today I have been led down a path that I never expected to go.
I saw a version of this video fed to me on TikTok as an ad:
My initial thought was “well here is a completely different type of business than I am ont used to seeing. Let’s see how they are doing”.
On July 12th I placed my first order with Ovira. I got order number 4205920. I know that they are on Shopify, and Shopify store orders start at 1000. So this meant I am the 4,204,920 order for this store. This seems awfully high for a store that started in 2019.
I waited a few weeks later and placed another order on August 4th and I got order number 4413820. The difference between those orders number is 207,900. That would mean during those 23 days they averaged just over 9,000 orders per day. That level of sales just didn’t feel right to me.
So, I placed another order this morning and I got order number 4470420. and I finally figured out their pattern. On Shopify you can put a prefix and suffix on your order numbers. I thought it was weird that I kept getting an even number for my order numbers. Ovira is putting the suffix “20” at the end of their order numbers. And they almost got me.
So How Much Business is Ovira actually doing?
Remove the suffix and in the past 30 days, Ovira has processed 2,645 orders. On average that is about 88 order per day.
Figuring out their average order value is a little tricky because they sell one main item and then accessories or replacement items for the main item. Their main product, Noha, is $139.00. Then replacement items costing between $7-$30.
My guess is that 80% of their orders are for their $139 Noha product and 20% of their orders are the the accessories and replacement parts. This gives them approximately a $115 average order value.
With 2,645 orders in the past 30 days and an AOV of $115, this gives them approximately $300K in revenue per month and a run rate of $3.6M in yearly revenue.
What exactly is Ovira?
Ovira is an Australian based company with a flagship product called Nora. This is a drug-free instant pain relief for period pain using pulse therapy also known as Transcutaneous electrical nerve stimulation (TENS).
This device is FDA approved and can be covered by health insurance or can be purchased through a health savings plan.
$1.5M in Funding
In March 2020, Ovira raised $1.5M in funding from Blackbird VC (an Australian Venture Capital Firm). Ovira had come out of Blackbird’s accelerator called Startmate.
Ovira has 12K followers on Facebook and 27K followers on Instagram. Here are their demographics:
Interesting to note their top counties. While based in Australia, United States is still their top country.
Here are the top 5 paid keyterms for Ovira:
- endometriosis pain
- period cramps
- cramp relief
- period pain relief
- period crams relief
Their top performing ad:
Ovira currently has 78 ads running on Facebook.
I have been surprised and I have not been sent any emails from them besides transaction related emails. While they are not a lifestyle brand, I wonder if there is something more they could do with emails to keep their customers engaged.
Idea For Them
It appears the pads the Nora product uses pads that must be replaced over time. They should probably create a subscription for them so that every 2-3 months new pads are delivered to their customer. A good way to generate re-occurring revenue.