The good news is that we've made significant strides in resolving these issues. In fact, we’ve been able to make the data transformation process much easier and faster than originally planned. What that means for users is more brand data when you need it. To that point, we’re actively working with our top brands to ensure that the PDC includes the seasonal data you need. That includes Spring '25, and with brands that have it available, Fall ‘25.
Suffice to say that the RIA remains fully committed to presenting this valuable benefit to our members, but there is certainly a cost involved. Similar to launching a new store, a significant portion of our cash reserves have been dedicated to the build out, with the understanding that it would be months before any revenue was generated. Of course this is a stress on cash flow, but I want to make clear that the expenses were expected, and appropriately budgeted. The RIA remains financially stable, and we will continue to invest in membership by hiring additional staff in Q1, dedicated to member connection and support.
So how do we intend to pay for this going forward? We’re pleased to share that we are now aiming to charge substantially less than we first projected. Our initial plan was to offer the PDC for free in 2024, followed by transitioning to a subscription-based service in Q1 2025, with an anticipated rate of approximately $50-$60 per month. However, based on the new efficiencies in transforming product data that were mentioned above, the RIA will be able to cover PDC expenses through modest increases in 2025 annual membership dues. And of course this eliminates the need to subscribe. Instead, RIA membership will mean automatic PDC access. Keep in mind that member brands actively using the platform will contribute to supporting ongoing PDC expenses in the same fashion.
This adjustment reflects our commitment to delivering an exceptional member benefit while ensuring the long-term sustainability of the PDC. If you have any questions or comments, please feel free to contact me. In the interim, we encourage you to explore the PDC’s capabilities and provide feedback. Thank you for your continued support of the RIA as we work to provide a benefit that saves you both time and money.
Terry
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