Ecommerce giant Walter Trezek joins Eurora as Chairman of the Supervisory Board
By Camille Felappi
Eurora is thrilled to welcome ecommerce expert Walter Trezek as the non-executive Chairman of its Supervisory Board, to support our global expansion.
Walter brings over 35 years of experience in digital commerce and logistics. He has extensive expertise in both the public and private sectors. He is currently Chairman of the Consultative Committee of the Universal Postal Union, Co-chair of Ecommerce Europe’s eLogistics & Taxation Working Committee, and an expert to the European Commission.
Walter’s appointment aligns with Eurora’s plans for geographical expansion. After successfully closing a US$40 million Series A funding round in April, we recently opened a central office in Miami and appointed ecommerce heavyweight Chris Lentjes as our US CEO. Before the end of the calendar year, we also plan to open a Central UK office in London, an Engineering Hub in Dubai, and an Innovation and Research Center in Estonia.
Joining Eurora as non-executive Chairman of the Supervisory Board
Walter joins Eurora as non-executive Chairman of the Supervisory Board in addition to his current roles. He is Chairman of the Consultative Committee (CC) of the Universal Postal Union, a specialized agency of the United Nations (UN) that coordinates postal policies among 192 member nations and the global postal system. Walter is also the co-chair of Ecommerce Europe’s e-Logistics & Taxation working committee, an association representing 150,000+ European companies selling online goods. He is also an expert to the European Commission on logistics, VAT, customs, and postal market matters.
Joining Eurora in a non-executive role is a great way for Walter to combine a supervisory position with his other activities which are focused on shaping the European and global market. “Combining the more formal processes of standardization, legislation and regulatory work with hands-on, real market interaction benefits both Eurora and myself,” commented Walter.
Walter shared further thoughts on taking on a non-executive role at Eurora. “I am interested in the challenges of data in cross-border ecommerce, and how solutions to these challenges can be translated into pioneering business models such as that adopted by IT startup Eurora.”
More about Walter Trezek
Walter, an Austrian, was effectively born into the postal world, having parents who sold franking and inserting machines to the postal sector throughout the former Eastern Bloc.
He quickly developed a strong taste for innovation in the postal industry. “When I was finishing my university studies, it became clear to me that the next logical industry development would be to buy stamps or pay postal tariffs electronically.” With this disruptive idea in mind, Walter joined an IT startup in the US which invented the digital stamp. “We used blockchain for that in 1999, even before the name blockchain existed.”
The company secured a license from the US to print money at home in any location in the US: this was the beginning of Stamps.com, which listed in 1999 and reached a $3.8 billion valuation. Today, Stamps.com is a multi-billion US corporation.
After the successful IPO of Stamps.com, Walter became the Head of Technology & Sales at Austria Post, where he contributed to the organization’s restructuring.
Eurora’s global ambition
The world is facing a growing demand for cross-border B2C e-commerce. Annual global parcel shipping volumes have almost tripled in the past decade and are estimated to reach over 260 billion deliveries by 2026, or 32.5 parcels per global citizen. As Eurora’s full suite of automated e-commerce solutions can service players across the entire supply chain, there is a huge opportunity to capitalize on this growth.
Walter commented on the challenges the global industry is facing. “With the growing energy crisis and record inflation rates across the globe, consumers are left with less disposable income, encouraging them to look to online retailers for lower price points. This will add additional stresses on postal systems and e-commerce companies which are already facing climbing costs. Business logistics costs rose 22% in 2021 as companies worked to adjust to shifting consumer demand. The cost of returns in the US rose by 21%, and the inventory costs increased by 26% last year alone.” He added: “Record inflation rates will add further strain to an industry that already operates at very low margins, so that increasing efficiency is an essential element in remaining competitive. I believe Eurora’s AI/ML-based approach can play an instrumental role in making e-commerce leaner, faster and more cost-efficient.”
Marko Lastik, the Founder and Global CEO of Eurora, sees Walter’s appointment as fuel for the company’s global expansion, especially with the new EU legislations to come. The European Commission plans legislative expansion for product safety and transport security no later than 2024. “Walter is a giant in the global e-commerce industry. With his guidance and further investment in our technology, Eurora is ideally placed to capitalize on these legislative changes. Our platform can already verify the accuracy of parcel data, and its functionality can easily be extended to verify compliance with transport security or product safety,” said Marko.
Eurora’s B2B platform can be used by online sellers, marketplaces, logistics and postal companies, as well as customs authorities. It assigns e-commerce products an appropriate HS code, calculates the applicable tax and duty amounts, and automatically creates electronic declarations for EU duties and taxes.
Using AI and ML, Eurora automatically processes 5,000 HS code requests per second with up to 98.5% accuracy, the highest level of accuracy, speed, and automation available on the market. It operates at a fraction of the time and price of hybrid or manual code allocation solutions commonly used today. In addition, Eurora was the first official VAT Intermediary and the first company to issue an IOSS number.
According to Walter, what sets Eurora ahead is a different approach compared to other companies moving through a development phase in the same field. “One of the biggest challenges is to qualify ecommerce items crossing borders so that the data can be trusted. Eurora applies Artificial Intelligence to determine whether the data presented is accurate and of a certain quality. Others employ human interfaces or try to use data given to them and then verify by means of analog systematics. So, Eurora clearly stands out by solving highly complex data problems using highly sophisticated, self-learning systems which provide an unparalleled level of data quality.”
Do you feel inspired by our journey and want to be part of a rapidly growing tech company? Check out our open positions!