In keeping with a current report, 92.4% of customers use opinions when deciding to buy merchandise. It’s comprehensible. They need confidence of their buy alternative earlier than shopping for a product on-line.
A Seoul-based startup referred to as Indent desires to assist these consumers by way of entry to video opinions and product rankings, whereas additionally serving to to drive gross sales for e-commerce retailers by offering them with this similar treasured buyer suggestions. Its video evaluation advertising and marketing instrument is known as VREVIEW, and it really works by sending a chatbot to a service provider’s clients to gather their video opinions and product rankings. The retailers can then add these customer-generated video opinions and product rankings to their web sites to draw extra potential consumers and customers.
Traders like Indent’s conversion charges, seemingly. The startup simply raised $8.1 million (10.5 billion received) in a Collection A led by SV Funding, with participation from strategic investor LG Uplus (a telco unit of LG), Korea Funding Companions and Crit Ventures, amongst others. The spherical brings the outfit’s whole funding to this point to $13.7 million and it will likely be used to proceed growing its video platform.
In keeping with Indent CEO Morgan Yoon, Indent already has about 40 shoppers within the U.S., China and Japan and intends to enter the U.S. market within the second quarter of this yr to draw extra customers abroad. Inside these geographies, it really works with 3,800 on-line retailers, primarily direct-to-consumer manufacturers. As well as, South Korean companies, together with LG Uplus, Korean cosmetics manufacturers maker AmorePacific and MLB Korea use Indent’s providers, Yoon stated.
Indent claims it has greater than 12 million registered customers, accounting for about 60% of whole web shoppers in South Korea. In keeping with assessments carried out by Indent, customers utilizing the video evaluation platform confirmed, on common, a 6x larger order conversion charge.
Picture Credit: Indent
The corporate has loads of opponents; different advertising and marketing instruments additionally let retailers showcase their opinions on their web sites. To remain forward of its rivals, Yoon says the corporate is about to launch a brand new service designed for B2C customers referred to as Spray, which the startup unveiled in beta model final April. Spray is a TikTok-like video evaluation service that permits particular person customers to add their customer-generated video opinions and share suggestions, Yoon stated, including that spray customers can get monetized if new consumers buy merchandise by way of the Spray service.
As well as, Spray analyzes customers’ procuring habits and preferences and recommends to retailers (or influencers) which merchandise match finest for them to promote, Yoon defined.
Indent, which has been gathering knowledge on the actions of patrons, can suggest about 66 million merchandise, Yoon added.
The corporate at the moment generates income by way of VREVIEW subscription charges from its service provider shoppers. It additionally costs licensing charges from D2C model retailers once they purchase user-generated content material (UGC) from their customers.
The corporate employs 27 folks in South Korea.
Picture Credit: indent
