Introduction:
A shoppable social network that mixes social media and shopping is called WeShop. It allows you to shop for the things you love and interact with others while earning a share in the company. It is built with all the functionality users have come to expect from social networking. Lastly, it is the first platform to embrace the idea of share democratization; as a result, it distributes more than 90% of its profits to its users. With every purchase, successful referral, or addition of a new member to the community, WeShop’s users get an investment in the business thanks to its groundbreaking ShareBack feature.
Company Highlights:
| Company Name | Weshop |
| Headquarter | London, UK |
| Industry | Media & Internet General, Media & Internet |
| Founded | 2014 |
| Founder | Richard Griffiths |
| Website | https://we.shop/ |
Weshop – About:
WeShop is a collectively owned shoppable social network that mixes social networking with online commerce. It allows you to shop for the things you love and interact with others while earning a share in the company. It is built with all the functionality users have come to expect from social networking.
Most significantly, WeShop is a leader in the concept that sharing should be made democratic through its ground-breaking ShareBack feature. So, unlike any other platform, it distributes more than 90% of the profits to its users.
WeShop’s ground-breaking “ShareBack” method enables users to contribute to the business with each purchase, successful referral, or addition of a new member to the community. Over 500 big shops and more than 1.5 billion goods are available through the platform on the WeShop App, which is now available in the UK as a rolling rollout with additional stores signing up every week.
Industry:
A new method of shopping is WeShop. Browse millions of goods from thousands of major companies and find out which ones are highly recommended. WeShop, in contrast to other platforms, lets you shop with friends to exchange ideas and get inspired.
Founder and Team:
The creator of Weshop is Richard Griffiths. Richard Griffiths is the chairman at the moment. The business is situated in London, UK, and it was established in 2014.
Startup Story:
It is revolutionizing online shopping by building a fully shoppable community where you can interact with individuals who share your interests and buy the products you like from merchants you already patronize.
The first shoppable social network in the world is called WeShop, and its users control 90% of it. Customers, sharers, common experts, reviewers, trendsetters, and more are all part of our community. It provides a platform for actual individuals to exchange information and get rewards for their purchases.
It’s the place in the community where you can meet individuals who are knowledgeable, whose advice you can rely on, or whose personal style you admire. Find what you’re searching for across home décor, fashion, electricals, health & beauty, and everything in between, from friends to professionals to stylists.
Mission and Vision:
The goal is to create a social environment where people feel empowered to purchase online. WeShop is a community-driven shopping app where you can shop, provide recommendations, and get business stock all at once.
Name, Tagline, and Logo:
Business Model:
It enables customers to shop for common things while also holding stock in this significant new firm. By giving away shares of the firm every time someone makes a purchase through one of the shops on the WeShop network, the UK digital startup is revolutionizing the retail industry.
WeShop’s innovative business strategy is intended to compete with the US-based internet behemoths one purchase at a time by giving back to the customers who helped build the firm via their own regular purchases.
Revenue Model:
The buyer receives 20% of the purchase price in shares at launch for any transaction made through WeShop. According to an exclusive YouGov poll, 87 percent of Britons spend up to £150 on internet shopping each month (excluding online groceries). It offers members an easy method to generate funds that they can then cash in for a reward, save for a rainy day, or use as an investment portfolio for themselves or their family’s future. If they spend this much on WeShop, they might earn £30 worth of shares. It currently brings in more than five million dollars.
Products and Services:
It is very unique in that you may earn more money by using the platform to shop, refer, and suggest more frequently. You will receive #Shareback for each purchase you make, each new invitation you accept, and each successful referral you make. Shareback is a benefit provided only to WeShop community members, where members obtain shares in WeShop in exchange for making online purchases, referring others to join, or submitting recommendations.
It allows you to not only make purchases but also to monetize the influence of recommendations. You have suggested on WeShop that whenever someone purchases something, you get 10% of the item’s value in WeShares. Additionally, when a WeShopper refers a new user to the platform, the WeShopper receives 1% of whatever the new user spends on the site.
Funding and Investors:
- WeShop’s most recent investment round, a post-IPO round that was held on August 27, 2020, brought in $3.46 million.
- Over two rounds, it has collected a total of $1.56M in investment.
- WeShop currently has four investors.
- 4 are institutional investors, including Haspro Holdings, Vela Technologies, and the NextTech Group of Technopreneurs.
- The largest investment round for WeShop was a $3.46M post-IPO round that was held on August 27, 2020.
Employees:
It has around 50 employees in it.
Challenges Faced:
There are no details of it.
Acquisitions:
The corporate framework for both the Nasdaq listing and the expansion to additional markets, such as the US, is now being put in place by WeShop, which is incorporated in the BVI. Purchase of WeShop by Boanerges Limited.
Growth:
The WeShop retail revolution is revolutionary because it enables anybody to hold shares that can be traded on the stock market by simply purchasing things they would have otherwise purchased from online merchants, they currently do business with. It has promised to give its customers 90% of the firm. 20% of the price of each purchase is initially returned to you in WeShop shares.
This implies that if you were considering purchasing a pair of £100 sneakers from Amazon, you can do it through WeShop from one of the hundreds of reputable vendors on the platform instead, and you’ll receive £20 worth of business shares as a bonus. Use the referral code “Weshopsocial” to sign up for the app on iOS or Android, then download it to get started shopping.
Partners:
The largest brands and stores in fashion, electronics, gaming, and home & décor can be found on WeShop, from The Body Shop to Holland & Barrett, B&Q to MADE.com, PC World to Carphone Warehouse, Nike to New Balance, and from ASOS to NET-A-PORTER and Etsy.
Competitors:
- WeShop Holdings is currently ranked 41st out of 83 active rivals.
- 13 of its rivals have funding, while 8 have given up.
- In total, 53 investment rounds involving 78 investors saw approximately $444M in capital raised by WeShop Holdings and its rivals.
- In the whole competition set, there are no private unicorns.
- Big rivals include GoWild, Enigmo, and Mushroom Street.
Awards and Achievements:
WeShop, the world’s first shoppable social network, today announces the appointment of TikTok executive James Fox.
Future Plan:
WeShop is debuting as the first community-owned social e-commerce platform in the world, giving customers shares in the company for each transaction they make. In order to compete with internet behemoths like Amazon, the company intends to give away up to 90% of its business to customers and hopes to list on the Nasdaq tech-heavy index in New York within a year.
Customers will receive 20% of each purchase price as investment shares on the platform, which includes retail brands, including Asos, Selfridges, Net-A-Porter, The Body Shop, eBay, B&Q, and Made.com. Additionally, the platform offers shares worth 10% of the product value for purchases made through platform recommendations. Customers may also raise their stakes by inviting new members, with 1 percent of the new member’s purchase value being awarded in stock.
Conclusion:
WeShop, a British software company, is introducing itself as the first community-owned social e-commerce platform in the world, giving customers shares in the company whenever they make a purchase. In order to compete with retail behemoths like Amazon, it intends to give away up to 90% of its company to customers and hopes to list on the Nasdaq tech-heavy index in New York within a year. Additionally, it offers 10% of the product value in stock for purchases made through platform recommendations, and customers may increase their stakes by referring new members by receiving 1% of the new member’s purchase value in stock.
FAQs:
What does Weshop do?
Online community-based retailer of lifestyle products. The platform allows users to shop for products and connect with other people. The users can earn a stake in the business while shopping.
When was Weshop founded?
It was founded in 2014.
Who is the founder of Weshop Corporation?
Richard Griffiths is the founder of WeShop.
Who is the CEO of Weshop Corporation?
Paul Ellerbeck is the current CEO of WeShop.
Who are the main competitors of Weshop?
Major competitors are GoWild, Enigmo, and Mushroom Street.
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Disclaimer -We have collected this information from our direct sources, various trustworthy sources on the internet and the facts have been checked manually and verified by our in-house team.