- Danielle Wightman-Stone |
A video-only shopping app, Yeay, which allows users to sell and shop products solely through video, has launched in open beta.
The shopping app acts as a new alternative to digital shopping, bridging the gap between popular video messaging apps and traditional e-commerce portals, by allowing Yeay sellers to showcase their products in a creative way to what the app is describing as an audience of “digitally-minded trendsetters and shoppers”.
Yeay founder and chief executive, Melanie Mohr, said: “Mobile video shopping is the future. In five years, traditional e-commerce websites, which only include text and images, will be the same as how we look at mail-order catalogues now.”
The app, which is available on iOS and Android, has launched with a number of established brands including Wok store Milan, Mister Spex, 8Dix, eLeyTe, Relaxdays, ZL by Zlism, Urbanara, and Pixel Panties, with more partnerships set to be announced.
Mohr added: “We found that online shoppers are 86 percent more likely to make a purchase after watching a product video. Since buyers get a better view of the product, the return rate decreases by 30 percent.
“Additionally, we have found that buyers are more likely to make a second purchase and buy more products per shopping session. For brands, Yeay provides the opportunity to create an emotional connection with the buyer through creative videos.”
Yeay launches video e-commerce app
Yeay states that adding video shopping is the next natural step in the evolution of e-commerce, especially when studies have shown that Generation Y and Millennials conduct over 58 percent of their shopping online and watch at least 4.2 online videos per day, spending more time on YouTube than on their TVs and that they are rapidly migrating to mobile apps like Snapchat over Twitter and Facebook.
Yeay aims to bring entertainment as well as creativity to a segment of the population that already consumes large amounts of digital video content.
The Berlin-based start-up, recently closed a seeding funding round with an investment of single-digit millions of euros led by Grazia Equity. The funding has allowed Yeay to launch in beta as well as allowed the app to establish partnerships with global retailers. In addition to Grazia Equity, Yeay has also added Elio Leoni-Sceti, chairman of LSG Holdings and Erhard Schoewel, a non-executive board member of Coty, as notable investors.
Commenting on the investment, Schoewel said: “We have invested in Yeay because we believe it will have a major impact on consumers seeking more out of their retailers – the combination of a video marketplace, social media, retailers, and influencers comes just in the right time. Yeay can now position as the leaders in a sector poised to change the E-commerce status quo.”
Images: courtesy of Yeay