Staying ahead of the technology curve means strengthening your competitive advantage. That is why we give you data-driven innovation insights into the retail industry. This time, you get to discover 5 hand-picked social commerce solutions.
Global Startup Heat Map highlights 5 Top Social Commerce Solutions out of 644
The insights of this data-driven analysis are derived from the Big Data & Artificial Intelligence-powered StartUs Insights Discovery Platform, covering 2.093.000+ startups & scaleups globally. The platform gives you an exhaustive overview of emerging technologies & relevant startups within a specific field in just a few clicks.
The Global Startup Heat Map below reveals the distribution of the 644 exemplary startups & scaleups we analyzed for this research. Further, it highlights 5 social commerce startups that we hand-picked based on criteria such as founding year, location, funding raised, and more. You get to explore the solutions of these 5 startups & scaleups in this report. For insights on the other 639 social commerce solutions, get in touch.
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Maxiphy enables Social Shopping
With growing e-commerce, authenticity verification is a major concern for people doing business online. Buyers often depend on peer recommendations and online reviews for making choices. On the other hand, sellers are in a constant search for new channels to connect to their consumers. Startups develop platforms that allow different users and sellers to interact and share product views. It benefits retailers by increasing social interaction and sales through independent platforms.
Emirati startup Maxim provides a social marketplace that helps buyers and sellers to discover new products and people. It allows buyers to instantly connect with friends to get an opinion before making any purchase. The platform features a unique seller dashboard to track sales, analyze performance, and manage logistics. Moreover, it allows sellers to market their products via different social media platforms and build direct relationships with buyers.
Huedash facilitates Community Engagement
It is difficult for brands to find consumers sharing the same values and beliefs. To form a strong community, brands need to unite such consumers on a single platform and interact with them on a regular basis. Also, consumers look for brands that resonate with their value, in return, they support brands in the promotion and marketing activities. Startups develop platforms that bring like-minded people together and allow brands to form a community. This helps brands in their word of mouth marketing and increases their sales.
British startup Huedash helps brands to find, engage and grow communities that share the same values as them. It reaches out to different brands and learns about their vision and purpose. The startup’s platform allows brands to create campaigns to promote the product and values of the brand among the right community. Moreover, it also helps brands to raise funds via communities for common causes.
Squadded enables Group Buying
Due to the absence of peer influence and social contact, the conversion rate is comparatively less online than in-store for brands. Peer recommendations and opinions complete the shopping experience and push up sales. With group buying, brands increase the number of website visitors and time spent by them on their websites. This is why startups are developing solutions that enable brands to provide a social shopping experience with e-commerce.
Israeli startup Squadded develops software that transforms e-commerce websites into social networks. It enables website visitors to form a community and shop with their friends and close ones. The startup derives visitor insights and provides them with personalized suggestions. It allows community members to advise each other in the purchase funnel which consequently increases the conversion rate.
Mirror supports User-Curated Shopping
Though brands spend huge amounts of money on celebrity endorsements, this marketing strategy is no longer efficient due to new avenues for promotion. Consumers trust recommendations from influencers that focus on what they like rather than from celebrities. Brands encourage users to build a following and influence them to make decisions. Hence, startups and scaleups develop the platform where users receive incentives to promote the brand to their followers in a unique way. This helps brands to increase their customer interaction and reduce marketing budgets.
Italian startup Mirror develops a platform to enable organic marketing for user-curated shopping. It also allows users to earn from their social interaction. Users create their profiles on the platform and inspire their community with their styles. Users also receive credits whenever they upload posts or get likes or comments. Influencers wear products from various brands and further monetize their popularity to buy new products from the website.
Peddler allows for Peer-to-Peer (P2P) Commerce
While e-commerce powers deliveries across the globe, it is still difficult for retailers to serve their customers directly online. In centralized e-commerce, companies source products from partner vendors, generally keeping the source confidential. As a result, consumers often have no control over vendor selection. To address this, startups enable peer-to-peer commerce where retailers directly interact and sell the products to their customers without third-party interference. This helps retailers to maintain their brand identity and improve transparency.
Dutch startup Peddler supports the local economy by connecting local vendors directly with the nearby customers. It allows retailers to set up accounts with Peddle and update the inventory online using Peddle’s plug-and-play product recognition technology. The algorithm matches the required products with the nearest available retailer and delivers them the same day or any preferred time. The startup uses eco-friendly bicycle couriers to deliver locally through a contactless network. Peddler increases the reach of local stores to new customers throughout their geography.
Discover more Retail Startups
Retail startups such as the examples highlighted in this report focus on immersive shopping experiences, supply chain management, as well as footfall analysis. While all of these technologies play a major role in advancing the retail sector, they only represent the tip of the iceberg. To explore more retail technologies, simply get in touch to let us look into your areas of interest. For a more general overview, you can download our free Retail Innovation Reports to save your time and improve strategic decision-making.
