According to a recent report, 92.4% of consumers use reviews when making product purchase decisions. It is understandable. They want to feel confident in their purchase choices before purchasing a product online.
A Seoul-based startup called indentation wants to help these shoppers through access to video reviews and product ratings. We also want to help drive sales for e-commerce merchants by providing similarly valuable customer feedback. Its video review marketing tool is called VREVIEW and works by sending chatbots to the merchant’s customers to collect video reviews and product ratings. A merchant can upload these customer-generated video reviews and product ratings to his website to attract more potential shoppers and consumers.
Investors seem to like Indent’s conversion rate. The startup just raised $8.1 million (10.5 billion won) in Series A led by SV Investment, with strategic investors LG Uplus (LG’s telecommunications arm), Korea Investment Partners, Crit Ventures and more. Did. This round brings his total funding to date to $13.7 million, which will be used for: Continued development of video platform.
According to Indent CEO Morgan Yoon, Indent already has about 40 customers in the US, China and Japan, and will enter the US market in the second quarter of this year to attract more users overseas. It’s a schedule.Within those regions, it 3,800 online merchants, mostly direct-to-consumer brands. In addition, Korean companies such as LG Uplus, a Korean cosmetics brand manufacturer, Amorepacific and MLB South Korea Using Indent’s service, Yoon says.
Indent claims to have over 12 million registered users., accounting for about 60% of all Korean online shoppers. According to a test conducted by Indent, a consumer using the video review platform had an average order conversion rate that was six times higher than his.
Image credit: indent
The company has many competitors. Other marketing tools also allow merchants to feature reviews on their website. To stay ahead of its rivals, the company is about to launch a new service called “Spray” designed for B2C users, according to Yoon, the startup launched in beta last April. bottom. Spray is a TikTok-like video review service that allows individual consumers to upload customer-generated video reviews and share their feedback, Yoon said, adding that new shoppers can use the Spray service to It added that spray users can earn revenue when they purchase the product.
In addition, Spray analyzes users’ shopping behavior and preferences and recommends merchants (or influencers) the best products to sell, Yoon explained.
Indentation collecting data on buyer behaviorabout 66 million products can be recommended, Yoon added.
The company currently generates revenue through VREVIEW subscription fees from merchant clients. We also charge licensing fees from our D2C branded merchants when purchasing User Generated Content (UGC) from consumers.
The company employs 27 people in South Korea.
Image credit: indentation
