Woovly revamps as social commerce platform for brand tagged UGC content
As the COVID-19 pandemic has changed our way of life, both at work and at home, most businesses have changed their current ways to adapt to the current market environment.
Woovly, a successful start-up, which earlier was a one-of-its-kind adventure experience-platform where one could create a bucket list for themselves, or be a part of similar communities, has now redefined itself, matching pace with the new normal. The platform revamped its format, considering the pandemic and its ongoing consequences and redefined its identity as a social commerce platform which helps users to shop instantly via AI-driven brand-tagged user generated content. Woovly, the social commerce platform combines Discovery, Shopping, and Purchasing into one seamless customer journey that starts and ends on the social ‘shoppable’ content.
While the social commerce app focusses on Fashion, Beauty, Lifestyle, DIY etc., users download the Android app and create their profile page that curates’ photos/videos of clothing ensembles based on their favorite brands. From there, they can upload photos/videos of their own outfits and accessories - with tags that link to the brands they love and share information on where to buy them - or peruse the platform’s other content to shop themselves. Their uploaded content generates loyalty points with the brands they wear, so that they can redeem their “Social Credits” they’re putting on the app. Users can sort by Brand, Retail or Category, and the Technology tracks data from the product images, videos, user-clicks and interactions.
Using Artificial Intelligence, the Woovly app has been trained to automatically recognize Clothing and Fashion accessories in an uploaded picture or a video, making the users’ brand-tagging process easy.
As per experts, the market research data confirms that the social commerce sector will grow to $100 billion from the current $1 billion by 2025 in India. These numbers are on the top of the existing e-commerce which will aggravate to $200 billion opportunities by 2025. Thus, reinventing Woovly while giving it a brand-identification context seems to be a new path leading it to success as the platform simultaneously supports content creators and artists.
Since July 2020, Woovly has seen a surge in the number of users, content and brands. There has been 200k+ brand-tagged user generated content via 2.6+ million users. Some of the globally renowned brands being Nike, ZARA, SUGAR Cosmetics, CROCS, among many such. All the tags generated by the users’ content is what makes them “SHOPPABLE”. Woovly has kickstarted its revenue with an annualized run rate of INR 6 Crores.
Along with the globally famous brands, Woovly has collaborated with 30+ Direct-to-Customer (D2C) brands. By March 2021, Woovly is looking forward to partner with at-least 500+ D2C brands, and help them generate leads and sales through its AI-driven Brand-tagged user-generated content.
Woovly has raised $ 2.5 million in the pre-series A round from SOSV - VC fund based from New Jersey & Duane Park, family office in India.
Commenting on the relaunch, Venkat, CEO, Woovly said, “The breakthrough idea of social commerce via AI driven brand tagged UGC is consumer-to-consumer-to-brand (C2C2B), rather than just another way of conducting B2C commerce.”
Speaking about the features, Neha Suyal, CTO & COO, Woovly said, “Here we have, one user who inspires the other to shop socially, all at one click. Woovly empowers everyday users to be rewarded for the content they create, and share while serving as free influencers for their favorite brands, and products.”
With this new pivot, the team at Woovly is all geared up to capture their market share of the next $100 Billion market opportunity in the Social Commerce space.