NEW YORK and BEIJING, April 04, 2018 (GLOBE NEWSWIRE) -- ShopShops, Inc., the livestream, interactive global shopping marketplace that connects brick and mortar retailers with consumers on their mobile devices, today announced a $6.1 million seed investment. The financing includes a $3.1 million round led by Forerunner Ventures and a $3.0 million extension round led by Union Square Ventures, with participation from Founder Collective, SV Angel, GGV Capital, Third Kind Venture Capital, and XRC Labs.
ShopShops brings a curated, high-touch social shopping experience from U.S. stores and brands to a new generation of Chinese consumers with tremendous spending power and growing interest in unique, affordable international products. The innovative experience-based shopping platform connects retailers, influencers, and consumers through a live and authentic interaction in the store, in which the shopper almost feels like he or she is there. With no upfront investment or disruption during business hours, brands and retailers can add a new revenue channel as well as test Chinese market fit for their products. ShopShops manages all shipping and sales logistics from the store to the customer in China.
“I started ShopShops to eliminate all geographical borders for fashion lovers, and to incorporate elements of discovery and fun into the online shopping experience,” said Liyia Wu, Founder and CEO, ShopShops. “China is our first market but consumers globally will have access to ShopShops very soon. With today’s technology, there’s no reason why everyone can’t go shopping in local boutiques and mass market retail stores around the world, without having to step one foot outside their own home.”
How ShopShops Works
Hours before a store opens, the ShopShops team hosts a live interactive shopping broadcast in the store that consumers connect to using their mobile phones. The hosts have fashion backgrounds, are fluent in both Chinese and English, and typically 25-35 years old. They are empowered to feature and try on products they like best and offer viewers honest reviews and feedback. Livestream events feature a two-way authentic dialogue between the hosts and shoppers, who ask questions in real-time about product fit, material, color, and more. ShopShops hosts are a new kind of social influencer that can convert interactions directly into sales; shoppers tune in excited to engage with their favorite personalities. Consumers also receive a tour of the store and an introduction to the manager or owner, which adds to the experience and entertainment.
“I’m excited to invest in a new experiential shopping marketplace that bridges brands and consumers around the world,” said Eurie Kim, General Partner, Forerunner Ventures and ShopShops Board member. “Cross-border ecommerce sales in China were $100 billion in 2017, and Liyia Wu has the deep local experience both in China and the U.S., as well as the entrepreneurial DNA to help retailers seize this huge market opportunity in a way that is hyper-relevant to today’s consumer.”
“We believe that consumers around the world are hungry for experience, community, and connection – and love how ShopShops is allowing consumers access to both products and conversation in a new and global way,” said Rebecca Kaden, Partner, Union Square Ventures. “Most of all, we are thrilled to work with Liyia and her team. Her authenticity and ability to build both unique product and community is what got us most excited to be part of the ShopShops journey.”
ShopShops is currently in New York City, Los Angeles and Miami, and will expand to cities including Chicago, San Francisco, Boston, Toronto and Seoul, Korea later this spring. Store partners range from luxury designers to startups including rag & bone, Jill Stuart, Spanx, Opening Ceremony, The Webster, Everlane, and C.O. Bigelow. ShopShops will host over 2,000 livestream shopping events in 2018.
About ShopShops
ShopShops is a livestream, interactive global shopping marketplace that connects brick and mortar retailers with consumers on their mobile devices. The new digital shopping channel breaks down geographical boundaries for fashion-savvy consumers, and enables them to shop from stores around the world from the palm of their hand. ShopShops was founded by Liyia Wu in 2016 and has headquarters in New York City and Beijing. ShopShops is backed by Forerunner Ventures, Union Square Ventures, Founder Collective, SV Angel, GGV Capital, Third Kind Venture Capital, and XRC Labs. To learn more, visit www.shopshops.com.cn.
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Farrell Klein
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