According to a recent report, 92.4% of consumers use reviews when deciding to buy products. It is understandable. Before purchasing a product online, they want confidence in their purchasing choices.
It’s called a Seoul-based startup enter It wants to help e-commerce merchants find these consumers with video reviews and product ratings, helping sales by providing this same valuable customer feedback. The video review marketing tool is called VREVIEW and it works by sending a chatbot to merchant customers to collect video reviews and product ratings. The merchants can upload these customer generated video reviews and product ratings to their website to attract more customers and consumers.
Investors like indented conversion rates, apparently. The startup raised $8.1 million (10.5 billion won) in a Series A round led by SV Investments, with participation from strategic investor LG Uplus (a unit of LG Telecom), Korea Investment Partners and Crite Ventures, among others. The round brings the outfit’s total funding to $13.7 million and will be used Continue to develop the video platform.
According to Indent CEO Morgan Yoon, Indent has about 40 customers in the U.S., China and Japan, and plans to enter the U.S. market in the second quarter of this year to attract more overseas users. In those geographies, it works together 3,800 online merchants, mainly brands that sell directly to consumers. In addition, South Korean corporations, including LG Uplus, maker of Korean cosmetics brands Amor Pacific And MLB Korea Use Indent’s services, Yoon said.
Indent claims to have more than 12 million registered usersIt accounts for about 60% of all online consumers in South Korea. According to tests conducted by Indent, consumers who use a video review platform show an average of 6x higher order conversion rates.
The company has many competitors; Other marketing tools allow marketers to display their reviews on their website. To stay ahead of its competitors, Yun’s company is about to launch a new service designed for B2C users. Spray is a Tik Tok-like video review service that allows consumers to upload customer-generated video reviews and share their opinions, Yoon said, adding that Spray users can earn revenue if new consumers purchase products through the Spray service.
In addition, Spray analyzes users’ buying behavior and preferences and recommends to marketers (or influencers) which products would be best to sell, Yoon explained.
Indent is collecting data on the actions of buyers.It can recommend about 66 million products, Yoon added.
The company currently generates revenue through VREVIEW subscription fees from its merchant customers. It also charges D2C brand merchants a license fee when they purchase user-generated content (UGC) from their users.
The company employs 27 people in South Korea.