A Veteran in Emerging Way of Shopping
Buywith, a livestream shopping platform, has raised $9.5 million in a seed round, despite being a "veteran" in this emerging way of shopping. The company was founded in Israel in 2018 by Adi Ronen Almagor and Eyal Sinai as an e-commerce site that enables end users to consult with their friends and family within the site as they shop.
A New Approach to Shopping
When Ronen Almagor came to the U.S. to take part in the New York Fashion Tech Lab, she saw the impact influencers were having on shopping and created a video-enabled tool they could use. She would ask potential customers if they preferred the standard business-to-business shopping tool or the video one with influencers, and many chose the video.
"That’s when I met my co-founder Eyal, and we saw that we had something interesting if we added the video layer on top," she told TechCrunch. "The meaning of that for us would be you could do the session on any e-commerce site, which would be a huge advantage for us."
How Buywith Works
Retailers and brands can host on-site livestream shopping events featuring influencers, experts, and brand representatives as viewers shop live and interact with the hosts. Some unique features of buywith are the ‘Shop With Me’ screen-sharing component and the fact that it does not require an app download or code integration, making it easier for brands to use.
Success Stories
In fact, that is how buywith started out with Walmart, one of its earliest partners. The company has also partnered with other major retailers such as Steve Madden. Buywith’s platform allows customers to shop live on the retailer’s website, without having to leave the site.
Features and Future Developments
"We have a new head of product that came from the gaming industry, so more features will come from that, too," said Ronen Almagor. "We also have plans to allow customers to buy with coins and even offer purchase chances to go live with the host."
The company has already seen significant growth since its inception, with a 300% increase in revenue over the past year. With this new funding round, buywith is poised to expand its reach further into the e-commerce market.
Trends that Will Define E-commerce in 2022
In an interview with TechCrunch, Ronen Almagor highlighted four trends that will define e-commerce in 2022:
- Livestream shopping: This trend is expected to continue growing in popularity as more retailers adopt the technology.
- Social commerce: The increasing importance of social media platforms for e-commerce transactions is a key trend that buywith is well-positioned to capitalize on.
- Personalization: With the rise of AI and machine learning, personalization will become increasingly important for retailers looking to provide a better customer experience.
- Sustainability: As consumers become more environmentally conscious, retailers will need to prioritize sustainability in their e-commerce strategies.
Investors Back Buywith’s Vision
The $9.5 million seed round was led by investors including igniteXL Ventures, Fab Co-Creation Studio Ventures, and Andav Capital. The funding will be used to further develop the company’s platform and expand its reach into new markets.
"We believe that buywith has the potential to revolutionize the way people shop online," said a spokesperson for igniteXL Ventures. "We’re excited to support their vision and help them bring this technology to more retailers and consumers."
Conclusion
Buywith is well-positioned to capitalize on the growing trend of livestream shopping, and its new funding round will help it expand its reach further into the e-commerce market. With its innovative platform and commitment to sustainability, buywith is a company to watch in 2022.
