Shopavision has announced the launch of what it claims to be Singapore’s first live-streaming e-commerce platform, with a S$500,000 (US$374,000) in seed funding from an undisclosed angel investor.
As per a press note, the money will go towards growing its team, enhancing its platform, as well as to launch in Singapore.
The startup also announced that it is officially launching its mobile app to cater to the growing demand for live streaming amidst the holiday season.
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Shopavision — started by Founder and CEO Rachel Pang, who was inspired by the widespread penetration of live streaming in China — aims to be the one-stop platform for live streaming shopping where both merchants and customers can enjoy the benefits of live stream commerce.
Users can choose to buy products instantly within the live stream or add to cart and make payment directly via payment modes — credit cards, PayNow or e-wallets GrabPay and RazerPay, without leaving the stream.
Its platform also offers interactive live streaming features, audience profiling and data analytics among others, helping merchants optimise and improve sales.
A professional suite of related services (such as live stream hosts, studios, production, campaign management, marketing and media for retailers to engage) are also available on the platform.
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Before the launch of the app, Shopavision claims to have generated more than S$60,000 (US$44,900) in sales and conducted more than 60 live stream shows on its Facebook page for its clients.
The firm has close to 30 live stream hosts and a variety of merchants on its platform.
A recent study commissioned by Shopavision found that 90 per cent of people in China consume live streaming content as compared to 15 per cent in Singapore.
“Consumers are no longer just browsing through product descriptions, but they are now actively participating in the buying process. They can ask questions, get responses live and get entertained by live streamers, from the convenience of their homes. Live streaming is the future of online commerce,” said Pang.
“We want to build an ecosystem that supports the merchants and create opportunities for people to become live stream hosts, especially those whose income has been affected by the pandemic. This could become a second career for them,” she added.
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Image Credit: Shopavision
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