Verishop is one of the biggest growing startups in the world of e-commerce. It was created with a slogan of “joy back to online shopping “just before the pandemic loomed in. As a result, it operates almost similarly to Amazon.
Co-founder
Imran Khan, the former executive of Snapchat, is behind the formation of Verishop. The time he was on snap board, he used to develop the site as a side hustle. After some months, he renamed it Verishop. He had a mission to do away with some frustrating branding names that promoted counterfeit goods.
Before Snapchat, Khan worked in the banking industry for almost a decade. His wife has experience with how e-commerce operates. She was employed by Quidsi, a startup that was absorbed by amazon. She also transferred to Avon, a giant cosmetic industry. This proves how the family was knowledgeable about the entrepreneurship world.
In an interview with CNBC, Khan had this to say. “I think our vision is to be the best home for brands,” Khan said in an interview ahead of the launch. “Whenever the consumer is looking for a branded product, we want to be their first destination. … There is a massive growth in direct-to-consumer brands.”
Operation of brands
Khan admitted that many brands like denim maker AG, home-décor Hawkins, and others need a single outlet. They have to work together to discover their potential. The brands must help each other through their sales to gain more traffic. Physical retail shops offer a lot of choices for such large brands. But when it comes to e-commerce, the spaces are few. This was a good opportunity for Verishop.
In general, Verishop focuses on being an online departmental store for many vendors. Currently, traditional mortar and chain brick stores are struggling to get clients.
During its launch, the company collaborated with almost 150 brands across the world. Some big names are home goods retail Boll & Branch, Lily Lolo, Kora Organics for skincare, among many others. To prevent any counterfeit goods from sneaking, the business model buys all the inventory brands. No third-party sellers have room to trade on the platform. This sounds great as no consumer will purchase poor-quality goods. It earns the company much trust.
Scott Tannen, CEO, and co-founder of Boll and Branch, commented on the startup’s progress. “Verishop is bringing together several high-quality, like-minded brands that share our vision and our values, so a partnership feels very natural,”
How is Verishop different from traditional retailers?
These traditional retailers focused on offering a broad range of products. As a result, different items were found under one roof, and it is difficult to identify the product from a specific brand. Verishop plays a different game. Each brand has a specific store on the platform, a report by tech-crunch.
Available brands have a team inside Verishop who make sure the products are of high quality. In addition to that, Verishop offers a variety of offers and 24/7 customer support. Whenever you purchase a product, there is a two-day shipping time. Customers have a chance to return the good if it doesn’t suit their desires.
Influencers Platform
The platform has a special area for influencers known as Tastemakers. An influencer has a chance to select the item or brand and promote the product to their loyal fans.
Vlogger Jess Conte, Youtuber Tiffany Ma, has already collaborated with many brands at Verishop. All the influencers have their page on the platform where they advertise their top picks with some description. Khan confirmed that influencers play a major role. He decides to add the influencers page to let them own something like boutiques on their own.
Khan confirmed that Verishop e-commerce would expand its roots to the international level in the coming 3-5 years. He continued, “I think we are building a business at a time when we are closer to 10% [online penetration].”. The company has managed to raise over $17.5 million from a variety of investors. Lightspeed Ventures is one of the top ventures on the platform. The board is very motivated that their business will grow.
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