Wantfeed lets you store and curate things from around the web into your own personal wantlist.
Business overview
| Location | london, United Kingdom |
|---|---|
| Social media | |
| Website | www.wantfeed.com |
| Sectors | Advertising & Marketing Digital B2B |
| Company number | 9614450 |
| Incorporation date | 4 Nov 2015 |
Idea
Introduction
We don't like to brag, but we feel that Wantfeed is kind of a big deal for online shoppers.
CURATE. Wantfeed helps you curate products from around the web into your own personal Wantfeed – kind of like a wishlist but with super powers. Share your Wantfeed with family and friends, and you’ll never get novelty socks for Christmas again.
DISCOVER. Wantfeed helps you discover beautiful new things. Check out featured users with flawless taste, search for a new little black dress, take a look at our promoted brand pages, or even swipe right on the hottest products on our iPhone app.
GET REWARDED. Imagine if Facebook or Twitter paid you to like or retweet. That would never happen, right? Well, it does on Wantfeed. Say you find a £100 necklace, and you add it to your Wantfeed. When other users see it, click, and purchase, we share half of the affiliate revenue. And at around £5 for that £100 necklace, you could start making some serious money.
Intended impact
20 years ago, we all shopped on the high street, in bricks and mortar stores. Then came online shopping.
Wantfeed aims to be part of the next big evolution in that journey.
We aim to make people’s lives better:
CURATE. Sites like Pinterest are great for curating ideas, inspiration or styles, but they’re not good at taking you straight to purchase. I might like a pair of Nikes, but only in a specific colour, the right size and at a decent price. We believe that Wantfeed is a great way for me to keep track of all the items I’d love to own. You’ll never have to write a Christmas list on the back of an envelope again, or have a folder of bookmarks that you send every now and again as hints to your boyfriend. We aim for Wantfeed to be the go-to curator for all your favourite things that you can actually buy.
DISCOVER. According to internetretailer.com, it is estimated that there are up to 24 million websites around the world that offer online shopping. That’s too much choice for me, and I bet it’s too much choice for you too. Wantfeed aims to cut through all that noise. Because we are cultivating a community of tastemakers, Wantfeed is a user-generated aggregator of the very best the internet has to offer. Ever found yourself searching through your favourite blogs, checking out Etsy, looking on Amazon and finally giving up? Our aim is for Wantfeed to be the smart place to find all the best products out there.
GET REWARDED. As far as we are aware no other app or website shares affiliate revenue with users like Wantfeed does. In fact, so few consumers know that affiliate revenue exists that we almost have to counter a suspicion that it’s too good to be true. The fact is, whatever we can do to attract engaged users is worth doing. We think that incentivising users to upload unique and interesting products is a clever way of ensuring Wantfeed maintains a high standard. We hope that giving money back to users will allow them to get even more of the things they really love.
Substantial accomplishments to date
60,921 users have signed up.
29% user growth between Nov and June.
69.5% page view growth Between Nov and June.
We've had over 474k products manually uploaded to the platform.
And been a trending app on the iTunes app store twice.
Monetisation strategy
We have several revenue streams.
- Affiliate Marketing (core revenue stream).
Online retail expenditure is expected to grow over 44% in 2016 reaching 62bn. This growth is expected to be sustained with online spend to account for 17.1% of total retail spend by 2020. (Verdict retail: Sept 2015) December sales support this with total UK retail sales increasing 0.1% vs an online increase of 15.1% (IBT:Jan 2016).
Wantfeed similarly saw significant increases with an 83% increase in number of products sold resulting in a 90% increase in commissions. (Sept-Oct vs Nov-Dec).
Millennials, those consumers aged 18 to 34, remain the key age demographic for online commerce, spending more money online in a given year than any other age group. They spend around $2,000 annually on e-commerce. This, despite having lower incomes than older adults. (techinsider).
- Sponsorship, promotions and brand deals.
To date Wantfeed has worked with clients as diverse as NotOntheHighStreet , Quinny Longboard Buggies and Sage.
-Partnered stores paying for internal promotion.
Partner store pages are a shop window for smaller independent manufacturers that do not have the marketing opportunities of larger established retailers. The set up of store pages is free but we will offer these clients the ability to market their brand across the site and our social media.
Use of proceeds
Redesign front-end, build android app & ipad app, bolster backend and include management system for users, admin and store owners.
Gear the site towards e-commerce model allowing store owners to sell directly on platform while benefiting from the social framework.
Drive membership and affiliate revenues through social media marketing campaigns and through communicating the consumer benefit through viral videos and vlogging community.
Sign up key Vloggers to use and promote Wantfeed.
Market
Target market
Core target market 18-24 year old females.
Secondary target audience 18-34 year olds.
Millennials, those consumers aged 18 to 34, comprise 26% of the population, but contribute to approximately 35% of retail spending. As one of the key age demographics for retail spending, they are a massively important target for merchants.
This audience remains the key age demographic for online commerce, spending more money online in a given year than any other age group. They spend around $2,000 annually on e-commerce. This, despite having lower incomes than older adults. (techinsider).
Characteristics of target market
Traditional approaches to marketing are giving way to shared conversation with brands relying more on social media and other online and mobile communication platforms. This is particularly true when looking at the social dynamics of 18-24/18-30 year olds.
40% of social media users say they would share a purchase on a platform and 33% of users did so to get a financial reward (Jim Herbert 2015). Will Seymour, brand officer at Future Foundation, a London-based company that studies consumer trends and insights, said, "Wish listing has become a key pre-purchase behavior for many consumers. It's a new type of retail behavior – it's not shopping, it's leisure." (Advertising Age Nov 2015).
Marketing strategy
Shared conversation and Social media represents one of the most significant opportunities for retailers to influence and inspire shopping decisions. Brands understand that this is key when reaching the younger social demographics.
We consider that Wantfeed is well placed to build on this as it has a vast and unique social reach.
Together we have a social reach of approximately 486,000 including over 200,000 from a YouTube vlog called http://www.hannahmaggs.co.uk/ .
We expect retail sales directly via social media to grow as more retailers target consumers with personalized offers and deals on social networks. Billions will be up for grabs for retailers who can influence consumers’ shopping decisions through social media. (Cyber Alert).
Competition strategy
Success will be driven by our offering, the relationship we have with our members and the demographic of our target audience. Our ability to communicate with this audience through social channels will be key.
We believe that our reward scheme is a significant part of this success. Unlike cash back sites such as Quidco, topcashback and TBSeen Wantfeed also rewards its users for listing products not just purchasing them.
Wantfeed unlike many competitors and cash back sites is driven by user generated content. Members inspire each other by listing and rewanting products. Along side this the site is directly aligned with expert vloggers that also influence and inspire Wantfeed users. As a consequence the Wantfeed target audience is younger and more actively involved in social media.
We speak directly to them through our social channels and are working towards building a strong trust with our users.
From many of the comments we have received, we see that our members believe in what we do and trust what we say and recommend.
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