Spin Live, which launched with over 200 brands and influencers, has seen early success with a live conversion rate of 26%, compared with the traditional industry average of 2-3% for e-commerce. The company has a risk-free pricing model in which merchants are charged a commission based on actual sales.
“We saw a huge gap with livestream selling, where shoppers were forced to leave the video completely in order to follow a link which led to a multi-step checkout on a completely different site. By keeping the user engaged in the video experience and making it easier to buy, we’ve quickly demonstrated conversion rates increase significantly,” said CEO of Spin Live, Brian Wiegand.
Livestream e-commerce in China is a multibillion-dollar industry with over 500 million users, yet the industry has yet to take off in the U.S. “Covid-19 has forced many brands and retailers to explore new, alternative channels and by simplifying the path to purchase, we believe our partners can succeed amidst the pandemic,” said Wiegand.
Brands and influencers are already seeing a difference using this highly innovative platform. “As a brand owner and designer, Spin Live offers a unique freedom to connect with the audience authentically beyond the reach of my personal following. The flexibility to stream at any time, choose influencer collaborators and create special promotions on the platform has already led to a 15% increase in sales,” stated owner of LJS Brand, Laura Jane Schierhorn.
Spin Live is a shopping-first, shopping-only social network which focuses on product discovery and impulse purchases through highly interactive, playful livestreams. The merchandising, checkout, payment and community is integrated into one, seamless video experience. Merchants can host livestreams themselves or partner with influencers who can stream to their followers. Shoppers get to watch live, ask questions, receive discounts and purchase directly through the app.
Brian Wiegand, CEO
Brian Wiegand is the co-founder and CEO of Spin Live. He is a serial entrepreneur who has started and sold several venture-backed, internet-based companies including Hopster, NameProtect, BizFilings and most notably, Jellyfish.com, which was purchased by Microsoft.
SOURCE Spin Live