A ‘UNIQUE’ social ecommerce platform, designed to enable consumers to save while they shop, has been launched by a Jersey-based businessman.
Described by founder Richard Griffiths as ‘Amazon meets Instagram’, WeShop grew from a desire to ‘put money back into the hands of the people’.
‘For the past ten years, I have had a vision of a community-ownership platform, which enabled customers to share in the profits of the company,’ Mr Griffiths explained.
‘However, trying to find a vertical to which that model could be applied was difficult because it needed something with a mass reach with which everyone could engage.
‘WeShop offers that platform, combining ecommerce with a social network. It’s a place where you can search for products, buy from internationally renowned retailers and independent brands, and create a social network with peer-to-peer recommendations and advice.’
Describing the platform as the first of its kind, Mr Griffiths said that the aim was to give 90% of the company to its users.
‘For the first time ever, customers will own the platform they are using,’ he added. ‘When you make a purchase through WeShop, you will receive shares in the company. Initially, the shares rewarded will equate to 20% of the purchase while, if a friend buys a product which you have recommended, you will receive another 10% in shares.’
With 500 retailers already signed up to the platform, WeShop customers can buy from businesses including Selfridges, ASOS, Boots and eBay.
‘The price you pay is the same as it would be if you went directly to their site but, with this model, you can put your shares into a saving account, something which is particularly important at the moment as the rising cost of living is making it difficult for many people to save money,’ Mr Griffiths said.
While the concept may sound too good to be true, Mr Griffiths maintains that the model is as simple and beneficial as it first appears.
‘We have spent a substantial amount of money sanity-testing the model and we know the value that can be created by the growth of social networking,’ he said. ‘We are just redistributing the wealth that’s created to support the users rather than making a few people very rich.
‘As an aggregator, WeShop receives an affiliate fee from the companies with whom people shop. By keeping that money, WeShop becomes a cash-rich business, which will not only attract valuations on the stock exchange but also boosts profitability so that we can either buy shares from users or pay dividends to customers.’
Having run in beta mode since November, the app officially went live at the beginning of this month and is now available to download on iOS or Android.
‘To start shopping, people need to use WeShop as the referral code and they can then start accessing the billions of products on offer,’ said Mr Griffiths.
