INTRODUCTION TO WISH
If there is any name that has taken the international online commerce to the storm, it undoubtedly has to be Wish.com. The US-based marketplace that ranks second to Amazon in online mobile commerce is already pursuing venture capital. Wish, owned by ContextLogic headquartered in San Francisco, was founded by Peter Szulczewski and Danny Zhang on November 11, 2011. The duo aimed at setting up a mobile-friendly international online marketplace that will represent a miniature shopping mall within the user’s pocket.
Initially, the site was developed keeping in mind people’s shopping wish-lists; gradually the site became popular and was upgraded to a platform where global online sellers can sell their products by optimising the lowest prices in the feed. The marketplace has an active network of manufacturers, sellers, brand owners, creators, crafters and so on registered on its platform which is to a great extent responsible for nearly 2 million orders being shipped every day. In a matter of 5 years from its inception, Wish has been competent enough to have raised $578.7 Million and more for its funding.
ATTRIBUTES THAT MAKE WISH STAND OUT AS A MARKETPLACE
- Unique business model: Wish.com’s overwhelming success is mostly due to its unique underlying business model of ‘mall browsing.’ The principle of mall browsing pertains to exhibiting products in a tempting order so as to target impulsive prospective buyers for higher conversion rates and greater revenue.
- Global outreach: Wish.com is one of the most far-reaching international online marketplaces. It is spread over more than 60 countries across the globe which gives sellers or brands more visibility. It goes without saying that greater the traction, higher the revenue earned from all over the world; also, it needs to be noted that approximately 50% of the total revenue on Wish.com comes from Europe.
- Wide range of product categories: Wish.com rolls out access to the widest range of product categories. The marketplace has got deep-learning algorithms that select which products would be best to display to a particular prospective customer. As such, sellers or brands can make use of this artificial intelligence to showcase more number of products to the huge clientele the marketplace has to its name.
- Seamless navigation: Prospective consumers appreciate an easy and simplified buying process. Wish.com’s interface is impressive in this regard as it provides seamless end-to-end navigation that offers a superior experience to customers. This, in turn, ensures that customers are coming back for repeat orders.
- Flexibility to choose logistics provider: Wish.com does not impose any mandatory logistic provider and its services to sellers or brands. It allows full-fledged flexibility to choose whichever logistics partner a seller or brand would want to collaborate with.
- No extra charges or fees imposed: The marketplace’s fast rise from scratch to present stage should definitely be credited to its sustainable model that involves no extra charge or fees for being up and running on its platform. Sellers or brands can enjoy the widespread presence of the marketplace in global Ecommerce without having to bear anything over the estimated budget.