What is Woovly?
Woovly is an AI-powered social commerce platform helping users discover brands & products from the user generated content (UGC), further letting them to shop instantly on the Woovly app.
Woovly also identifies and rewards individuals for brand loyalty. Woovly was launched in 2019 where users can watch short video contents, reviews & recommendations on various brands & products in the lifestyle segment. Woovly is a one-stop platform for influencers and users to promote & shop, collaborate with brands and earn incentives.
Woovly’s technology uses artificial intelligence, user-generated content and engagement algorithms to create a unique direct-to-consumer channel, resulting in extraordinary and unprecedented user insights.
The firm’s AI auto-detects products from the user generated contents and tags brands, and directs shoppers to shop instantly on the same platform. This allows individuals to monetize their influence while brands simultaneously support authentic influencers; leading to empowering original content creator community.
Tell us about yourself? What is your background? What made you get into this line of work?
Neha: Currently being the Co- Founder, CTO and COO at Woovly India Private Limited, Prior to Woovly, I had 8 years of experience in the technology field and have worked with major MNCs such as Quess Corp Limited and Hewlett Packard (HP).
I am an alumna of Stanford University’s Graduate School of Business, and I have previously received a nomination for the GECL Award 2018 in the category of Woman Start-up Entrepreneur of the Year.
Venkat J: Graduated in Stanford Ignite Program focused in Entrepreneurial Studies & Innovation from Stanford University School of Business.
Prior establishing, Woovly, I was founding member of Quess Corp Limited (India’s largest Business services company), which currently employs 380k+ manpower in India and 7 other countries. I had also built 3 businesses within Quess Corp, 2 businesses in the HR services domain in the Middle East and 1 in Managed services in India.
Being start-up enthusiasts with a demonstrated history of working in the internet industry. Social commerce is an integral part of this whole interact eco system and is still in a very nascent stage that encompasses a broad array of options including group buying, social shopping, mobile apps, retailers adding social features, and shopping integrated into social media. Social commerce has taken off recently and is a growing trend.
What is the inspiration behind your business? What inspired your business? What problem are you trying to solve and for whom?
According to data, the overall number of social media users in India is at 500 million, with the figure projected to increase to 1.5 billion by 2040. There is almost 200 million Short Video content community and 42M are content creators among the 500 million
Around 400,000 of these 42 million are Micro-Nano influencers. Overall, just approximately 35,000 of this number, or roughly 8%, are making a living.
We identified this as a problem / challenge in which Micro-Nano influencers are not developing at the desired rate due to the lack of a mutually beneficial business model in which the platform, brands, consumers, and content creators can all generate revenue.
The challenge for this segment of content creators is attracting brands to collaborate with. Woovly’s incentive-driven user experience enables anybody to produce content and receive rewards through its social community. Woovly plans to empower 100,000+ Micro-Nano creators over the next 18 months.
What is your magic sauce?
Uniqueness of Woovly platform from a content creators’ perspective is that it empowers Micro- Nano influencers to generate revenue for themselves through collaboration with different brands/products.
Woovly’s incentive-driven user experience is assisting many Micro – nano influencers to create authentic content and earn incentives via its social community
Out of the 42 million content creators 30% of them are onboarded with Woovly which suggests Woovly drives commerce using its community and content with the trust as the core factor, generating value for brands, users and influencers.
From a consumer/ User perspective – Woovly’s AI technology enables users discover brands & products from the user generated content (UGC), further letting them to shop instantly on the Woovly app. Also, brands with a poor reach and visibility among their target consumers can thrive through the woovly platform.
The social media feature is our unique proposition. 60% buyers prefer interacting with brands on social content and shop instantly
Where do you see your company going in 5 years?
Woovly is improving its technology to extend its community of users and sellers’, as part of its ambitious expansion plan to capture the forthcoming $100B market potential in Social Commerce.
With this, Woovly is expect to reach break-even in FY25. Woovly also want to generate INR1000Cr in revenue ($130M) in the next 5 years.
What has been your biggest win so far?
Since the launch of Woovly, it is becoming the most loved e-shopping site for Indian millennials who look for trustworthy recommendations for a variety of lifestyle products. In just 7 months of its launch, it has 130 brands onboarded, which is equivalent to 30% of the brands conventional e-commerce platforms in BPC onboarded over the 6-7 yrs. of timeline.
What is the next big steps for your business?
Since Woovly is growing at 30% MOM, we are looking to tap a min of 10% of the social commerce market share in next 3-4 yrs.
Also, for the forthcoming festive season Woovly plans to scale up its platform by empowering 100,000+ Micro-Nano creator community, launch a new category of fashion accessories, and provide exclusive product and offers on Woovly.
How do people get involved/buy into your vision?
As we have already seen Woovly grow at a faster pace since its launch (800k+ content posted in last 17 Months), we are aiming to broaden our market reach through more popular global brands on our platform. Woovly already has popular brands like – Lotus, Colorbar, mCaffeine, Ustraa etc;