WeShop, a community-owned social e-commerce platform, New York Next year despite market turmoil as British tech companies set their sights on cracking the US.
The world’s first customer-owned shoppable social network, the group Nasdaq Within 12 months of its July launch, it was upgraded to New York’s Tech Heavy Index.
Chairman Richard Griffith told PA news agency that the group hopes to launch in the U.S. at the end of the first quarter or the beginning of the second quarter and then go public in the third quarter.
The company aims to give up to 90% of its business to shoppers on its platform, with 20% of the purchase price offered as investment shares, which can be redeemed after 12 months of ownership.
We want to take over the power of retail giants like Amazon with a model that owes its own community.
But volatile stock markets have seen a notable slowdown in initial public offerings (IPOs) in recent months, with Nasdaq stock listings down about 80% this year.
Griffiths said the listing would be contingent on achieving a suitable valuation, but promised to allow customers to cash in if the listing is delayed.
“If you think you can’t achieve a good rating, have a backup plan.”
WeShop plans to offer cash buyout of shoppers’ shares after 12-month lock-in if listing is delayed, but company wants customers to choose to keep their shares .
“I hope people will own the stock and take advantage of the growth of the business and the stock price,” Griffiths said.
The group – backers including Kazoo founder and boss Alex Chesterman, Betfair co-founder Andrew Black and former Formula One driver Nigel Mansell and his son Leo – now have over 60,000 registered users and have awarded nearly 300,000 shares to customers since launch.
The company’s growth plans are more subdued than originally expected to reach about 100,000 members in the first few months.
Griffiths said the group wanted to make sure its technical and customer service support teams were robust enough before ramping up the expansion.
Hundreds of social media influencers are on the line, and the group, which has already recruited the stars of Love Island and Coronation Street, is bringing them in cautiously.
“The growth profile is a controlled one,” Griffiths said.
“We’re letting go of the reins a little bit more now and will continue to do so,” he added.
sale The total value of goods made through the site jumped from around £256,000 in July to around £1m in October and £2.1m in November. This was aided by Black Friday and a special promotion of his WeShop stock.
Griffiths said WeShop is gearing up for a significant year of expansion, but the group is mindful of the pressure brands and retailers on the platform are facing from the cost of living crisis. Adding to the woes of a series of postal strikes is their busiest season.
Mr Griffith said:
“It’s a scary situation for everyone, but we’re trying to build a community where we can help each other.”
https://www.independent.co.uk/business/weshop-brushes-off-stock-market-turbulence-with-aims-to-stick-to-ipo-plans-b2250482.html WeShop aims to clean up stock market turmoil and stick to IPO plans