Today marks the launch of WeShop – a first of its kind, community owned social commerce platform that combines shopping with social media.
Designed with all the functionality consumers have come to expect from social media, WeShop lets you shop the products you love and connect with other people all while earning a stake in the business.
An exclusive new YouGov survey reveals that 74% of Britons think it is unfair that the world’s biggest companies are owned by a small number of individuals. That’s why WeShop pioneers the belief of share democratisation and so, unlike any other platform, it is giving away over 90% of the business to its’ community.
WeShop’s revolutionary mechanism means the people using the platform earn an investment in the company with real monetary value as per the stock exchange with each purchase, successful recommendation or introduction of a new member to the community. As the cost of living spikes and with almost half (48%) of Britons reporting they don’t have the extra cash put into a savings pot, WeShop allows you to earn shares – and grow your savings – simply by spending the money you usually would.
At launch, for every purchase made through WeShop the buyer gets back 20% of the value of their purchase in shares. The exclusive YouGov survey found that 87% of Britons spend average sums of up to £150 on average a month on online shopping (excluding online groceries). If they were to spend this amount on WeShop they could earn £30 worth of shares – giving members a simple way to grow savings they can then cash in for a treat, save for a rainy day, or use as an investment portfolio for themselves or their family’s future.
Richard Griffiths, WeShop Founder says: “The way we shop has changed dramatically in the last ten years thanks to rapid advances in technology. While we’ve seen the dramatic growth of online shopping platforms – and their profits – none of them are designed to benefit the people who keep them going, the shoppers.
“That’s why WeShop was born, building a totally shoppable platform that is owned by the community. And to show we are serious we’re giving away over 90% of WeShop to the people who use it. We think that the potential of WeShop is gigantic and will have a massive impact on the world of ecommerce and online retail.
“Imagine if Amazon had done this when they started, the wealth created by Amazon would have been shared amongst the people who made it successful, its users. Indeed, the world might look very different now, and that’s what we’re trying to achieve, a better, fairer and more democratised shopping experience for everyone.”
In addition to purchasing, with WeShop you can also monetise the power of recommendations. Whenever anyone buys anything, you have recommended on WeShop you receive 10% of the value of the product in WeShares. And when a WeShopper introduces a new member then the WeShopper will also get 1% of the value the new member spends on the platform.
WeShop has the biggest retailers and brands available on the app across fashion, home and décor, tech and gaming. From ASOS to NET-A-PORTER and Etsy, from The Body Shop to Holland & Barrett, B&Q to MADE.com, PC World to Carphone Warehouse, Nike to New Balance.