REVERSE the Beauty Retail and Social Selling Scenario
Flip has created and patented an experience from the ground up that serves new consumer behaviors by merging the social and commerce worlds where brands, products and users are at the center of the platform. Users can discover new products from other buyers sharing their reviews, or brands connecting with them live to share their stories. All products can be purchased instantly through a one-click checkout experience, combining the best of the social world with a seamless experience of the world of commerce. Flip introduced a model that fuels the desire of buyers and brands alike looking for new, innovative designs to discover, learn and connect, bringing brands and customers closer together.
Hana Ben-Shabat, founder of the research firm Generation Z planet, shared data showing that 19% of Gen Zers said celebrities influence their buying decisions, compared to 66% who cited their friends as the most influential.
Flip took a look at the buying behavior of Generation Z and democratized the idea of influence with the release of their new Designer Dashboard. At Flip, everyone has influence and the ability to monetize content. The new feature allows all users, regardless of their social network, to monetize their video reviews based on engagement and purchases made through their reviews. Flip’s creation tools mark a seismic shift towards a decentralized model.
Most social media companies were built around sharing content and weren’t designed for creators to grow their businesses and monetize organically. As a result, most creator income is generated indirectly through sponsored brand deals with less than 5% boosted by direct revenue sharing, severely limiting earning opportunities for most creators. Creators are at the heart of Flip, and this goal allows them to monetize and grow alongside the platform, without the need for any third-party deals or sponsorships. This approach aligns Flip’s incentives with creators, democratizing access across the platform.
“Until now, social media companies have provided ways for users to build an audience, and that’s where the opportunity ended,” said Noor Agha, co-founder and CEO of Flip. “By building a platform around creators and introducing dedicated monetization tools, we’ve leveled the playing field. We’re building the platform so that all users can share their voice, skills or knowledge. expertise and monetize their creation instantly, without the need for elite follow-up or acceptance into a creator’s fund.
Powered by creators, Flip was designed to be a shopping platform built on authenticity and designed to counter the lack of credibility associated with social platforms. The creators of Flip are empowered to choose the products they buy and review and to express unfiltered opinions, creating real added value for users and brands across the platform. Its creator dashboard allows users to manage content and offers detailed engagement statistics on each video. With these features built into the app, creators can devote their time and attention to sharing their experiences, while the platform handles everything else on their behalf.
“The beauty and personal care industry has undergone radical change, with research and discoveries from buyers starting on social media. But when influencers praise every product they review, how do you know who to believe? “Continued Noor Agha. In radical authenticity and honesty. We are building a platform to become your first. destination to search for genuine reviews of products that can be purchased instantly with one click payment.
According to eMarketer, the number of American consumers who have purchased something on a social platform has increased by 25% to 80 million in 2020 and is expected to reach 90 million in 2021. Social commerce sales in the United States are expected to increase by 35% to reach $ 36 billion in 2021, representing more than 4% of e-commerce sales. The Harris Poll reported from a survey in April 2021 that 38% of American adults said they had watched a live broadcast of someone talking about a product they were considering purchasing. A 2021 Klarna survey found that 71% of Gen Z and 69% of Gen Y in the United States say they are interested in watching live shopping events.
The opportunity for social selling in Western markets is nascent but growing rapidly, with funding flowing into start-ups creating fierce competition. Flip isn’t the only platform to gain traction. Its competitors all closed funding rounds in 2021. Supergreat recently closed a $ 20 million Series B, former Twitch employees launched Newness with $ 3.5 million in seed funding, Talkshoplive raised $ 10.5 million to date and Shop LIT Live has closed $ 6 million in seed funding.
While all slightly different in format, these apps deliver very immersive and radically honest beauty content that is always available to an audience looking to learn more about brands and products. These platforms shorten the sales funnel by reducing the time and friction between discovery and purchase, promising a meaningful route to sales for brands.
Navigating these platforms requires nuanced considerations to keep brands on top of trends and innovations. While it’s too early to say who will become the dominant live-action beauty player, Flip has made it clear that they are aiming beyond social selling and intend to become as ubiquitous as Ulta and Sephora. as a beauty destination.