HONG KONG, Sept. 7, 2022 /PRNewswire/ -- Buyaholic is a catalogue that is crowd sourced and curated by a community of over 1 million cross-border shoppers from Buyandship. Consumers can access the catalogue via links or buy the products in-app, enabling "content to be shoppable". According to Accenture, a global professional services company, social commerce will grow three times to US$1.2 trillion by 2025 estimately. The study reveals that social commerce integrates social experience and e-commerce transactions in a single path to purchase.The study finds that word of mouth is crucial to driving up sales. Accenture's report indicates that people want to buy products and services based on recommendations and inspiration from people they trust, such as family, friends, communities, and authentic influencers.
Since its launch on 12 July 2022, Buyaholic has accumulated over 7,000 posts, meaning 1 new post every 10 minutes. In a short time, the catalogue links have generated 130,000 clicks which means 2 users clicked through the redirect URL every minute. Buyaholic is currently available in Hong Kong and will be launching in Taiwan and Macau next quarter.
According to the latest Buyandship survey in Hong Kong, on average consumers save 30.7% by shopping overseas after they pay for the cross-border shipping fee. In addition, 32.8% of the products purchased and shipped cross-border are unavailable in Hong Kong. Backed by a community on Facebook operated since 2019, people enjoy sharing what they have bought overseas, and 4,000 new posts are generated monthly.
The strong community is a key driver for Buyandship's business to grow over 70% YoY in the first quarter. With the foundation of 8 million monthly pageviews and over 900 thousand MAU, Buyandship's social commerce pathway is fueled.
Buyandship has been working with a professor from The Chinese University of Hong Kong (CUHK) Artificial Intelligence and Machine learning to create algorithms to curate content for users and improve their experience.
Professor Alan Lam, the Course Leader of Fundamental of Machine Intelligence in CUHK, said, "Since the internet search engine and social media platforms had been launched, making use of AI and machine learning to discover user preferences and make recommendations automatically is the trend of information technology in the past two decades. It is natural that social commerce is following this wave in recent years."
"Our goal is to enable consumers to buy any product worldwide at the best price." Sheldon Li, the Co-founder of Buyandship, said "We believe that the content creators using Buyaholic are the most honest influencers for shopping inspiration, because they purchased the product themselves instead of getting paid to promote a brand."
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Established in 2014, Buyandship is a Cyberport start-up that is committed to empower consumers to buy any product globally at the best price through big data, global pricing comparison, content generation, and logistics technologies. The company has expanded their presence across 12 countries and territories with 1.42 million registered users, having handled over 7 million packages to date. The company's mission is to make cross-border eCommerce as seamless as shopping locally.
For more information, please visit the company website: https://www.buyandship.today/