Seoul-based e-commerce company Levit, the operator of the Alwayz shopping app, announced the raising of investment funds for $46 million following the results of the Series B financing round.
This round of financing was led by DST Global Partners. BOND, KB Investment, Mirae Asset Capital, Korea Investment Partners, GS Ventures, and Klim Ventures also participated in this process.
The history of the company’s existence is two years. During this time, the total amount of investments raised by the firm amounted to $ 67 million.
Alwayz offers consumers goods of a large number of categories, including food, household appliances, clothing, cosmetics, and products of other groups. This marketplace differs from standard e-commerce platforms in that it has advanced functionality, including short videos and gamification. Additional multimedia content allows you to improve customer engagement.
Users can get rewards by playing games, or get a harvest in real life after successfully performing similar actions in virtual space. Alwayz also introduced the Shorts feature, which allows consumers to watch short videos and get discounts for them when making purchases. Another way to purchase goods at a reduced price is to buy from another user or friends on Alwayz.
The Alwayz C2M model (from consumer to manufacturer) eliminates the need for distributors. This solution provides an opportunity to sell goods at low prices. Most sellers on the platform are manufacturers.
The chief executive officer and co-founder of Levit, Jaeyun Kang, says that the average selling price of a product presented on the brand’s marketplace is about 20% less than the lowest prices on other e-commerce platforms. According to him, this became possible because firms whose popularity is not high, in the commercial space of the company, should not spend money on marketing, which traditionally has a share of 30% to 50% in the cost structure.
Jaeyun Kang says that users like the attractive interface of the platform. He also stated about the application of the recommendation algorithm, with which consumers can get acquainted with the products of previously unknown brands.
As we have reported earlier, DJUST Raises $12.9 Million for B2B eCommerce SaaS Platform.
