WEBVTT - Redefining the Online Shopping Space

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Tim

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<v Speaker 1>Stenebek on Bloomberg Radio.

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<v Speaker 2>Clearly, when you think about the world's largest online e

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<v Speaker 2>comm is a retailer that's coming. But who better to

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<v Speaker 2>chat with us and break it down as far as

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<v Speaker 2>the landscape of what's happening in the retail space than

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<v Speaker 2>Leah Wu, founder and CEO of Shop Shop. She's on

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<v Speaker 2>zoom joining us from Vancouver. Thank you so much, Leah

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<v Speaker 2>for chatting with us late on a Friday as well.

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<v Speaker 2>We appreciate it. First off, before we get into the

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<v Speaker 2>retail landscape, tell us about shop shops and what you do.

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<v Speaker 1>Hi, nice to meet you both. Shop Shops is the

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<v Speaker 1>live streaming platform that brings offline shopping experience, the fun,

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<v Speaker 1>the discovery to the palm of your hand. Our viewers

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<v Speaker 1>and shoppers are able to turn on their phone at

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<v Speaker 1>eight in the morning or eight at night, or even

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<v Speaker 1>all over to midnight shop with local shopping experts, who

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<v Speaker 1>we call hosts. They're in Paris, New York, Milan, Tokyo,

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<v Speaker 1>many other fashion shopping destinations. Our hosts walk into local

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<v Speaker 1>batique stores, shopping centers, outlets, and sometimes even sleep markets

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<v Speaker 1>with their phone and go live stream. They curate and

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<v Speaker 1>sell product that they found, often with their customers or

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<v Speaker 1>audience together, and that's what we do. We believe shopping

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<v Speaker 1>is not just such a keyword or transaction. It's actually

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<v Speaker 1>treasure hunting. It's about building connections, creating memories about people

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<v Speaker 1>who share similar interest So throughout the years, we've always

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<v Speaker 1>sort of our vision has always been mimicking that offline

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<v Speaker 1>destination shopping where you discover products with a friend. So

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<v Speaker 1>this is the interactive and immersive online version of shopping

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<v Speaker 1>via live and detail.

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<v Speaker 2>Something Maddie and I were excited to talk about was

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<v Speaker 2>this nineties vintage and Maddie, we wanted to hear more

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<v Speaker 2>about that. As far as the consumer nostalgia, we were

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<v Speaker 2>just talking about these polarids, but what about what it

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<v Speaker 2>comes to on your front, it comes to this nineties

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<v Speaker 2>sort of crazier.

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<v Speaker 1>Well, we definitely are seeing what we call the nineties

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<v Speaker 1>vintage fever. I think it's really the trend that's formed

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<v Speaker 1>because the generation who grew up in the nineties are

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<v Speaker 1>not so touched by media or Instagram. And while we

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<v Speaker 1>were growing up and that there was a lot of magazine,

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<v Speaker 1>popular TV shows I think those are the trends that

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<v Speaker 1>we're seeing. Audiences are turning back their TVs of friends,

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<v Speaker 1>rewatching them Sex and the City and really looking at

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<v Speaker 1>fashion then and starting this sort of hunting experience. It

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<v Speaker 1>became more like what I said, trigger hunting, where you're

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<v Speaker 1>looking for a product nylon bag that you wanted but

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<v Speaker 1>they didn't get them. Now it's the perfect time to

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<v Speaker 1>have it. Leave a tongue Fanni peg. Those were like

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<v Speaker 1>where you see models. Now they're all coming back. So

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<v Speaker 1>we're definitely seeing that it's not only for a piece

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<v Speaker 1>of item, it's more of like a memory that you

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<v Speaker 1>can carry forward as well.

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<v Speaker 3>So is it a situation on the app and this

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<v Speaker 3>is an app that individual users are going to have

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<v Speaker 3>to download, right, so they have to download the shop

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<v Speaker 3>Shops app?

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<v Speaker 1>Okay?

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<v Speaker 3>And is it a situation where the kind of buyer

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<v Speaker 3>influencer on camera is as you said, literally walking the

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<v Speaker 3>user through a vintage store and getting comments in live

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<v Speaker 3>and getting to say like, oh, I'll buy this one

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<v Speaker 3>and ship it.

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<v Speaker 1>Off to you.

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<v Speaker 3>Or is it a little bit more like they batch

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<v Speaker 3>buy things and then show off all of the products.

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<v Speaker 1>And well, most of our shows are really what we

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<v Speaker 1>call host sellers. They're local shopping experts that knows the

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<v Speaker 1>loco stores. They take you on the journey walking into

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<v Speaker 1>the stores, presenting items that are inside the store in

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<v Speaker 1>real time. So you're literally sitting at home and fighting

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<v Speaker 1>for the same bag in Tokyo. Yeah, some local travelers

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<v Speaker 1>or tourists are walking in and looking at and buying

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<v Speaker 1>up as well. Wow, but you get to see that

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<v Speaker 1>in real time. So when I was giving examples earlier

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<v Speaker 1>at midnight, that's where Japan has shows on. If you

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<v Speaker 1>are at home, you will be watching live hosts in

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<v Speaker 1>the stores featuring interesting product all the way from Japan. Yeah.

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<v Speaker 3>So that's amazing because I am not a good vintage shopper.

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<v Speaker 3>I want to be. I want to get vintage closed.

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<v Speaker 3>I know it's cooler than the clothes I buy, but

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<v Speaker 3>I'm not good at it and I'm not patient enough

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<v Speaker 3>to sift through items in a store. So I can

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<v Speaker 3>see how this would be the perfect product for someone

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<v Speaker 3>like me. But I do wonder if one of the

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<v Speaker 3>challenges or opportunities for you is getting people to download

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<v Speaker 3>the app itself and just that awareness. How do you

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<v Speaker 3>deal with that and what is your kind of strategy

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<v Speaker 3>around that.

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<v Speaker 1>Well, very good question. We definitely see that as one

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<v Speaker 1>of the challenges because I think live shopping itself is

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<v Speaker 1>you at very early stage for US consumers to actually

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<v Speaker 1>astapt this concept and fully adopt. So the messaging of

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<v Speaker 1>live commerce, live tream selling, it's super hard, like how

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<v Speaker 1>do you describe it so that users or viewers can

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<v Speaker 1>actually understand what to expect. What we've seen that really

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<v Speaker 1>resonate is leveraging products or items that are highly searched

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<v Speaker 1>by existing users. So if you're looking for a Y

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<v Speaker 1>cell Lulu, if you're looking for door or Settle, that's

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<v Speaker 1>what you go for. And when that's sort of how

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<v Speaker 1>we position ourselves online to get eyeballs so that people

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<v Speaker 1>know that you can actually shop and find these products

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<v Speaker 1>via live this way.

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<v Speaker 2>Break down the demographics, is this more gen z that's

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<v Speaker 2>using the app?

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<v Speaker 1>Well, currently we're definitely seeing gen z as well, surprisingly

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<v Speaker 1>millennial and millennial moms as well, so really a range

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<v Speaker 1>group from I would say twenty five ish all the

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<v Speaker 1>way to sixty five ish.

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<v Speaker 3>That's so interesting. And when you look at the items

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<v Speaker 3>that are popular amongst those customers, are you able to

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<v Speaker 3>tell us the differences and what the millennial moms are

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<v Speaker 3>buying versus what the gen Zers are buying and what

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<v Speaker 3>are kind of the big trends that Jess and I

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<v Speaker 3>need to know about heading into the fall of next year.

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<v Speaker 1>Well, I think I will be able to show what

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<v Speaker 1>ever we are able to see on the gen Z front.

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<v Speaker 1>I do think that a lot of the items are

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<v Speaker 1>more bright in colors, uh Mini bags like also obviously

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<v Speaker 1>two thousand uh Creed loved Nylon product is like an

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<v Speaker 1>IT bag, but gen Z's right now, so.

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<v Speaker 3>The coach bags that Jess and I had when we

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<v Speaker 3>were in middle school, or like.

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<v Speaker 1>The IT bag, they're definitely back. So basically, if you

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<v Speaker 1>can go back into your garage and find that bag

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<v Speaker 1>and then carry start carrying them, you're definitely hitting the trend.

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<v Speaker 1>So that's sort of what we're seeing with gen Z's

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<v Speaker 1>and with millennial millenniums. I think we're we're seeing them

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<v Speaker 1>buying more of the classic channels, classic deors investment pieces

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<v Speaker 1>in the sense that it's a good item to have

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<v Speaker 1>as well as investment to have over time.

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<v Speaker 2>So if I can go back and find some of

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<v Speaker 2>these items, I can try to make some money off

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<v Speaker 2>of this.

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<v Speaker 1>Definitely, I think that's what's fun and also interesting about

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<v Speaker 1>circular economy. It's not just about making money, it's not

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<v Speaker 1>just about resell product yourself, and it's not just about sustainability.

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<v Speaker 1>It's almost everything in one where we're both where we're

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<v Speaker 1>selling a piece of item but also bringing back memories

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<v Speaker 1>and trend at the same time.

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<v Speaker 3>I'm curious when you look at kind of the landscape

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<v Speaker 3>of reselling platforms. Something that comes to mind for me

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<v Speaker 3>is a poshmark. For example, Deepop, who would you say

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<v Speaker 3>is your biggest competitor in the space and how are

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<v Speaker 3>you kind of planning and strategizing around that.

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<v Speaker 1>Oh, we see ourselves as a live commerce pioneer in

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<v Speaker 1>the live commerce space. I believe that the real real

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<v Speaker 1>posh mark these are circular economy platforms that sell multiple

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<v Speaker 1>products or resells. I think our biggest competitors right now

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<v Speaker 1>would be the TikTok of the world or Instagram Life Powers. Interesting. Yes,

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<v Speaker 1>obviously we see ourselves more from virtual shopping front, so

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<v Speaker 1>the virtual shopping mall perspective. Pretty Love is the initial

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<v Speaker 1>category for entry category that we've found to enter the

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<v Speaker 1>US market to first stage of early adoption for the

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<v Speaker 1>consumers in the US, but as we expand or grow

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<v Speaker 1>in the next few years, we believe that we would

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<v Speaker 1>be able to bring the real offline shopping experience in

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<v Speaker 1>multi categories to the consumers, not just pre love but

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<v Speaker 1>also designer deals, walking an outlets or tagameg for that. Say, sure,

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<v Speaker 1>so that's sort of how we imagine ourselves to be.

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<v Speaker 3>So you mentioned TikTok and Instagram live streaming as a

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<v Speaker 3>form of competition. I wonder, then, because you rely on

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<v Speaker 3>host sellers creating content on your platform obviously, is there

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<v Speaker 3>a concern for you that these sellers might say I'm

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<v Speaker 3>just gonna do my own thing on TikTok and sell

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<v Speaker 3>content on a TikTok live stream as opposed to using

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<v Speaker 3>your platform, And how do you strategize against that.

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<v Speaker 1>I think we positioned quite differently than TikTok and Instagram.

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<v Speaker 1>To me, I will always say, are you going to

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<v Speaker 1>a playground or are you going to shopping? Because I

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<v Speaker 1>do believe that's a very too different approach of this market.

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<v Speaker 1>When you're going to playground, which in the sense is

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<v Speaker 1>TikTok looking really for content, you accidentally make a purchase.

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<v Speaker 1>But when you're actually going going for shopping, going to

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<v Speaker 1>the shopping mall itselves. The intention to buy is really

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<v Speaker 1>to shop, and for our audiences or the users that

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<v Speaker 1>we are attracting, the intention for them is to come

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<v Speaker 1>here to shop, and the entertainment piece itself is shopping,

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<v Speaker 1>and the fun itself is really discovering different merchandise, different stores,

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<v Speaker 1>finding the right persona or hosts that are locally based

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<v Speaker 1>to give you feedbacks on things to buy and what

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<v Speaker 1>not to buy. I believe that is the way that

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<v Speaker 1>we see ourselves positioned very differently, more from a commerce

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<v Speaker 1>end goal than just entertainment itself. Talk to us.

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<v Speaker 2>About the trends you're seeing with shoppers and what you

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<v Speaker 2>think this means for the economy.

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<v Speaker 1>We definitely is seeing you as users as early stage

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<v Speaker 1>adopting to this behavior. We've seen the same similar behavior

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<v Speaker 1>in Asia, where live commerce is much more penetrated in

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<v Speaker 1>the market itself. We believe that the adoption will happen

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<v Speaker 1>fairly quickly in the next few years. I think it's

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<v Speaker 1>estimated to be around sixty eight billion dollars of a

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<v Speaker 1>market sized by twenty twenty six in the US. That's

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<v Speaker 1>only about five percent of e commerce penetration, but comparing

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<v Speaker 1>to the Asia market that's probably around above twenty percent

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<v Speaker 1>of market penetration that are generated by live commerce. I

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<v Speaker 1>think there's a long way to build, and we also

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<v Speaker 1>see that currently what we call hostellers will become a

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<v Speaker 1>job description in a few years, you know, four years,

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<v Speaker 1>where it's going to be where you brands, retailers looking

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<v Speaker 1>for or people who are experts live selling and that

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<v Speaker 1>could be a daytime job or a full time job

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<v Speaker 1>or a part time job. So that's sort of how

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<v Speaker 1>we see the market trend to be.

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<v Speaker 2>You're talking about e commerce, we do have Amazon coming

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<v Speaker 2>up next week. How do you view some of these

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<v Speaker 2>bigger retailers and how does your company fit into this

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<v Speaker 2>type of space.

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<v Speaker 1>I think we try to build the connectors or between

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<v Speaker 1>offline shopping to online, so the retailers, the brands that

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<v Speaker 1>have offline present presence, We truly believe that offline is

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<v Speaker 1>not going to go away. There to serve a purpose,

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<v Speaker 1>and people still believe that there's a synergy between the

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<v Speaker 1>break and Mortal and the live commerce where the physical

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<v Speaker 1>retail stores means trust means discovery, read means connections where

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<v Speaker 1>you can be physically in store and then also shop Online.

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<v Speaker 1>I can give you an example. We currently work with

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<v Speaker 1>Bloomingdale outlets. Our hosts those to Bloomingdale outlets and feature

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<v Speaker 1>products that are physically in the stores but not necessarily

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<v Speaker 1>online and the same price, the same deal. You're able

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<v Speaker 1>to sit at your own home and watch someone that

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<v Speaker 1>you trust, maybe have your size, maybe have your maybe

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<v Speaker 1>have your taste right, be able to find products for

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<v Speaker 1>you and then drop ship direct to you by Bloomingdale.

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<v Speaker 1>So I think that's where we see the connection that's

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<v Speaker 1>going to happen.

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<v Speaker 3>Lea, we got to leave it there, but thank you

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<v Speaker 3>so much. This was great. Leo Wu, founder and CEO

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<v Speaker 3>of Shop Shops with over two million active users. I

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<v Speaker 3>gotta be honest, I'm going to download it right now.

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<v Speaker 3>Thank you all so much for joining us.