A product discovery platform is not something unusual to find on internet today. But imagine, a user getting rewards in return of sharing a product he/she likes. Sharemojo, a Mumbai based startup is working in similar line.
A combination of social rewards and products discovery platform, Sharemojo enables its users – to find and discover products from different online merchants as well as receive rewards for sharing, referring, and buying the products. Through Sharemojo, users earn cash rewards whenever a sale takes place through their shared link.
Started with a product discovery website dezyna.com in September 2012, the company pivoted to add social reward feature and rebranded Dezyna to Sharemojo.com in April 2013. The idea was to help users receive incentives when they share a merchant’s products on websites, blogs, and social networks, and thus enable a mutual beneficial relationship. The website provide its users a rich experience of ‘comparison shopping’, where they can see and buy products made available from several merchants under one platform – Sharemojo.
Self funded by Ankit Arora, its founder, the company is now looking for an outside funding. In order to market itself, the company is trying to reach out to online merchants by word of mouth and cold calling, and is planning to use the social media channels in future to ensure effective marketing.
“This idea behind bringing this venture forward is that firstly, e-commerce companies are spending a lot of money on customer acquisition and hence the online retail business is not sustainable at present. Secondly, many new e-commerce companies selling unique and niche products online have started up but still it’s very difficult for consumers to discover these products. So our platform solves these two problems by combining a product discovery platform with a social rewards platform” said Ankit.
The company has developed a share button that can be installed on merchant’s product or offer page, which incentivizes users when they share these products and offers.
Talking of the market opportunity in this platform, its founder seem quite optimistic about the market and growth opportunity in this space, as the kind of service Sharemojo provides, directly link to the market and growth opportunity of e-commerce in India. Especially with the advent of more medium sized e-commerce websites that sell niche products.
Other players working in the product discovery space include start-ups like Scrapehere, Clipr, Sweetcouch, and Nupinch. But what differentiates Sharemojo from its competition – is its social reward feature.
As far as its success is concerned, the website has seen a daily traffic increase of 10% since it has rebranded to Sharemojo. The company showcases products from over 40 online merchants, with over 1300 different products on its website. It attracts more than 500 unique users each month.
Within only a month of its operations, 3 merchants including Hitplay, Styleos and Nirogam have already signed up with Sharemojo to use their rewards feature. “We have some more merchants in the pipeline, who want to sign up for our reward platform. In order to make money out of the business we earn a commission on every sale that our platform generates at the merchant’s website” said Ankit.