Germany – Yeay is a new video-only shopping app that combines retail and social media.
The Berlin-based start-up Yeay is using video to help nurture more personal relationships between online buyers and sellers in order to improve their e-commerce experience.
With Millennials watching an average of 4.2 online videos per day and Gen Viz communicating almost exclusively through visual media, video content is a powerful medium for engaging with this consumer-base.
Yeay found that online shoppers are 86% more likely to commit to purchasing if they are able to watch a product video and that the return rate falls by 30%. The survey also reported that by increasing consumer engagement, videos encouraged shoppers to buy another product from the same vendor and generally purchase more during each shopping session.
The app encourages its users to be creative with their videos and has already collaborated with designers, influencers and boutiques to establish a strong social media following.
‘Mobile video shopping is the future. In five years, traditional e-commerce websites, which only include text and images, will be the same as how we look at mail-order catalogues now,’ says Melanie Mohr, CEO and founder of Yeay.