CoutLoot forays into video commerce for small retailers
The latest feature by Indian start-up CoutLoot, which has been built on the lines on China’s Taobao, enables sellers to post short videos to engage with potential buyers.
- Jan 12, 2022,
- Updated Jan 12, 2022 12:44 PM IST
CoutLoot, which claims to be India's largest offline to online social commerce platform, has launched a video commerce feature that enables small sellers to use short online videos and engage with potential buyers.
The company, which is built on the lines of China’s Taobao, believes that creator economy-led revenue streams could see a massive upsurge and enhance the social experience of both sellers as well as buyers.
In its new video commerce plugin format, over 6.5 lakh sellers can put up a video on the app and describe their products and store. Further, the video story will entirely be user-generated content and customised to showcase the sellers' journey.
“Our video commerce feature is developed while keeping in mind our both set of users - sellers and buyers,” said Jasmeet Thind, Co-founder, Coutloot. “Since our sellers are indigenous local traders, they might not have the technical wherewithal to market themselves. However, they do know how to upsell and our new feature brings out a host of information about the sellers, merchandise and stores,” he added.
The platform also believes that videos will bring transparency to the fore - by showcasing real-life conditions of the products, helping buyers validate the authenticity of the sellers and their products.
This assumes significance as a recent report by RedSeer Consulting forecasted that the gross merchandise value of live commerce through short videos is expected to reach $5 billion in India by 2025. This is largely driven by small towns where several companies are focusing to expand distribution through local sellers. Interestingly, founded by Thind and Mahima Kaul, Coutloot also allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories that account for three-fourths of India's retail market. The venture has already raised around $10 million from Ameba Capital, 9Unicorns, and Astarc Ventures, among others. The social ecommerce platform has also recently launched a B2B side of the business connecting its sellers to factories for sourcing the products at cheaper prices.
During calendar year 2021, Coutloot saw its GMV surge seven times with its platform reaching sales of nearly $70 million.
CoutLoot, which claims to be India's largest offline to online social commerce platform, has launched a video commerce feature that enables small sellers to use short online videos and engage with potential buyers.
The company, which is built on the lines of China’s Taobao, believes that creator economy-led revenue streams could see a massive upsurge and enhance the social experience of both sellers as well as buyers.
In its new video commerce plugin format, over 6.5 lakh sellers can put up a video on the app and describe their products and store. Further, the video story will entirely be user-generated content and customised to showcase the sellers' journey.
“Our video commerce feature is developed while keeping in mind our both set of users - sellers and buyers,” said Jasmeet Thind, Co-founder, Coutloot. “Since our sellers are indigenous local traders, they might not have the technical wherewithal to market themselves. However, they do know how to upsell and our new feature brings out a host of information about the sellers, merchandise and stores,” he added.
The platform also believes that videos will bring transparency to the fore - by showcasing real-life conditions of the products, helping buyers validate the authenticity of the sellers and their products.
This assumes significance as a recent report by RedSeer Consulting forecasted that the gross merchandise value of live commerce through short videos is expected to reach $5 billion in India by 2025. This is largely driven by small towns where several companies are focusing to expand distribution through local sellers. Interestingly, founded by Thind and Mahima Kaul, Coutloot also allows buyers and sellers to bargain while shopping. It helps sellers list non-MRP (non-fixed-price), unbranded local market products across fashion, electronics, home decor, sports and other boxed categories that account for three-fourths of India's retail market. The venture has already raised around $10 million from Ameba Capital, 9Unicorns, and Astarc Ventures, among others. The social ecommerce platform has also recently launched a B2B side of the business connecting its sellers to factories for sourcing the products at cheaper prices.
During calendar year 2021, Coutloot saw its GMV surge seven times with its platform reaching sales of nearly $70 million.