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{"id":36372,"date":"2023-06-30T22:03:07","date_gmt":"2023-06-30T22:03:07","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/30\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/"},"modified":"2023-06-30T22:03:08","modified_gmt":"2023-06-30T22:03:08","slug":"koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/30\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/","title":{"rendered":"Korea\u2019s Alwayz aims to make online shopping fun again with $46M in funding"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/29\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/<\/a><\/br>
\nKorea\u2019s Alwayz aims to make online shopping fun again with $46M in funding<\/br>
\n2023-06-30 22:03:07<\/br><\/p>\n

\n

Seoul-based e-commerce company Levit<\/a>, an operator of the shopping app Alwayz<\/a>, wants to make the shopping experience more entertaining and affordable. The two-year-old startup has recently raised $46 million in a Series B round of funding led by DST Global Partners with participation from new investor BOND and existing backers KB Investment, Mirae Asset Capital, Korea Investment Partners, GS Ventures, and Klim Ventures. With the latest round, Levit has raised a total of $67 million since its inception.<\/p>\n

Alwayz offers a wide range of products, from daily groceries to home appliances and apparel to cosmetics. But it deviates from typical e-commerce platforms by incorporating social features like short videos and gamification into online shopping to draw customers.\u00a0<\/span><\/p>\n

For example, users can earn rewards by playing games nurturing the pig character Don-Don-E, or receive crops in real life after successfully cultivating crops by playing a game called AI-Farm in its app. In addition, Alwayz recently introduced a \u201cShorts\u201d feature that allows users to watch short videos and, in return, get discounts when shopping.\u00a0\u00a0<\/span><\/p>\n

It also attracts customers with low-price products. Users get discounts if they purchase products with other users or their friends on Alwayz. Alwayz\u2019s <\/span>C2M (consumer-to-manufacturer) model<\/span><\/a> eliminates layers of distributors, including logistics, inventory and other intermediaries, allowing the app to offer high-quality products at lower prices. Most sellers on Alwayz are producers or manufacturers, according to the company.<\/span><\/p>\n

\u201cOur average product selling price is around 20% cheaper than the lowest prices on other e-commerce platforms,\u201d chief executive officer and co-founder of Levit, Jaeyun Kang, said. \u201cThis has been made possible because lesser-known brands, which traditionally spent nearly 30-50% of the selling price on marketing in search-based [e-commerce] platforms, can now sell their products more efficiently on Alwayz through <\/span>discovery-based shopping<\/span><\/a>.\u201d\u00a0<\/span><\/p>\n

Levit says games and social features help users enter the Alwayz app daily and be exposed to various products, even if they do not immediately intend to buy. <\/span><\/p>\n

\u201cAs users enjoy the engaging experience on our platform, we leverage their high engagement to expose them to a range of items through our recommendation algorithms. This way, even if items are from lesser-known brands, customers can discover and buy them,\u201d Kang said. Levit describes this user experience as a \u201cdiscovery shopping experience.\u201d\u00a0<\/span><\/p>\n

When asked about how it ensures low-priced products are high-quality, the company CEO said its recommendation algorithms assess all items on Alwayz, using factors such as conversion and customer repurchase rates. \u201cWe ensure an item isn\u2019t widely exposed until it has proven its quality, and this approach allows us to maintain the quality of items,\u201d he said.\u00a0<\/span><\/p>\n

\"\"<\/p>\n

Image Credits:<\/strong> Levit \/ Alwayz<\/p>\n<\/div>\n

Since its launch in September 2021, the startup claims Alwayz has amassed 1 million users within three months and has reached 7 million users, 2.5 million monthly active users (MAUs) and 1.3 million daily active users (DAUs) in one and a half years. <\/span>Alwayz aims to secure more than 12 million registered users, 5 million MAUs, and 3 million DAUs by the end of 2023, Kang said, adding that it has nearly 20,000 sellers registered on the app.\u00a0<\/span><\/p>\n

Three founders of Levit \u2014 Kang, Sangwoo Park and Hyunjik Lee \u2014 have set their sights on two ambitious goals: establishing Levit as the leading e-commerce company in South Korea and <\/span>capturing a significant share of the global discovery shopping market.<\/p>\n

Alwayz has to compete with local peers, the likes of Coupang, Naver and Kurly, but its business model is more similar to the U.S.-listed e-commerce Pinduoduo<\/a> and China-based AliExpress<\/a> in terms of social features and lower-price products.\u00a0<\/span><\/p>\n

The outfit, which has 20 people on the team, is planning to bring its platform to the U.S. market as early as this year.\u00a0<\/span><\/p>\n

\u201cDisruption in horizontal commerce is rare,\u201d said Daegwon Chae, general partner of BOND. \u201cDislodging large incumbents requires meaningfully better, faster, cheaper experiences, which are difficult to achieve in a mature and efficient market. Alwayz has broken through with its relentless focus on user experience, engagement and value.\u201d\u00a0<\/span><\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Science, Tech, Technology<\/br>
\n<\/br>
\nSource:https:\/\/techcrunch.com\/2023\/06\/29\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/29\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/ Korea\u2019s Alwayz aims to make online shopping fun again with $46M in funding 2023-06-30 22:03:07 Seoul-based e-commerce company Levit, an operator of the shopping app Alwayz, wants to make the shopping experience more entertaining and affordable. The two-year-old startup has recently raised $46 million in a Series B round of funding led by DST […]<\/p>\n","protected":false},"author":1,"featured_media":36373,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,17,8],"tags":[],"class_list":["post-36372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-science","category-tech","category-technology"],"yoast_head":"\nKorea\u2019s Alwayz aims to make online shopping fun again with $46M in funding - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2023\/06\/30\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Korea\u2019s Alwayz aims to make online shopping fun again with $46M in funding - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source:https:\/\/techcrunch.com\/2023\/06\/29\/koreas-alwayz-aims-to-make-online-shopping-fun-again-with-46m-in-funding\/ Korea\u2019s Alwayz aims to make online shopping fun again with $46M in funding 2023-06-30 22:03:07 Seoul-based e-commerce company Levit, an operator of the shopping app Alwayz, wants to make the shopping experience more entertaining and affordable. 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