Seoul, South Korea - Grip, South Korea's pioneering live commerce platform, has announced that it has surpassed 10 million downloads. Since its launch in 2019 as the first platform to introduce vertical live shopping in the country, Grip has experienced rapid growth by offering an immersive shopping experience through live broadcasts and short videos.
As of late October, Grip has recorded over 10 million cumulative downloads, 1.25 million live broadcasts, and 600 million views. The platform now boasts over 43,000 sellers, and the average daily number of live broadcasts has steadily increased to 1,000, fostering active communication between customers and sellers. Notably, the top 10 sellers on the platform have an average of 330,000 followers.
Grip attributes its success to its focus on "video shopping" and its unique gamification elements. Unlike traditional one-way information delivery, Grip offers a two-way commerce experience that allows sellers to interact with customers in real-time. Live broadcasts on Grip feature real-time Q&A, product demonstrations, and six patented gamification elements (first-come-first-served, lottery, dice, auction, true or false, and initial sound quiz), fostering trust between customers and sellers.
This interactive approach has resulted in a significantly high conversion rate for Grip, ranging from 3% to 27%, far exceeding the industry average of 1-2%. The platform's primary user base consists of women aged 30 to 45, with a high purchasing power. Top-spending customers on Grip have an average monthly expenditure of 2.5 million won and an average viewing time of 85 hours per month, indicating a high level of engagement and loyalty.
To celebrate this milestone, Grip has changed its slogan from "One person, one broadcast" to "Grip, the video shopping chosen by 10 million." This new slogan reflects the company's ambition to expand its reach and introduce more consumers to the world of video-based shopping.
Initially focused on enabling anyone to become a seller through their own broadcast, Grip is now shifting its focus towards strengthening its position as a video shopping platform. The company plans to continue innovating to provide an even better shopping experience for its customers.
Kim Hanna, CEO of Grip Company, said, "Reaching 10 million downloads is a testament to the meaningful shopping experiences we have provided to both our customers and sellers. Moving forward, we will continue to innovate and provide a better shopping experience through direct communication with our customers, living up to our slogan, 'Grip, the video shopping chosen by 10 million'."
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