Shoptalk 2018

Shoptalk is billed as the world’s largest conference devoted to retail and e-commerce innovation. Conference organizers expect more than 7,500 attendees at the event this year, which runs March 18–21 in Las Vegas. Coresight Research is again partnering with Shoptalk to host the conference’s annual startup pitch competition. On March 20, Coresight Research CEO and Founder Deborah Weinswig will also participate in a Shoptalk session entitled “Overview of Retail and Ecommerce Innovation in China.” Zia Daniell Wigder, Chief Global Content Officer of Shoptalk, will interview Weinswig and Hans Tung, Managing Partner of GGV Capital on topics that include technology and business model advancements in areas such as checkout, payments, delivery, logistics, the IoT and robotics.

Startup Competition

On March 18, Weinswig will emcee a startup pitch competition between 15 early-stage companies. Each company will present its business to a panel of judges from the investment community and to the audience. Two winners will be announced, one chosen by the panel of judges and one by audience vote, and each winner will be awarded $25,000. Shoptalk curated the participating startups based on their solutions to some of the most pressing challenges facing retailers today. As we highlight in our 18 Retail Trends for ’18: Preparing for Another Year of Change report, the retail industry continues to undergo transformation, characterized by five key factors that are either driven by or affecting consumers and retailers:

1. Consumers continue to switch from conventional retail formats to new, alternative formats and channels.
2. Shoppers value life-improving services from retailers and technology providers.
3. Brands, retailers and technology firms are offering new types of interactions, rewards and experiences.
4. Industry changes are compelling closer collaboration among retailers, technology giants (including Amazon), logistics technology vendors and social media influencers.
5. Retailers are leveraging technologies as diverse as blockchain and 3D printing to make their supply chains smarter and fitter in an increasingly competitive market.

In response to these trends and opportunities, retailers in all channels are changing to accommodate shoppers’ shifting preferences. Below, we profile TokyWoky, one of the companies participating in the startup pitch competition at Shoptalk 2018.

TokyWoky

 

Company Description

TokyWoky is a peer-to-peer chat platform that enables members of a website’s community to answer other members’ questions in real time, 24/7. The platform is the first e-commerce solution that allows shoppers to advise each other in online shops. The platform empowers engaged community members, known as “ambassadors,” to answer questions from other shoppers, helping them make purchase decisions while shopping online. These interactions provide retailers with insights and analytics that they can use to improve their websites. For example, retailers can learn what kinds of information shoppers need more of, and where they need it within a site. TokyWoky is currently live on more than 150 international e-commerce websites covering the fashion, cosmetics, sports, technology, DIY, petcare, books and specialty retail sectors.

Market Overview

According to a survey by market researcher Ipsos, a majority of consumers across major European countries are turning to online reviews before making a purchase. In the UK, that proportion is74%, and it is 71% in Germany, 66% in Italy, 63% in Spain and 60% in France. These figures suggest that there is high demand for peer review and consultation prepurchase.  

What Problem Is the Company Solving?

TokyWoky is solving two problems: it is helping retailers establish a community-based support network to engage with consumers and it is enabling consumers to get real-time, authentic advice from their online peers when shopping on a website. The platform helps e-commerce retailers respond to and engage with website visitors 24 hours a day, 7 days a week. This helps ensure that online shoppers who have questions do not leave the retailer’s website frustrated, which can result in lost sales and, in some cases, a missed opportunity for the retailer to gain consumer insights. The platform helps online shoppers by enabling them to ask peers on a website for advice while shopping. Many consumers perceive that their fellow shoppers provide more authentic and valuable advice than brands do, as other shoppers presumably have no hidden agenda.

Headquarters

Paris, France

Funding Stage

Seed round ($700,000)

Business Model

TokyWoky clients pay a monthly subscription fee for the software-as-a-service platform.

Competitive Landscape

The company’s competitors include Needle and Lithium, which also provide chat advocates and support for retailers. TokyWoky’s competition also includes traditional live chat platforms.

Management Team

CEO and Cofounder Quentin Lebeau holds degrees in law and political science. He learned to code while working as a business developer for Universal Music International and then began working in startups.Tim Deschamps, COO and Cofounder, worked in private equity after business school. He then joined a European venture capital firm specializing in the digital sector and later started his own digital business. CTO Raphaël Prat also has a history of starting digital businesses.

Company Outlook

TokyWoky is adding new features to its platform. In March 2018, the company is launching a new version of its community content analysis tool and chatbot. The new community platform’s features include content generation functionality, website community surveys and website community selling tools. TokyWoky is planning to accelerate its offerings in North and South America. The company also plans to enter the public sector market and the internal corporate software and intranet market.