What’s the Story?

This report is part of our Innovator Profile series, which focuses on emerging technologies that are disrupting traditional retail and fueling innovation across the retail value chain. In this report, we profile VISX by Omnyway, a tech company offering livestream and shoppable video solutions that can be run across any webpage or social media platform. Coresight Research collaborated with VISX by Omnyway to offer insights into its service capabilities and offerings.

Why It Matters

Livestream shopping is set to continue growing rapidly, with the US livestream e-commerce market set to reach $11 billion in 2021 and $35 billion in 2024, Coresight Research estimates. Brands and retailers will increasingly turn to live shopping channels to engage consumers. VISX by Omnyway is a retail commerce platform that brings innovative engagement opportunities and frictionless checkout solutions to live shopping experiences. It opens access to inventory across its clients’ physical and online presences, offering seamless omnichannel retail, which is advantageous to store-based retailers in the era of digital commerce. Through livestream commerce and mall partnerships, VISX by Omnyway estimates that it will have an addressable market of over $100 billion in GMV in the US by 2023.

VISX by Omyway: In Detail

  Headquarters  San Mateo, California, US Funding Stage Series A Management Team

• Ashok Narasimhan—CEO
• Amitaabh Malhotra—COO
• Robert Berger—CTO
• Mohammad Khan—President
• Laura Giddings—SVP Product

What Problem Is the Company Solving? VISX by Omnyway launched in 2020 amid rising pandemic-led lockdown measures and brick-and-mortar store closures. It aims to provide omnichannel livestream services to retailers in the US, which became increasingly reliant on e-commerce solutions amid the pandemic. VISX by Omnyway’s client base includes major fashion labels and brands, each with multiple store locations across the US, as well as large mall operators. The company claims to be the first in the livestreaming space to democratize access to livestream and online-to-offline sales capabilities across a retail organization—its livestreams can be launched by any brand associate or brand ambassador and from any of a retailer’s store locations. VISX by Omnyway has identified the need for livestream sessions to be specifically tailored to a purpose and target audience to enable brands and retailers to maximize sales potential. It therefore offers three operational models—for largescale live events, intimate sessions and shoppable social media posts. Competitive Advantage VISX by Omyway aims to help retailers overcome reliance on in-person consumer engagement. The company offers the following key benefits:

1. White-label offering: VISX by Omnyway provides multiple live shopping solutions in one white-label package that can be tailored to the brand. This level of control is essential for brands and retailers to ensure proximity to their client bases and control their own customer-facing narratives.
2. No app required: The company offers a simple setup process that does not require code integration. Brands and retailers can choose any website or channel to start offering livestream shopping sessions from any location, within minutes. Moreover, it connects automatically with the host’s existing fulfillment and checkout process.
3. Payment flexibility: VISX by Omnyway has the full capabilities offered by the Omnyway Commerce platform, allowing multiple payment methods and supporting retailers to offer seamless order completion processes.
4. Deep analytics:The company takes a data-first approach that provides deep insights into shopper behavior during livestream events.

Strategy for the Post-Pandemic Market  VISX by Omnyway believes that there is great potential in the US live shopping market and sees livestream commerce emerging as the “third retail channel,” with in-store being the first and traditional e-commerce being the second. The company will continue to adapt to the new realities of online and offline retail as the pandemic eases, aiming to ensure that its livestream offering provides an experience that cannot otherwise be obtained through the other channels and meets the high level of demand it is experiencing. Upcoming Developments VISX by Omnyway has planned the following focus activities for 2021 and beyond:

1. Improved outreach and notification capabilities
2. Widescale rollout of one-to-one livestreaming service capability
3. Gamification of the shopping experience
4. Widescale integration with, and adaptation to, popular retail SaaS (software-as-a-service) tools
5. Expansion of payment methods
6. Virtual malls and multibrand initiatives

What We Think

We expect the heightened focus on e-commerce to continue, following the acceleration of the channel in pandemic-impacted 2020. Livestream shopping should, therefore, be an essential consideration for retailers, particularly as it can bridge the gap between the physical and digital channels with sessions hosted in stores. Retailers can leverage third-party solutions such as VISX by Omnyway to revitalize store traffic and enhance consumer engagement.