Dive Brief:
ContextLogic Inc. e-commerce platform Wish launched a model refresh that features a new brand and design, up to date app expertise and sooner supply occasions, in accordance to a press launch. The model’s new mission is “Bargains Made Fun, Discovery Made Easy.”
The refresh is supported by a marketing campaign that may run throughout TV and streaming, digital, social media, influencer advertising and marketing and online marketing channels. In later months, customers can count on further shifts, like a 15-day supply window, a brand new offers hub and a ladies’s trend expertise, per the discharge.
The refresh comes after Wish reported an 80% income lower YoY in Q2 and is an instance of how e-commerce platforms are altering the best way they do enterprise following an increase in shoppable content material by opponents like YouTube, TikTok and Amazon.
Dive Insight:
Wish appears to be taking a web page or two from its extra video-driven opponents in a transfer that represents a rising want by buying platforms to pivot for the sake of relevancy and a gross sales retreat throughout the e-commerce area.
Under its new mission assertion, “Bargains Made Fun, Discovery Made Easy,” the rebrand flexes new options like sooner transport and decrease refund charges and an elevated emphasis on person expertise and personalization expertise. A bolder and brighter brand was additionally designed to assist mark the transformation, which will likely be joined with a multi-market promoting marketing campaign spanning throughout a number of channels.
The latest efforts, which additionally embody higher vendor options and the introduction of short-form shoppable movies, play off the ways giants like Amazon and TikTok have grow to be recognized for, and others like YouTube have additionally embraced. The push has been categorized as part certainly one of its rebranding course of, with extra options to be introduced in later months, per the discharge.
“Our new model is recent and thrilling, and higher captures the place we’re in the present day and the place we wish to be in the long run. It alerts the beginning of a brand new period and continues our dedication to placing our clients and our retailers first,” mentioned Vijay Talwar, CEO at Wish, in a press release.
Founded in 2010 and rebranded as an e-commerce platform in 2013, Wish as soon as rose to be the highest buying app in the world by 2018, per SensorTower findings, and even ranked above Amazon on the time for general downloads. Its declare to fame was it is surprisingly nice offers, although objects had been usually criticized for poor high quality with many being skeptical of how the merchandise may ethically value so little, or if the listings had been actual to start with.
The model has seen a rollercoaster of income highs and lows since its founding, however has been on a constant decline since This fall 2020. For its Q2 earnings this 12 months, Wish reported gloomy outcomes with an 80% YoY income lower to $134 million. Users have additionally plummeted, dropping from 90 million in 2021 to 27 million this 12 months.
Wish’s rebrand is certainly one of a number of efforts by the model to make a comeback. In February it named former Foot Locker exec Talwar its new CEO, changing founder Piotr Szulczewski, who beforehand held the function, with the aim of enhancing the corporate’s buyer and vendor expertise. Shortly after, it unveiled Wish Clips, its shoppable video instrument that enables clients to buy merchandise by way of five- to 30-second movies — a transparent ploy to observe in the footsteps of TikTok, Facebook and YouTube. Using the instrument, sellers on the platform, which complete over half a billion, may also monitor their gross sales efficiency.
The firm additionally tried final 12 months to strengthen the belief of skeptical clients by introducing its Wish Standards program, which implements high quality assurance requirements for all factors of the sale course of and implements new options to assist improve product discovery for its sellers. Around the identical time, it expanded its partnership with international retail financial institution Klarna to add extra handy cost selections for U.S. customers.
https://www.marketingdive.com/news/wish-rebrands-Q2-revenue-declines/629505/
