The premise couldn’t be simpler: Browsy transforms Pinterest fashion boards into browsable shopping catalogue. And what good is an online catalog if you can’t can’t make a purchase? Easily? Browsy identifies those products and helps shoppers buy them at the lowest price. The team started the company in December, launched the private beta July 7th. And already have 1500 sign ups, 200 active beta testers, and they’re rolling more people in on a daily basis.
“Users are coming back and saying they want to engage more with Pinterest. Now that they can figure out what’s in their pins, they value the content more,” said co-founder Sonali Pillay. “Before, they’d have to click through 20 different ‘buy’ links to be able to buy the products that they’d been lusting after for so long, because much of the time, the links didn’t work. People go on weird tears, for example, searching for an orange croc clutch that they could buy. We’re finally giving it to them. It’s exciting.”
As for the revenue model, Browsy gets a percentage on every purchase, as well as on click throughs. On average, they’re seeing 20 clicks/user, or $1/user, so they’re recouping their customer acquisition costs in the first log in.
“We’re not the usual FashionTech company,” said Pillay. Cost of customer acquisition is usually high, but Browsy is seeing a huge level of virality, thanks to the Pinterest platform.
“It’s been very economical for us. We’ve seen a 1.2 to 2.6 virality coefficient. That’s pretty staggering and it’s just the beginning. Pinterest is an incredibly efficient tool.”
Two more points excite Pillay.
“From the data we have, we see high indicator of there being an intent to purchase. We’re also good at attributing imagery – and determining the original source of the content. Fashion bloggers put up their pins, and as they circulate around Pinterest, the blogger loses any chance of seeing commissions, as they’re not attributed. You can’t recoup commissions off unattributed images.”
The Browsy back end is basically the IMBd of fashion images.
“We’ve built back end of 5+ million images, tagged with products. When you skim through your fashion pins, we’ll take you to a link where you can find out more about the item – and even purchase it. We’re an ecommerce enabler and we’ll find you the lowest price or the greatest discount.”
Each user gets a collaborative board that contains just their shoppable pins.
“You drop it into your Pinterest profile and you’ll have your own shopping cart on Pinterest.
Their data comes through affiliate networks, thousands of retailers, and images from fashion bloggers or street style setters.
“We understand the content originator, where it is, how to find – and how to find it at the best price. It’s a pretty comprehensive package of information about any one image.”
Gotta love a platform that makes this much sense – and saving customers dollars just makes it that much more attractive.