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Wish is an e-Commerce marketplace focused on the mobile consumer.
They had initially started in 2011 and built a couple different business models. Then quickly shifted to an app where you could Wish for products that you wanted to buy and they quickly found that there was a lot of pent up demand for these products that they couldn't meet and so they had to find merchants to fulfill that demand and that's how the marketplace was born.
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So since then they've grown to hundreds of millions of users, they're one of the top market places in the world. They are top in Mobile app shopping and they have access to that millennial audience that nobody else has access to.
What's unique about Wish is that it is a global first platform. They have customers all over the world. Those customers are always looking for extreme value a big part of their mission statement is that they want to be the largest mobile shopping mall in the world. But to do that you really have to concentrate on making shopping fun Mobile commerce for them is an exciting time because it's growing three times Regular Ecommerce so payments for their merchant partners, it's the lifeblood of their business.
It's how they build trust with them, and when they do payments right, their merchants in turn invest in them so having a partner in the payment space that can handle all of the complexities at scale across many countries, all the foreign currencies, all the regulatory Challenges that come with that you have to be a company that keeps up with the global consumers and those regulations at the same time and for them Payoneer is that partner and has helped them scale up very quickly.
They have a much smaller finance team because of the fact that they don't have to deal with a lot of these regulations in foreign currency management. Instead of doing all that through paper and manual intervention, they are being able to do that with a couple clicks through the Payoneer platform which has certainly saved them a lot of time. Payoneer has been a great partnership because their product works incredibly well. The customer service for them is top-notch and also, whenever, they want to enter a new region, Payoneer is already there.
I would say at the end of the day It's about incremental sales- Merchants only have a few marketplaces that they should be working with and when it comes to Wish it's about finding that Mobile first global consumer and it's also about emphasizing the millennial audience. And that's a big part of where they dominate in the marketplace if a merchant wants to join the platform and they're brand new to Wish they'd go to merchant.wish.com, and it's free to join.
If you have used or currently using Wish to shop your products, we want to hear from you. Drop a comment below.