WeShop launches as world’s first community-owned ecommerce platform

WeShop is launching itself as the world’s first community-owned social ecommerce platform, offering consumers shares in the group every time they make a purchase.

The company plans to give away up to 90% of its business to shoppers, and aims to list on the Nasdaq tech-heavy index in New York within 12 months, as it looks to compete with tech giants including Amazon.

Consumers on the platform, which lists retail chains including Asos, Selfridges, Net-A-Porter, The Body Shop, eBay, B&Q and Made.com, will earn 20% of every purchase price as investment shares.

The platform is also offering 10% of the value of products in shares for purchases made through recommendations on the platform. Shoppers can also increase their stakes by introducing new members, with 1% of the value spent by the new member given in stock.

Chairman Richard Griffiths said WeShop is a first-of-its-kind venture “pioneering the belief of share democratisation” and will be “disruptive on many levels” in the retail sector.

“The way we shop has changed dramatically in the last 10 years thanks to rapid advances in technology,” Griffiths said.

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“While we’ve seen the dramatic growth of online shopping platforms, and their profits, none of them are designed to benefit the people who keep them going, the shoppers.

“That’s why WeShop was born, building a totally shoppable platform that is owned by the community.

“And to show we are serious, we’re giving away 90% of WeShop to the people who use it. We think that the potential of WeShop is gigantic and will have a massive impact on the world of ecommerce and online retail.”

The firm has already been running a trial with 4,000 shoppers on the app since earlier this year and aims sign up about 100,000 members within the first two to three months after launch.

Griffiths added: “Imagine if Amazon had done this when they started, the wealth created by Amazon would have been shared amongst the people who made it successful – its users.”

“Indeed, the world might look very different now, and that’s what we’re trying to achieve, a better, fairer and more democratised shopping experience for everyone.”

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