When it comes to attention spans and absorbing information, visuals can sometimes be the key differentiator between what does and does not work for commerce.
With 65 percent of the entire population dedicated to being visual learners, it should come as no surprise that a company like Berlin-based video eCommerce startup Yeay has come onto the scene to help Gen Z figure out where to sell their stuff.
This startup company is a new mobile app aimed at Generation Z (current 12-to-18-year-olds) and uses its video platform to list items for buying and selling. Yeay just announced its $4.9 million round of seed funding led by German VC Grazia Equity and Mountain Partners. This finance jumpstart for the Gen Z startup will likely help push the video eCommerce concept forward for today’s young generation (and maybe a few in the older age ranges).
So far, Yeay has seen 500,000 downloads with 100,000 registered users. While it’s free to list items for sale on Yeay’s site and there is currently $2 million worth of items listed, the company is still working to figure out what the best payment route is with most of its audience under the age of 18.
“Influencer marketing is broken. It worked for millennials but not Gen Z,” said founder Melanie Mohr. “Messaging needs to come from influencers who are excited about brands and are creating content themselves, not from brands reaching out.”
In a sense, Yeay is likely following the trend of self-service online shopping that most of Gen Z has grown up with. The issue that arises here is whether or not it will catch on with youngsters and what happens if it spills over into mainstream eCommerce and other sell it apps.