Mumbai: KIKO TV, a recently launched AI-powered start-up has today announced its repositioning from a short format video app to an assisted shopping experience app. KIKO TV is now India’s first AI-powered video and live commerce platform for an “Assisted Shopping” experience.
The platform which was launched a few months ago, amidst the pandemic, has been witnessing a 30% month-on-month increase in the social commerce vertical and will now be focusing on the growing market opportunities present within the same. The start-up will be investing heavily in building the same by acquiring a larger user database and building an aggregator community for sellers.
In the current pandemic, with buyers not able to go to retail outlets or malls to shop, the experience of shopping is missing. Buyers are looking to get a live shopping experience digitally from their favourite stores and brands and KIKO TV aims to fill this gap and provide a solution to this exact need by introducing a two-way live video communication stage between merchants and buyers. Users of the app can now enjoy a seamless shopping experience and discuss the product with the seller before purchasing it.
The social commerce market in India is growing at a tremendous CAGR of 50% and will soon be 5B$ market in India and 300B$ world-wide. Keeping the current #VocalForLocal and #MadeInIndia sentiment, KIKO TV will feature products from local Indian vendors only.
The new business model will be entirely spearheaded by Shivam Varshney, Co-Founder and CEO, KIKO TV, who will be responsible for bringing in partnerships, associations and newer ways of growth strategies. Shivam is an IIT Bombay Alumni and has been closely associated with KIKO TV since inception.
Speaking on the new business model and market opportunity, Shivam Varshney, Co-Founder and CEO, KIKO TV said, “With the social commerce market booming in India and all businesses looking at new ways of reaching out to customers, we foresees this as an excessively big opportunity to capitalise and grow in. Live bidding, live shopping, live interaction with the vendors is a space that is not tapped yet and holds the potential to thrive. KIKO TV will be focusing on this in the coming months.”
KIKO TV has been adding new features and updates on a regular basis to provide users a new experience every time they come on the app. The start-up is consciously putting in efforts to provide the best when it comes to Social Commerce. KIKO TV is available on both Android and iOS and the app has crossed 120k downloads since its launch, with a weekly increase in the active users by 20%.