Social commerce – the process of buying and selling goods or services directly through social media platforms such as Facebook, Instagram and TikTok – is becoming the most natural shopping experience for consumers as people use social media and messaging apps almost every day.
Smooth flow, a multi-channel social commerce platform that helps businesses automate the customer flow from messaging and live video to transactions, has closed $8 million in Series A funding led by Tiger Global Management. Transcend Capital and AEF Greater Bay Area Fund, managed by Gobi Partners GBA, also participated in the round.
“Consumers now spend 80 percent of their time on social platforms and it has become a habit to find and buy products right here,” said the founder and CEO of SleekFlow. Henson Tsai. “SleekFlow aims to revolutionize e-commerce by becoming the premier unified social commerce hub that brings together conversations, product catalogs, payment solutions, and order management into a single business experience.”
Founded in 2019, SleekFlow currently serves over 5,000 companies worldwide including NARS Cosmetics, Bossini, Lalamove Hong Kong and PSB Academy. The company claims its revenue is up about 500% following its recent pre-Series A funding backed by Alibaba’s Hong Kong Entrepreneur Fund (AHKEF) in May 2021.
The Hong Kong-headquartered startup will use the new capital to penetrate the Southeast Asian market, specifically Singapore and Malaysia, as well as the UK and other European countries. In addition, the latest funding will enable SleekFlow to enhance its product development with fintech and data analytics features, one-click payment via social media platforms, and easy chat payment integration for online-offline (O2O) and e-commerce brands. seamless workflow.
A startup recently launched a fintech product social payable a feature that provides an end-to-end solution for both e-commerce and general businesses. Only in Southeast Asia about 90% of digital merchants use digital payments for profitability and survival, the company says, adding that the checkout chat tool is essential to increase sales and conversions from various digital sales channels. SleekFlow also introduced a new sales, analytics, and customer service tracking feature that helps users track and analyze consumer profiles and behavior for personalized communication after its partnership with Shopify in November last year.
The global social commerce market is predicted to grow to $6.2 trillion by 2030.
According to the company, one in five dollars spent on retail in Southeast Asia is done through social media, and more consumers looking for companies that offer convenient communication. SleekFlow integrates multiple messaging channels such as the official WhatsApp Business API, Facebook Messenger, Instagram Chat, SMS and Telegram to meet the challenges of managing multiple messaging platforms and social networks.
“Despite the economic downturn, the social commerce market is growing stronger than ever, reaching $474 billion in 2021,” Chibo Tang, managing partner at Gobi Partners GBA, said in a statement. “Eight out of ten US companies expect to increase sales through social networks over the next three years. SleekFlow’s innovative solutions will help these global merchants meet the growing needs of customers who are turning to social channels to buy more than ever before.”
Slack now has a team of 60 in Hong Kong, Singapore, Malaysia, Taiwan and the UK.
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