Verishop debuts Verified Shops program for vetted brands

2020/09/15 Innoverview Read

Dive Brief:

  • Verishop, the curated e-commerce platform that launched last year, has introduced Verified Shops, a self-service channel that connects brands with Verishop's customers, the fashion startup announced on Thursday

  • In order to use the service, brands must apply and pass a vetting process. If accepted to sell through Verified Shops, brands pay a fee of 10% to 15% per sale (based on product category).

  • In exchange, brands can sell on Verishop's platform and market to consumers via shoppable content, per a company statement. Verishop noted that 60% of its customers are in the millennial and Gen Z age range.

Dive Insight:

Verishop reviews brands and products before they're added to the platform to "ensure authenticity and customer fit." Once brands are reviewed and permitted to post content, they can control their product selection, which will stand alongside other vetted brands in home decor, fashion, beauty, electronics and other categories. Sellers can then set and change product prices, and ship orders directly to their customers. 

"Social media channels have become crowded and expensive places to acquire customers, while marketplaces can be plagued with counterfeit products or unauthorized sellers of goods, and can relegate brands to compete solely on price," the company said in a statement. 

By evaluating which companies it allows to sell to customers on its platform, Verishop joins other e-commerce sites like Amazon and eBay in attempting to provide deeper authentication efforts. In August, eBay partnered with Prova Group to begin verifying sports memorabilia and last week the company introduced a luxury watch authentication program.

Amazon has come up with additional verification measures recently, too. The e-commerce behemoth piloted remote verification services for sellers and recently created a counterfeit crimes unit with the objective of battling the sale of fake products on its site. The company has also been fighting against merchants accused of selling fake KF Beauty and Valentino products in court. But its efforts have not stopped criticism from members of Congresstrade groups and retailers.

In addition to its new quality assurance efforts, Verishop has been adding new features to its platform. The company added shoppable content to its platform in July and rolled out one-day shipping for online purchases last year.

(Source: Retail Dive )