Last Updated on 20/06/2021 by Riya
Recently Inmobi has purchased an e-commerce platform “Shop101”. With the takeover of Shop101, Inmobi aimed to expand their lock screen content platform “Glance” into the rapidly growing influencer-led e-commerce market to compete with other international social media giants.
In an interview with Economic Times Piyush Shah, co-founder of Inmobi Group and COO of Glance said “By taking over Shop101 we’re focusing to enter into the influencer led eCommerce business” “By adding this new option for the users we want to allow the users to watch the advertisements of products in an entertaining way,” added Shah. A Mumbai-based online e-commerce platform has been acquired for an unspecified amount. The company took this decision after receiving $145 million in a funding round backed by Google last year. Along with Glance, the Shop101 will also benefit the other InMobi-owned platform Reposo which has over 100 million active users.
This acquisition provides these two platforms the capability to launch influencer-led live product promotion. Nowadays, most businesses rely on social media platforms to promote their products worldwide, as per the businesses these platforms help businesses a lot to earn huge profit that is why TikTok and other platforms similar to TikTok earned a good amount of profit around the world. Not only the platforms it also helped the influencers to gain fame and money. By acquiring Shop101, Inmobi also intends to make a profit from it.
In this digital era, no one likes traditional ways of advertising products, with the increased number of influencers on social media platforms customers are more attracted towards those products which are promoted through their favorite influencer. The startup aimed to let its users know about the best quality products at an affordable price through a single platform. This deal can help several small-scale businesses running on Shop101 to earn a good amount of profit as Glance has 125 million daily active users.
