What Payvment learned about F-commerce that led the company to start Lish.com
Lish.com surfaces the top trending products among the more than 4 million products across Payvment’s seller network of more than 175,000 merchants. The Pinterest-esque site optimizes for impulse buys, allowing users to make one-click purchases using Paypal. The site also integrates Facebook Open Graph to share users’ feelings about different products.
Payvment CEO Jim Stoneham tells us Lish came about based on several insights the team got from its Shopping Mall app launched in February 2011. The canvas app aggregated items from page owners’ store tabs, highlighting products your friends liked, items from celebrity sellers, recommendations and more. Users could also search for specific items or browse by category.
Here’s what they learned and how they applied the findings to Lish.
People care about what’s trending
As it turned out, 90 percent of clicks were in the “trending products” module off the the lower left side of the page. Somehow this section was more appealing than the products that appeared larger and more front-and-center. With Lish, the company decided to focus exclusively on trending products. The site shows users what is popular among other users based on user purchases, feedback, views and other cues.
Social shoppers don’t need a cart
Stoneham also says Payvment realized the average number of products per cart in the Shopping Mall app was 1.1, and the average sale was about $25. That means most users were coming to the app, finding one thing they liked and buying it. Stoneham says it was clear that the shopping cart wasn’t necessary. As such, Lish promotes impulse purchases with Paypal one-click buying.
Friends really do influence purchases
Payvment found that product links that users shared to Facebook had a 3.6 percent conversion rate. This is compared to 1 to 2 percent conversion rates that are average for e-commerce sites. For all the talk about how users don’t go to Facebook with purchase intent, Payvment has seen that users are quite influenced by their friends and are prone to making impulse buys when they see something they like in News Feed. Lish looks to capitalize on this by promoting sharing through Open Graph. On each product, users can click a smiley-face, meh-face or frowny-face. That activity is then published to Timeline, Ticker and News Feed.
Lish is still in an invite-only period, but Inside Facebook readers should be able to gain access through this link.