June 25, 2019 Marketing en_US https://quickbooks.intuit.com/cas/dam/IMAGE/A3NczWe9N/2d3c6bdcc8121d4f7c1eea98bbc984cb.png https://quickbooks.intuit.com/r/marketing/what-you-need-to-know-about-wanelo What is Wanelo? Here's everything you need to know

What is Wanelo? Here's everything you need to know

By Chris Scott June 25, 2019

Wanelo (“wah-nee-loh”) is a social media shopping site that allows consumers to buy products online. The site operates as a “digital mall.” If you’re looking to compete with big brands and increase your sales, you’re going to want to check out Wanelo.com. This article contains a complete app review so that you know what it takes to get involved with this online store.

What is Wanelo?

Wanelo is an online store that facilitates the discovery and sale of new products. Deena Varshavskaya first launched the company in San Francisco in 2012. The name Wanelo is a spin-off of the famous phrase, “Want, Need, Love.”

The company’s website says, “Think of Wanelo as a mall on your phone, curated by people just like you. It helps you find the most amazing products in the universe.” The site goes on to describe how a brick-and-mortar retail mall contains approximately 150 stores, while the Wanelo digital mall contains more than 550,000 stores.

Not only does the Wanelo digital mall contain big brands, it also includes independent sellers and boutiques. Currently, there are more than 30 million products listed on the company’s website. The site has more than eight million registered consumers. Approximately 70% are active monthly. Wanelo users spend an average of 50 minutes on the site daily.

How does Wanelo work?

Wanelo has an online community of products and pages that it makes accessible to its members. Members share photos and information about products that are on their shopping wish lists or that they’ve already purchased. It’s similar to Pinterest, but there is more focus on curated shopping. Wanelo users have saved more than three billion products to their pages.

Customers can choose to follow various people, collections, and stores. Items from these groups appear on a customized news feed that acts similar to a feed you’d see on Instagram or Facebook. Wanelo users can also see “What’s Trending Today.” As customers begin to like and interact with more and more products, their daily recommendations will become more in-tune with their preferences.

Wanelo members can use the site to create a personalized “collection” of products that interest them or to follow stores and view the collections of others. Wanelo automatically creates store pages when someone posts a product they saw or bought from a merchant. As of this publication, the top store on Wanelo is UrbanOutfitters with 3.3 million followers.

Customers can also post products from any third-party external store by using one of the Wanelo platforms. Wanelo makes its shopping app available on numerous devices, including:

The iOS version consistently ranks in the App Store’s Top 50 list for lifestyle apps, rivaling Amazon in terms of popularity and outpacing downloads for Walmart’s mobile app.

Because Wanelo provides a social shopping experience, it’s popular with teenagers. In April 2012, Piper Jaffray published its latest “Taking Stock With Teens” research into which social networks are popular with 13- to 19-year-olds. Fewer of them chose Facebook as their most important gathering place, and the top write-in was Wanelo. Wanelo also ranked fifth among popular online shopping destinations.

Another demographic that Wanelo is popular with is women ages 18-24. More than 90% of the people who use Wanelo are women. Over half of the women who use the site are younger than 25.

Selling on Wanelo

If you’re a small business owner, you should consider selling on Wanelo. The process is much easier than you’d expect. The easiest way to do so is by adding a Wanelo Save button to your product page.

Imagine you sell a product on your third-party website. You add a Wanelo Save button to the product page. Someone familiar with Wanelo stumbles across your product and decides to post it to their page. Once posted on the customer’s page, the product is automatically uploaded to Wanleo.

Someone from the Wanelo support team reviews the product to ensure its legitimacy. Once it’s approved, you’ll automatically have a store page that Wanelo users can begin following. As new customers add more products to their Wanelo feeds, your Wanelo shopping page will grow considerably.

If no one has posted anything from your site, you can get started by uploading products on your own. Wanelo Admin will identify you as the store owner or manager. Sellers from e-commerce marketplace sites, like Etsy and eBay, can create an individual store page on Wanelo and use it to drive interest and transactions.

Wanelo does not charge businesses to post products on its site. However, once you sell a product, the company will charge a 15% commission, which it typically takes out of the order subtotal. Additionally, Wanelo adds a 2.9% processing fee to the total order cost.

Customers can purchase directly from the Wanelo marketplace, but businesses must have a Shopify account to sell their items on Wanelo. When a customer orders a product, businesses fulfill the order from their Shopify account. Companies receive funds from the sale after 14 days.

How Wanelo can help small business owners

Wanelo can help you as a small business owner because it allows you to take advantage of the entire digital ecosystem. Doing so maximizes product outreach, ensuring that you get your product in front of as many eyes as possible.

Additionally, Wanelo offers unique features like “Stories” and “Trending Products.” If a lot of people begin to buy your product, it will appear as a “Trending Product.” You’ll see higher product engagement and conversions as a result. Those with stores on Wanelo indicate that their commitment and conversions increased as much as 600%.

There’s also room for tremendous growth. Many of Wanelo’s buyers are young, which means the site will be around for years to come. It will be easier to build a following as an early adopter than it will be when the market is saturated.

Lastly, Wanelo could be useful to small business owners because it’s free to use. Although the site charges a fee on sales, it doesn’t cost businesses anything to post their products. This is a tremendous advantage that sets Wanelo apart from other e-commerce sites.

Tips for using Wanelo

Interested in using Wanelo? Following these tips could increase your chances of success.

Use hashtags

Hashtags are just as relevant on Wanelo as they are on other social media sites like Twitter. You can choose keywords that will garner attention for your product. You can also utilize search engine optimization principles to increase the likelihood of your product appearing in front of a large number of consumers.

Make Wanelo accessible

You shouldn’t just have a Wanelo button in the online store of your website. Instead, you should promote your Wanelo store as much as possible by including the button in things like email blasts and website footers. Also include the Wanelo button on your company’s social media sites.

Make Wanelo fun for customers

Another trick to success on Wanelo is making the process fun for customers. One of the best ways to do this is by hosting a contest. For instance, you could invite customers to caption a photo with a unique hashtag. You could then reward the person you feel came up with the funniest hashtag. This type of content will get people talking about your product at little cost to you.

Keep your finances in good order

Once you begin using the Wanelo app, you’ll likely see your sales increase. You’re going to want to have reliable accounting software in place to handle the increase in transactions. QuickBooks makes it easy for small business owners to balance their books and track transactions when selling on Wanelo.

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Chris Scott is a digital marketing consultant and freelance writer. He enjoys writing about personal finance and saving. He graduated from the University of Maryland with a degree in Finance and currently resides in Boston, MA. Read more