“A finished website and brand, ready to enter the social shopping space.” Heyo social shopping site up for sale
Social shopping site Heyo.co.uk has been placed on the market just five months after its launch, The Drum can reveal.
The site, which launched in September 2013 and reported a 19 per cent conversion rate in its first month, is designed to use product recommendations to help companies drive e-commerce sales. A catalogue of brands including Amazon and Habitat are hosted on the site.
Founder Andy Harrington told The Drum that the competitive market and time commitment needed to drive the site forward has led to the planned sale.
“I am just one man and I think with Heyo entering the now ultra-competitive social shopping market, it was going to need a larger investment financially and in terms of man hours.” Harrington said.
“I was outmatched by the sites popping up all over now that are much better funded and backed by people in and around the commerce space. I believe Heyo offers a unique set of tools to users that can’t be found anywhere else, and under the right management Heyo can become a big player in the social shopping market.”
Social shopping has seen a rapid expansion over recent years, with consumers increasingly turning to social networks to share real-time shopping experiences. £3bn of retails sales in 2014 are expected to be influenced by social media, according to research conducted by eBay.