Joyus, the four-year-old video e-commerce destination, rolled out a new site, new features and new branding today.
Since 2011, joyus.com has relied on video to sell hundreds of thousands of beauty, fashion, health and fitness or lifestyle products — but founder and chief executive officer Sukhinder Singh Cassidy said the platform must broaden the way it sells in order to scale even further.
This means a focus on editorial content and visual images, increased sale frequency (this means going from deals two days a week to five), and the launch of a digital, shoppable magazine. A formerly script brand logo has been reimagined — into a larger, rounder san serif font that Singh Cassidy called “fresher.”
“It’s a content and product marketplace where video is still the hero, but [now there’s the] ability to merchandise product through static images,” Singh Cassidy said of the company, which now has a roster of more than 800 brands, from Nanette Lepore to S’well water bottles.
Singh Cassidy noted that while 90 percent of sales will still come from video in the short term, she expects video to eventually drive 50 to 60 percent of the site’s revenue. She declined to reveal sales projections for the year, but said the company raising $24 million in Series C funding in June is telling of rapid growth (the venture has raised $44 million to date). A team of 70 works out of three offices in San Francisco, Los Angeles and New York, and an advertising and branded content role has just been created to build an additional revenue stream.
“Our deal model looks less like Gilt and more like the TV models [QVC] reimagined for the web,” Singh Cassidy said of a new franchise, “Oh My Joyus,” which launches product at its lowest prices and rises after 72 hours. “This is new, in-season product debuting at lower price; it’s the opposite of Gilt.”
Early testing of selling through non-video has been successful thus far, she said, adding that daily revenue coming from traditional, visual e-commerce now makes up up five to seven percent of joyus.com’s overall sales.