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Now that the post-Christmas sales are in the full swing, we take a look at Lookmash, a startup based in Poland. Lookmash offers a widget which introduces a social aspect to the shopping experience. Retailers can install a widget which would allow users to drag-and-drop images for the purpose of creating comparisons between their products. These “polls” can be shared by Facebook or by a Lookmash account and users have the option of obtaining fashion advice from their friends or from other users of the app.
The benefit of the platform is 10 to 15 percent increase in the conversion rate and more loyal shoppers. The company charges 5 percent fee for each completed transaction, and claims that its polling platform receives 1 million visits each month. It aims to enter central and eastern European countries.
Lookmash was founded in July 2011 and is headquartered in Gdansk, Poland. Simply put, many of us can relate to that friends are a valuable resource when out shopping. You might trust in your own tastes, but people often wish to confirm their decisions by calling upon friends for other opinions. Indeed, the creator of Lookmash, Lukasz Brzezinski, was inspired to found this startup during a somewhat stressful shopping experience with his wife. As a serial entrepreneur, he looked into this area and quickly recognized that there is a dearth of options for those wishing to socially shop. Sites like Pinterest exist, but Brzezinski recognized that there were few sites which would allow users to submit polls to their friends and to the public. With apps available for Android, iOS, and Windows Phone, the team behind Lookmash have certainly embraced mobile technology.
SpeedUp Venture Capital Group, a Polish micro-VC was the first major backer of Lookmash when it invested 125,000 euros in the startup in the first part of 2011. This venture fund maintains a host of Polish startups in its portfolio, including Legimi, a book-subscription startup which we recently featured. In addition to funding from SpeedUp, Lookmash is currently seeking other investors.
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