Xcel Brands, a renowned media and consumer products company, has recently entered into a partnership with KonnectBio, Inc. to co-found a groundbreaking short-form video marketplace named Orme. In this exciting venture, Xcel Brands has acquired a 30 percent stake in the platform, recognizing its immense potential for success in the evolving landscape of livestream shopping and social commerce.
According to Robert W. D’Loren, Chairman and CEO of Xcel Brands, Orme presents an opportunity with the potential to reach unicorn status. By redefining the way consumers interact with brands and products, Orme aims to create a seamless and engaging shopping experience that benefits both brands and shoppers. It leverages a performance-based model that incorporates elements of affiliate marketing, influencer marketing, and digital marketing, resulting in a truly unique shopping experience.
The primary objective of Orme is to reward customers for their interactions with brands and retailers. Through the platform, Orme seeks to revolutionize social commerce by combining the best aspects of various marketing strategies into one cohesive model. Influencers, brands, retailers, and shoppers can all participate in this new approach, creating a vibrant and inclusive community centered around social sharing and referral incentives.
Faisal Ahmed, CEO of Orme, Inc., explains that Orme goes beyond being a mere marketplace; it also aims to cultivate a community where social sharing and referral incentives play a crucial role. By leveraging the power of social networks and word-of-mouth marketing, Orme amplifies brand content and provides individuals with fee-earning potential through referrals. This innovative approach allows Orme to harness the untapped power of social commerce and create a dynamic ecosystem beneficial to all its participants.
For shoppers and influencers, Orme offers a social platform where they can create engaging short-form video content and explore an array of products spanning fashion, beauty, home goods, pet supplies, and wellness. Notably, they also have the opportunity to earn cash fees based on their performance in content sharing. This incentivizes users to be active contributors to the Orme community, fostering an atmosphere of collaboration and creativity.
Brands and retailers stand to benefit tremendously from Orme as well. The platform facilitates seamless integration with various e-commerce platforms, ensuring a hassle-free and efficient process. It also offers a controlled content creation process, allowing brands to maintain their unique voice and identity. With additional features such as a personalized AI-powered content and product recommendation engine, a style chatbot, and a content editor filter, brands have access to an extensive toolkit to enhance their presence and engage with their target audience effectively.
The market for short-form video and social commerce is expanding rapidly. Global affiliate and banner marketing alone amount to a staggering $12 billion, while video shopping is projected to reach $35 billion in the US by 2024. Additionally, brands are investing around $16.4 billion in social media influencer marketing in 2022, with an annual growth rate of 18.8 percent. These statistics indicate the tremendous potential for growth and success in this space.
Orme aims to capitalize on this market growth by addressing two significant challenges: low conversion rates associated with affiliate, influencer, and digital marketing, and the absence of a comprehensive end-to-end short-form video platform in the US. With an average conversion rate of 28 percent for video shopping leads, Orme presents a promising solution to these obstacles.
As consumers increasingly embrace digital and social interactions in their shopping experiences, platforms like Orme are poised to play a transformative role in the retail industry. With its focus on rewarding user engagement, seamless integration with e-commerce platforms, and innovative features, Orme has the potential to reshape social commerce and create new opportunities for brands, influencers, and shoppers alike.
