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The Start-up Quietly Making Millions Of Sales In Its First Year: Moteefe Sees 400% Increase In Sales
Social commerce platform Moteefe has released its figures for the 2016 financial year as it plans to ramp up its offering in both the tech and retail spaces in 2017.
With thousands of sellers using the platform each day, Moteefe has seen a significant rise across the board in its numbers. With a 400% increase in overall sales on the platform and a 500% increase in products sold worldwide - social commerce is set to be bigger than expected for Moteefe in 2017.
Based in High Street Kensington, Moteefe's platform provides the solution for users to sell customised products online and via social media. From t-shirts to phone cases, the solution enables internet entrepreneurs, designers and social media influencers to create, design and sell limited edition clothing and merchandise to niche audiences via organic and paid advertising.
While Moteefe's first-year figures display the potential of social commerce in 2017, 2016 saw over £133 billion worth of sales being generated through e-commerce in the UK alone, up 15.9% from £114.75 billion in 2015.
CEO Mathijs Eefting said: "We knew 2016 was going to a big year for us but we weren't expecting to see these numbers within our first full year of operation.
"The notion of breaking free from the office and becoming your own entrepreneur has become increasingly popular in the last few years: we've seen a large portion of our sellers leaving their jobs to use the platform full-time, building out teams as they go and significantly boosting their profits. It's more than selling t-shirts online, it's a whole new way of life. The figures for 2016 show exactly how big the social commerce space is at this very moment."
Mark Pearson, founder of MyVoucherCodes and co-founder of venture capitalists firm Fuel Ventures, said: "I'm so proud of what Moteefe has achieved this year. They've taken e-commerce - one of the fastest-growing areas right now - and focused solely on its relationship with social media audiences. This notion of social selling was a hugely untapped market a few years ago."
With their second round of funding due to be completed in the coming weeks, the platform plans to dominate the social commerce world with innovative technological features and an array of influencer partnerships to increase their offering in 2017.
Notes to Editors:
Moteefe is a social commerce platform providing a solution for users to sell customised products through social media. The solution enables social commerce entrepreneurs to monetise their online communities.
Moteefe provides an end-to-end solution and eliminates the need for their entrepreneurs to source a supply chain, manage production, distribute a product on time, deal with a constant supply of customer queries, run a dedicated website… Moteefe takes care of it all. The platform provides all the heavy lifting and expertise to help entrepreneurs create and market successful products, ensuring that nothing stands in the way of their great idea.
Founded in 2015 by Mathijs Eefting, Lev Kundin and Olivier Stapylton-Smith who met while completing their MBA at INSEAD in 2014, the company is backed by Ascension Ventures and Fuel Ventures and is currently based in West London.
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