Updated July 30, 2020, 12:21 pm
Olapic is a company you are likely unfamiliar with. Founded in 2010, Olapic has recently begun to gain momentum after securing their third successful round of funding bringing the total to over a reported $6 million.
As another company leveraging social media Olapic has pivoted a couple times resulting in them providing a platform for companies to utilize user-generated content to create product pages. There are numerous products behind the Olapic brand working together to deliver their flagship product as described above.
The biggest shift Olapic has made is who there target customers are. Initially Olapic worked with media companies. They sensed they could enhance the way media companies told stories by utilizing viewer content. This worked with media companies but an unexpected side benefit from this B2B relationship was the exposure.
They soon found themselves taking enquires from retail companies who wanted the service available for their needs. Olapic has since jumped on the chance to chase after the new market with ecommerce continue to explode making it a much bigger market as well as the higher customer value.
CEO of Olapic, Pau Sabria has said they will work with a few companies from time to time when the fit is right. For a startup of five years, it is a great sign they can choose to turn away some of their customers as they continue to optimize.
A real example of a company who is using the Opalic platform is Michael Kors. They promote the hashtag #WhatsInYourKors for customers to show what is in their Kors bag on Facebook, Instagram and Twitter. The marketing team can now go ahead and collate the pictures to display on their Pinterest site. When a customer clicks on this picture, rather than going to the Facebook the user will be sent to the online stores product page.
Other companies that have jumped on board include Lancome, Guess, Steve Madden and New Balance to name a few. These are large international companies that work with platforms they truly believe can be utilized to make a significant increase in revenue. With brands like these in their portfolio their traction in the market is real.
The cost for using the Olapic platform cannot be confirmed but on client has confirmed it works. With an increase of conversions up to 5% on some of the product pages it works. The reasons given were the users tended to stay on the page for a longer period of time in addition to seeing the products used in various ways by actual customers.
The major long-term barrier for Olapic is scalability. With the current system they have succeeded in bringing user-generated content into an overall marketing strategy however the automation of the curating is what Sabria sees as the next big pressing issue.
Olapic has taken user-generated content to the next level by providing an option to companies by enhancing the sales funnel with another emotional connection to their customers. It will be interesting to follow Olapic going forward, they are not as forward facing as social network companies but they could evolve the way we buy products online.