What is Spring? Spring Review

Spring was founded in New York in 2013 as an e-commerce platform. It launched the Spring App in 2014 and released a web version in 2015. Some people call it Shopspring. Because Spring's interface is similar to Instagram, it is called "Instagram for shopping" in the industry.

About Spring

Spring was founded in 2013 by brothers Octavian Costache and Ara Katz, former Google employees. The company was originally operated as Jello Labs, and announced in July 2014 that it would be renamed Spring, which was named after a street full of interesting shops near New York's SOHO. Initially, only the app was launched, and the web version was released in 2015.

Now, Spring has more than 200,000 products, including more than 2,000 brands, mainly selling clothing and accessories, including Burberry, Gap, etc. Spring has more than 1 million visitors per month, 60% of whom are old customers, half of the transactions come from mobile terminals, and the other half from the website.

Spring's average order value is around $150, with free shipping and free return and exchange services. Although the brand is responsible for shipping and return and exchange services, Spring will also subsidize part of the shipping costs for the brand and help handle after-sales services.

User Groups

Spring targets the consumption preferences of millennial shoppers. The average age of website users is 28 years old. This group prefers to buy clothes online and hopes to buy both affordable and high-end brands in the same place.

Platform Commission

Spring said that on the Spring platform, brands can obtain profits equivalent to direct sales. The platform will not charge brands listing fees, but will charge a commission of 15% to 20% from sales.

Financing

-In April 2015, Spring announced that it had received US$25 million in Series B funding, with investors including BoxGroup, Google Ventures and Yuri Milner, who guided Lei Jun and Zuckerberg.

-In May 2017, Spring announced the completion of a US$65 million Series C financing.