Westwing’s mission lies beyond providing an efficient e-commerce platform: we want to inspire people to find more beauty in their lives. We bring our mission to life using our “shoppable magazine” business model, which allows for an on-line retail shopping experience we believe to be unique, comfortable and fun for our customers, as well as an inspiration and a benchmark when it comes to decoration and style.
Our brand’s approximately 9 million registered customers regularly access our platforms and social media outlets in search of shopping opportunities and special products brought together in an environment carefully built to offer variety, curatorship, and superior quality. In the third quarter of 2020, our platforms (website and app) averaged approximately 728,000 monthly unique users. Also, 87% of our customers are women. In September 2020, we counted more than one million followers on Instagram, where we figured as one of the most active brands and brought the largest amount of content, reaching approximately 38.7 million impressions. We reached 27.3 million customers, counted almost 2 million fans on Facebook, and had more than 11 million visits on Pinterest.
Today, with Westwing already established as a benchmark in the Home and Decoration market, we are expanding our operations to increase our focus on the lifestyle segment, including categories such as fashion, cosmetics, premium ingredients, and children’s products, among others. This segment, which amounted to 3% of our gross merchandise value (GMV) in the fiscal year ended December 31, 2017, grew to represent approximately 13% of our GMV in the nine-month period ended September 30, 2020.
Westwing Brazil was founded in 2011 as a subsidiary of the Westing Group, a German company which was, at that time, starting operations in several countries in Europe and Asia, in addition to Brazil. After a period of fast expansion (2012-2016), during which our GMV grew about 34% per year, our former parent company decided to focus its resources on the European market and invest less in Brazil. These cuts affected our departments of information technology and marketing, and slowed down our growth rates significantly until 2018, when we became totally independent from the German Westing Group via a management buyout sponsored by the Axxon Group. Since then, we have invested heavily in our own development, and the first results did not take long to become apparent: From August to December, 2019, Westwing’s ecosystem GMV grew approximately 17% in comparison with the same period of the previous year. In 2020, this year-on-year growth escalated to 23% in the first quarter, 104% in the second quarter, and 129% in the third quarter, in approximate values.
While a large share of physical retail sales comes from discovery and inspiration (impulse buys), traditional e-commerce companies are primarily focused on shopping by necessity and research (need-and-search). Our model aims to digitally replicate the pleasurable experience of window shopping as provided by shopping malls and specialized stores, where the customer is free to look at the merchandise displayed in shop windows for leisure, not necessarily intending to buy anything.
We are established in an attractive market – lifestyle – and we believe this segment is moving toward the digital universe with increasing velocity. Our ecosystem consists primarily of three sales models: