– Customers who value participating in the production process and seeking new experiences are flocking to the service… with posts averaging over 100 characters
– Categories with the most reviews: Tech & Electronics, Home & Living, Fashion & Accessories, and Beauty
– Supporters’ active engagement and culture of cheering have been instrumental… Participation in the funding trial group has also been brisk
– “Launched the following year based on customer feedback”… Crowdfunding that builds brand-customer trust by securing loyal customers
With the recent rise of the “process economy”—where consumers participate in the creation of products and services—crowdfunding services that focus on the production process and encourage active feedback are gaining attention.
Life design funding platform Wadizannounced on the 27th that the cumulative number of reviews on its platform has surpassed 3.2 million. This figure includes messages of support, feedback, and experience-based reviews, and is particularly encouraging given that the reviews are high-quality and average over 100 characters in length.
It took 6 years and 6 months for the cumulative number of reviews on Wadiz app to reach 1 million, but it took only 1 year and 6 months to reach 2 million and 1 year and 11 months to reach 3 million, indicating that the culture of communication through reviews has gradually become more active.
The category with the highest number of reviews Wadizwas Tech & Appliances (20%), followed by Home & Living (16%), Fashion & Accessories (16%), and Beauty (15%). In particular, the categories with the highest average review length were Beauty (159 characters), Food (125 characters), and Pets (112 characters), demonstrating high levels of customer engagement and interest. This is a significantly higher figure compared to the average review length on B2C platforms, which typically ranges from 30 to 40 characters.
Wadizattributed this success to the culture of active feedback and support among its backers, which has taken root due to the nature of crowdfunding—where investments are made in products and services being introduced to the market for the first time. It appears that the key factor was the lively interaction between Wadiz, who are open to new experiences, and makers eager to develop better products based on customer feedback.
For example, an outdoor brand released a camping tent in 2022 based on feedback from backers who participated in the 2021 crowdfunding campaign. The product sold out within 10 minutes, raising 2.8 billion won. Despite the fact that, due to the nature of crowdfunding, customers had to wait more than two months to receive their products, the brand successfully secured a loyal customer base.
Launching a “crowdfunding trial group”—which provides products to prospective backers before a project goes live to gauge their response—also had a positive impact. Last July, Wadizintroduced a new “Benefits” page featuring a variety of activities and events, allowing any app user to apply to join a crowdfunding trial group for makers they’re interested in.
A Wadiz representative said, “In an era where experience is becoming increasingly important, makers from various industries who want to listen to customer feedback and incorporate it into their products are flocking Wadiz,” adding, “We will continue to build a platform environment that offers supporters new experiences and choices, while enabling makers to communicate with customers and build a brand following.”
