– Customers seeking to participate in the production process and value new experiences are flocking to the service… with posts averaging over 100 characters
– Categories with the most reviews: Tech & Appliances, Home & Living, Fashion & Accessories, and Beauty
– Supporters’ active feedback and culture of encouragement proved effective… Participation in the funding trial group was also high
– “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,” in which 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 product reviews, and is particularly encouraging given that the reviews are of high quality, averaging over 100 characters each.
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 & Home 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 communication 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 “funding trial group”—which provides products to prospective backers before a funding 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 funding trial group for a maker 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.” They added, “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 community.”
