From the Pebble smartwatch to the card game Exploding kittens, crowdfunding has fuelled the creation of countless popular products. In Singapore, there’s a chain of brick-and-mortar stores dedicated to selling people's Kickstarter-funded products, appealing to a market enamoured with innovative goods. We explore the insights behind We The People and find out why people are keen to see the physical results of their crowdfunding efforts.
We The People is a physical shopping space in Singapore that sells products from successful Kickstarter campaigns, such as the Pomo Waffle, a smartwatch for kids, or the anti-theft Bobby Backpack. The store lets people see how a novel product works before buying it, and has grown to attract 10,000 shoppers every day. “The entire concept is built around the power of the crowd and how crowdfunding brings ideas that would never see the light of day to life,” says founder Ryan Slim. “People are interested in things that are out of the ordinary, and we want to empower everyone by showing them we don't have to rely on big companies anymore.”
The small city-state of Singapore is one of the highest contributing nations on Kickstarter; its citizens have contributed nearly $7 million to various campaigns. Additionally, GiveAsia, set up by the National University of Singapore, saw an 80% increase in donations in 2016, and FundedHere – a Singapore-based platform helping start-ups secure investment – has raised over $4 million to help bring seven businesses to fruition.
Research published in 2017 highlighted that there are unique selling benefits to such campaigns, over and above traditional distribution platforms. With 72% of people who’d previously donated to a Kickstarter campaign feeling more involved in the creative process, which then led to greater satisfaction with the final result of projects, it’s a platform that’s building strong bonds between creators and donators. In offering these supporters a one-stop-shop where they can see the tangible results of their involvement, the crowdfunding model looks to be winning over shoppers who are keen to buy from real people.
Hannah Elderfield is a Senior Behavioural Analyst at Canvas8, which specialises in behavioural insights and consumer research and has worked with global clients including Facebook, BelVita, Wagamama, the UK Government, the FCO and Superbrands. Outside of work, she loves indulging in bottomless brunches, trashy TV shows and walking her golden retriever Baloo.
