As a part of its broader plan to enhance the user experience, ContextLogic Inc. (NASDAQ: WISH) has unveiled a new shoppable video feature, Wish Clips. It is designed to simplify customers’ shopping experience and aid merchants in showcasing their products on the site to drive sales.
Markedly, the company expects to roll out a number of new products and features in 2022, starting with Wish Clips.
Following the news, shares of one of the world’s largest mobile e-commerce platforms surged 18.3% to close at $2.65 on Tuesday.
Wish Clips provides users with detailed information about the product, enhancing their shopping experience. Also, merchants are able to showcase their products through video clips and can track the impact of the new feature on their sales.
The feature is accessible to Android users in nine key markets and will be made available to iOS users in April.
The Chief Product Officer of ContextLogic, Tarun Jain, said, “Discovery commerce is the future and we are deepening our investment into new products and user-centric features to bring that element of discovery to life. For users, Wish Clips helps them better visualize the product and enjoy a more immersive, interactive experience. For merchants, Wish Clips provides a great opportunity to showcase their brand’s personality and style, while driving product discovery within a native shopping experience.”
“We have built a one-of-a-kind shoppable video player to capture commercial inspiration like never before. The reaction so far from our users and merchants has been great. We look forward to completing the roll out of Wish Clips across our entire user base very soon,” Jain added.
Wall Street’s Take
Recently, Stifel analyst Scott Devitt maintained a Hold rating on ContextLogic and lowered the price target to $3 (13.21% upside potential) from $5.
Overall, the stock has a Hold consensus rating based on 3 unanimous Holds. The average ContextLogic price target of $4.17 implies 57.36% upside potential. Shares have lost 89.3% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (NYSE: SEMR), the world’s biggest website usage monitoring service, offers insight into ContextLogic’s performance in the to-be-reported quarter.
We could notice a website traffic downtrend on the website traffic tool. In 4Q21, there was a 15.91% decrease in traffic to the overall ContextLogic website from total estimated visits, on a global basis. This, in turn, indicates the company might report disappointing quarterly top-line results as a whole.
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