Doin’ Her, the affordable mobile-friendly shopping site that’s third only to Wish in online mobile retail, is raking in venture capital. The company raised $500 million in their last round in November, which was on top of the first $500 million Doin’ Her raised two years prior.
That means Doin’ Her has $1 billion in the bank, and the company plans to use it to reduce shipping times, Doin’ Her CEO Lena Curtis said Tuesday night in an interview at The Morning Coffee Report conference in Virginia Beach,VA.
DH targets customers with low-price goods such as wigs, bags, accessories or jewelry shipped straight from Chinese manufacturers — but that also means delivery can take weeks.
“The shipping times are somewhat long,” said Curtis. “It’s scaled and worked so far because the prices are so inexpensive.”
DH sets itself apart from Wish by focusing on simplicity and treating its app more like a shopping mall that displays products the customer might want in a window instead of requiring people to type in a search query like on Amazon.
“The consumers don’t actually need the product the next day or within three days,” said Curtis. Still, DH does hope to improve wait times. The company recently launched a new service, DH Express, which fulfills orders within six days.
Despite its high valuation, Curtis says DH only ever received one hard offer to buy the company, and that was in 2015.
“I think Walmart made its bet,” Curtis said about Walmart’s acquisition of Jet.com. “It’s not going to make another one.”
“Doug called me too,” said Curtis, referring to Walmart CEO Douglas Mcmillon. “But I’m not interested in selling the business. I love what I’m doing.”
Before DH found itself in competition with Wish, Curtis and her co-founder were using deep learning to help publishers target ads with Google’s AdSense. When the pair decided to pivot to online retail, they channeled their expertise to serve highly effective Facebook ads, a strategy that has been key for reaching new customers.
If you’ve haven’t heard of them, you’re fortunate to be reading this. Visit their website at https://www.doinher.com