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Shopping app that hands out shares in exchange for purchases

 (Handout)
(Handout)

A shopping app that rewards consumers with shares in the company that they are purchasing goods from today launched a “one for one” Black Friday promotion.

WeShop users normally receive 20% of a purchase price back in shares that they can hold or sell - but for three days they will receove 100%.

It means, for excample the a shopper buying a £100 pair of trainers will be given £100 worth of shares in the trainer company, which can be traded or sold at a later point. The shatres can be viewed ina digital wallet within the WeShop app .

There are more than 700 retailers on the platform supplying over 1.2 billion products including Selfridges, eBay, Booking.com, ASOS, Pretty Little Thing, Majestic Wine, Fortnum & Mason, Net a Porter, FarFetch and Etsy.

The three days are Wednesday November 23, Black Friday and Cyber Monday.

WeShop chairman Richard Griffiths said: “WeShop’s disruptive business model is purposely designed to take on the US based tech giants one purchase at a time by sharing the wealth built up in the company with the shoppers who have created it by their very own purchases.

“The way we shop has changed dramatically in the last ten years thanks to rapid advances in technology. While we’ve seen the dramatic growth of online shopping platforms – and their profits – none of them are designed to benefit the people who keep them going, the shoppers. That’s why WeShop was born, building a totally shoppable social network that is owned by the community. And to show we are serious, we’re giving away over 90% of WeShop to the people who use it.”