There are a bunch of online selling platforms on the market trying to compete with the juggernaut that is Amazon. Now one of its alternatives, PublicSq, an online retail service known for respecting customer values, has plans to take the company public by July 20.
What Is PublicSq?
Founded by Michael Seifert in September 2021, PublicSquare (PublicSq for short) is an online marketplace made up of vendors whom the company carefully evaluates regularly to ensure they abide by their five core conservative principles:
- Be united in our commitment to freedom and truth
- Always protect the family unit and celebrate the sanctity of every life.
- Believe in small businesses and the communities who support them for they are the backbone of our economy.
- Our Constitution is non-negotiable — the government isn't the source of our rights, so it can't take them away.
- Believe in the greatness of this nation and always fight to defend it.
According to its website, PublicSq is an app designed to link patriotic businesses with quality products, services, and exclusive discounts. In addition, the platform is free to join for both sellers and consumers. Whenever sellers post a product, customers who click on their listing will be immediately redirected to their website. From a business perspective, PublicSq primarily makes money through ads and subscriptions.
For products to appear at the top of a certain category (as seen in the picture below), Publicsq will charge a monthly fee starting at $50.
Since its nationwide launch last July, the company now has over 50,000 vendors and has seen rapid growth in recent months. As per Business Wire, the company’s consumer member base increased by 300,000 from May 23, 2023, to the end of May, helping them reach 1 million members in less than 11 months.
Recently, the company announced they’d also give a $5,000 bonus to employees expecting or adopting a child as part of their pro-life, pro-family, and pro-freedom initiative.
Selling on Amazon vs Selling on PublicSq
|Subscription fees||$.99 on every product sold or a monthly fee of $39.99||None|
|Commission on every item sold||Around 8% to 15% of every product sold||None|
|High volume listing fees||$0.005 a month||None|
|Advertising fees||cost-per-click, auction-based pricing model||$50 a month|
To know how much it costs to sell a product on Amazon, try out our Amazon Selling Fees and FBA Fees Calculator.
Why Is Publicsq Pushing to Appear on the Stock Market After Less Than Two Years Since Its Launch?
In an interview on the Just the News, No Noise television show, Seifert said the big reason for the company going public was to give the consumers a chance to own the business.
“There'll be a great opportunity for this company to be owned by the very consumers and businesses that have helped to build it,” said Seifert.
In another effort to further increase funds to scale the business, PublicSq recently partnered with Colombier Acquisition Corp., a Special Purpose Acquisition Corporation (SPAC).
The company is expected to provide up to $158.5 million in cash to fund PublicSq.’s continued growth and expansion.
Can PublicSq Overtake Amazon?
It’s hard to ignore the astronomical rise in consumers signing up for PublicSq in less than a year.
In a study from 5W Public Relations, more than 70% of Americans deem it important that they purchase from a company that aligns with their values. With an estimated market of more than 100 million Americans, signing up on the platform can be a great alternative to increase revenue aside from selling on Amazon.
In fact, small businesses have seen immediate benefits once they sign up on PublisSq. Natalie Meneses Martinez, owner of the herbal-wellness company Naturacentric, said she saw a 20% increase in her orders within the first two weeks of joining the platform.
When Anna Person launched her skin-care business Root Apothecary on PublicSq, she claims some of her products would sell out in under two minutes and has seen a 14% increase in her followers on Instagram.