Global Web Index’s Biggest Social Media Trends estimated that for every three minutes spent online by an average daily user, one minute is devoted to social media platforms. This accounts for an average of 33.33% of the time spent online on any social media platform.
Social media has given birth to innovative ways of marketing, where brands choose to run ad campaigns based on their target audience, resulting in a higher sales conversion rate. Increased smartphone penetration, coupled with affordable data (viewed as a livelihood necessity), have firmly anchored the staying power of social media.
The rise of eCommerce and its rapid development in the last decade has greatly transformed the way that consumers shop, providing convenience at one’s fingertips through online shopping. eCommerce has benefited greatly from society’s technological advances, and our interconnectivity.
The integration of these two big marketplaces of social media and eCommerce has created a new frontier called Social Commerce with an emerging community. The misconception that Social Commerce is a subset of either social media or eCommerce needs to be addressed. Social Commerce is, in fact, an enabler that pushes the current boundaries of interactive media, to revolutionize the future of online shopping, as well as to bridge the existing fragmented brand-consumer relationship.
FANFARE – the Social Commerce Ecosystem
FANFARE’s aim is to revolutionize the future of online shopping and unlock the true value of Social Commerce. “We’re talking instant purchases just by watching a video. People love to buy what they love to see,” says Vincent Lim, co-Founder and CEO of Fanfare.
He further explains, “There’s no need to surf and scroll through endless product catalogues and listings, trying to identify the product you want to purchase on an online store. All you do is watch a video showcased by friends or family or even strangers and if you like what you see, what has been showcased about the product, you instantly click on it and hit the ‘BUY’ button – and you’ve made your first purchase! You get the same product that is being featured in the video straight away. That’s how FANFARE is going to revolutionize things and that’s the whole new way of shopping online. FANFARE’s model works to complement eCommerce sites. So we do not see them as competitors, rather, as an upgraded and complementary alternative of online shopping.”
Brands are unable to effectively monetize the enormous amount of user-generated content available on current social media platforms because they cannot connect directly with these content creators or their users, without going through representatives, agents or agencies. FANFARE removes this limitation by enabling brands to use marketable content to connect with users, through influencer and peer engagement programs within our ecosystem. Consumer Influencers, brands and consumers are now able to connect intimately in the absence of mediators.
As the world’s first Blockchain-powered Social Commerce ecosystem, FANFARE uses an ERC-20 compatible FAN Token as its standard currency, as well as a mechanism where Consumer Influencers are adequately rewarded for their creativity and their efforts. When Consumer Influencers create and post good quality videos on FANFARE, they are rewarded with FAN Tokens if their videos are verified and converted into point-of-sale Shoppable Videos by a brand. Active users on the FANFARE App, who are not content creators, are incentivised to stay online more frequently, as they are also rewarded with these FAN Tokens when they view or like the videos.
The FAN Tokens, which have been earned, can be exchanged for real life products from FANFARE’s crypto-friendly eStore, creating an interactive and vibrant marketplace between brands and consumers.
Social Commerce and the road ahead
With the FANFARE App live on Google Play Store and iOS App Store since August 2017, the platform has already seen more than 200,000 downloads globally with over 200 brand partners and 90 international ambassadors onboard.
FANFARE’s building blocks and DNA have Social Commerce in mind from the start, allowing us to perform integrated functions of social media and eCommerce seamlessly on one platform, as well as to scale up without limitations.
In addition, FANFARE’s decentralized Blockchain-powered Social Commerce ecosystem employs smart contracts to execute publicly verifiable transactions, thus alleviating any sort of discrepancies commonly found in traditional centralized financial transactions.
According to the Business Insider, Social Commerce is driving huge retail traffic which offers retailers and brands a short route to directly connect with their customers, driving their sales northwards.
FANFARE is set to usher in this new era of online shopping through its unique platform by unleashing the power of Social Commerce.
To find out more about Fanfare, visit https://fanfare.global/
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Name: Michael Chua
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