“You can use social media to turn strangers into friends, friends into customers and customers into salespeople.” – Seth Godin
The impact of social media on our lives cannot be overstated. The rise of social networking has led to increased information exchange within and across global communities. People are now much more inclined to share personal (and entertaining) content with others than they were before the advent of social networking giants such as Facebook, YouTube, Twitter and Instagram.
Social media has empowered us to define ourselves, grow our ideas and nourish relationships. In this increasingly connected digital landscape, marketing a business is not about simply having the loudest voice or the largest billboard but about providing value and building relationships. That is where social media marketing comes in.
Social media marketing can briefly be described as the processes that leverage the engagement on social media sites to drive business, promote growth and gain attention or traffic by producing content that users will share with their network.
Social commerce, on the other hand, may rightly be regarded as the next big step in the evolution of social media marketing and closing the consumer purchase journey.
What exactly is Social Commerce?
Social Commerce is the perfect coming-together of social media and eCommerce. On the one hand, it should allow consumers to share content of their favorite brands, while on the other hand, it should empower brands to monetise such user-generated content and directly reward the content creators equitably without the need of intermediaries.
According to a 2017 BrightLocal consumer survey:
- 97% of consumers read online reviews before making a buying decision
- 85% of consumers were reported to trust online reviews just as much as personal recommendations
- Positive reviews were found to make 73% of consumers trust a local business more
- Responding to reviews is important for local businesses looking to establish trust with their target audience, with 30% naming this as key when judging local businesses
The most popular product review sites include Facebook, Yelp, YouTube and Google, and some of them do provide their users with the ability to purchase products as part of their native social media experience. This should put the influential power of Social Commerce in perspective.
The primary challenge with this market, however, is not the availability of Social Commerce tools but the way they operate.
Challenges with Social Commerce
The way these social media giants operate is that they focus entirely on platform growth, treating brand growth as simply a collateral.
Brand growth is majorly limited by the lack of effective means to monetize user-generated content. Content creators, on the other end, are poorly incentivized for their efforts.
The predominance of the platform over all user engagement restricts an organic connectivity between brands, content creators and consumers. This results in a fragmented brand-consumer relationship that prevents either side to fully capitalize on the true potential of social commerce.
FANFARE, however, has come up with a solution.
FANFARE is a two-sided video-sharing and eCommerce platform that puts its focus on developing impactful brand-consumer relationships. Put simply, it is a next-generation Social Commerce ecosystem that lets brands connect more easily with content creators and end-customers.
It makes use of a blockchain-powered reward system to incentivize brand-oriented video creation with reward tokens offered by brands.
FANFARE helps brands grow their fan base quickly by allowing them to run campaigns where users create video-based content around the brand (or their products) and cast votes in order to win prizes and earn reward tokens.
Through the Brand App, FANFARE has provided the solution for brands to add a “BUY” button directly onto any user-generated video, linking it directly to their own eStore — thus converting the video into a point-of-sale shoppable video. “BUY” buttons allow consumers to make purchases of products right from the video pages, and for brands to target specific high-impact videos for maximum conversion.
All transactions and rewards within the platform are done with FAN tokens — the common currency for Social Commerce — using foolproof smart contracts.
To find out more about the FANFARE’s unique Blockchain-powered Social Commerce platform, visit https://tokensale.fanfare.global
Name: Michael Chua
Phone: +65 94554297
Join our Telegram group: https://t.me/FanfareICO