Fanfare: Redefining Social Commerce

Fanfare: Redefining Social Commerce

Is there anything left online without the word “social” in it? 2010 was the year social media exploded, transforming all of our online activities. Brands have started to allocate increasingly bigger parts of their budget to integrate social media into all aspects of their business from marketing campaigns, to customer service and of course, sales.
The evolution of traditional commerce to social commerce for small, mainstream and luxury brands has made its baby steps in recent years, but seems to be growing at an impressive rate. Customer experience is personalized and customers themselves are the new media outlets. Although we’ve seen the retail landscape change drastically in the last eight years, it seems like, with the fast growth of mobile and the deep influence of emerging technologies in our everyday lives, that what we’ve witnessed so far is merely a preview of the exponential changes that await us.

Trends and challenges ahead

According to a report by L2ThinkTank on GenY affluents’ habits: 63% use social media to engage with brands, more than 50% say that facebook, blogs, and brand videos affect their opinions about products, while websites are as influential as physical stores in shaping Gen Y sentiment, second only to friends’ opinions. So what trends and challenges lie ahead? Avoiding the old media trap – companies need to adapt their culture to the spirit of conversation in social media, as traditional marketing tactics won’t cut it any longer. Providing a unified shopping experience –social commerce integrates social media into e-retail sites and adds e-commerce functionality to social networks. Other challenges include the vast untapped resource and high advert spend prevalent in the industry, and the new purchasing behavior of buyers.

Fanfare: Resolving all the issues

The Fanfare project is a community driven two sided social commerce ecosystem for creating, curating and converting videos that are consumer-generated into on-the-spot shoppable videos for brands. In the first instance, consumers will be able to upload videos of the brands they like which can be changed to shoppable videos by brands so that other users can buy the products directly. This scenario creates benefit for both parties –content creator and consumer.

The second instance is where Fanfare enables brands to convert the consumer-generated videos into shoppable videos effortlessly, giving an on-the-spot purchases. Fanfare does have a unique verification feature which combines all the videos into their own channel where consumers can without much effort watch them. The incentives provided for consumers will make the Fanfare very attractive to them in their search for brands and products.

Fanfare: leveraging Blockchain

Fanfare ecosystem has a track record in the social commerce sphere. Last year the Fanfare app generated so much interest and was downloaded more than two hundred thousand times on ios App and Google play store. The platform is about taking another giant step in moving higher, by combining with the blockchain innovation. The brains behind fanfare want to do away with the centralized coin it’s using at the present and introduce their own ERC-20 FAN Token. The benefits of integrating the ecosystem with the blockchain technology are enormous.

Useful Link: Website | Whitepaper | ANN Thread

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Profile Link: OrangeSeller
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