SINGAPORE / ACCESSWIRE / May 31, 2018 / A picture describes what a thousand words cannot, a video conveys better than a thousand pictures. It is with this in mind that Fanfare has launched an inventive video-sharing social commerce ecosystem to connect brands and users easily. Let us see what the Fanfare Social Commerce Ecosystem is all about and how they function in the market.
A Brief Background of How the Market Functions
We are all familiar with eCommerce and social media. It would be uncommon to find someone who has not interacted on social media. Similarly, the world is rapidly moving on the eCommerce front as more people gravitate towards online purchases at an overwhelming rate. The proliferation of smartphones has also hastened these processes.
We are reaching the stage where ecommerce is on the verge of overtaking traditional retail commerce with respect to popularity and revenue generation. Hence, businesses and brands are spending a lot of money on online and digital marketing. There is a need to integrate both the ecommerce and the social media networks to cater to a growing mobile savvy and diverse global audience.
The widespread use of social media has changed the way brands do their advertising campaigns. There is a tremendous shift from the usual written content-based advertising to video advertising because people relate to videos much better than they do to written content or pictures/images. Brands can leverage this consumer preference to their advantage.
This integration of eCommerce with social media has given rise to a new frontier called social commerce. The use of consumer-generated word-of-mouth content as a way to market and advertise a brand's products through the social media network eliminates the role of the middlemen.
The Vision of Fanfare
This is the age where people love to create and upload videos to their social media channels. Business brands can take advantage of this phenomenon to promote their content through such user-generated videos. Fanfare has fulfilled the vision of influencing the audience to buy the product directly from the video content. The brands can introduce a link in the video allowing the viewer to access the eStore directly by clicking on this link.
The Fanfare ecosystem has bridged the gap between the brands, influencers, and the audience. They have launched the ERC-20 Fanfare token (Fan Token), a standard digital currency unit for social commerce connecting brands, content creators, and end-consumers.
How Do They Propose to Do it?
Let us briefly look at the mechanism:
Video content creators can get remunerated in the form of Fan Tokens when the brands verify their videos and/or convert their user-generated videos into shoppable videos.
Users can also benefit in the arrangement by spending time watching and liking these videos or take part in voting for their favourite videos in the brand campaigns.
Users can redeem these Fan Tokens to purchase products from the Fanfare eStore.
They could get additional discounts and benefits/rewards when they buy from the Fanfare eStore.
It looks simple, doesn't it? But, there are gaps to fill, because eCommerce and social media function on two entirely different platforms. Fanfare has managed to integrate these two platforms and bridge the gaps with the launch of the Fanfare User App and Fanfare Brand App. With the infusion of Blockchain technology, the full potential of its current social commerce ecosystem will be unleashed.
How Will Blockchain Technology Unleash the Full Potential of Fanfare?
Fanfare has already enabled brands, content creator, and consumers to engage and communicate in one universal and unifying language on a single platform.
The shared currency (ERC-20 FAN Token) will be the standard remuneration for the content creator and the consumer-powered by smart contracts. The use of Blockchain technology brings in an element of transparency as every user can verify it thereby eliminating the need of a third party. As there are no intermediaries, the transactions are efficient, and there is an equitable distribution of the rewards.
Blockchain technology reduces the advertising expenses for the brands thereby allowing them to pass on the benefits to the consumers, as well as the content creators. Hence, it is a win-win-win situation for all the three parties involved in the transaction. As it uses digital currency, the Blockchain mechanism also benefits people with no access to banks.
To find out more about Fanfare, visit https://fanfare.global/.
FANFARE Twitter: https://twitter.com/FanFare_Global
FANFARE Telegram: https://t.me/FanfareICO
Learn more about the upcoming token sale at https://tokensale.fanfare.global/