With advancements and accessibility of technology, the era of social media has swiftly altered our way of life. The influx of numerous mobile applications has added convenience to our routines, ranging from photo editing to banking utilities; from social platforms to eCommerce marketplaces. With the increasing number of tech-savvy consumers and their ever-growing needs, it is important for brands to keep their consumers engaged, as well as bring new consumers onboard.
Consumers are known to have rather short attention spans, thus making it crucial for brands to deliver their intended message snappily, in order to maintain relations with their consumers. Content marketing is one way of strengthening the Brand-Consumer Relationship, and videos are the preferred medium of content marketing, as brands can market their information in a visually stimulating manner.
Recognising the trend in video marketing, retail companies have strategically shifted their attention to videos for marketing and consumer engagement activities.
Issues faced by Brands, Content Creators and Consumers
In order to stay competitive, brands need to churn out a huge volume of quality video content as consumers require new video content daily to remain engaged.
Primarily, the four key issues faced by brands in video content marketing are:
1. Creating innovative video content
2. Finding video content creators that support the vision
3. Effective use of social media to market video content
4. Monetization of the video content
Similarly, content creators have been facing dual pressure of creating unique video content to promote their favorite brands while creating a connection with their audiences to keep them engaged. Their key areas of struggle are:
1. No or insufficient incentives
2. Not noticed by brands if their media reach is not extensive
3. Limited appreciation and recognition (for Consumer Influencers)
For the consumers, with the enormous influx of brand-sponsored video content and online reviews, they are finding it more difficult to distinguish between authentic reviews from the customized paid reviews.
How does FANFARE resolve these issues?
The commerce industry has witnessed the change in handling of Consumer–Brand relationship, which has led to the amalgamation of social media and eCommerce – Social Commerce. Social Commerce platforms give consumers more freedom in utilizing their user-generated videos to effectively monetize content.
FANFARE steps in as a burgeoning Social Commerce ecosystem, combining the interactive aspect of social media with a brand-centric eCommerce component. This brings multiple benefits for both users and brands. Brands can monetize user-generated content, while users can be rewarded equitably on the platform.
Since its global launch in August 2017, FANFARE has already been joined by more than 200,000 users, partnered with 200 brands from all over the world. It aims to generate US$1 billion worth of social buying by 2020, with 25 million users and over 5,000 brands interacting and engaging smoothly with each other in its closed-loop ecosystem.
FANFARE offers a solution to the lack of direct connection shared between brands and their consumers. The aim is to revolutionize how online shopping will be in the future by allowing instant purchases just by watching a video. Brands are empowered to directly put a ‘BUY’ button on any user-generated video to convert it into a Shoppable Video, thus making the video an instant point-of-sale for the brands. Brands can now easily engage their fans and the content that they create.
In recent years, the power of impactful influencing has been shifted from celebrities, to social media influencers and most recently, to Consumer Influencers. These are your everyday consumers who have become the next wave of social media influencers. The Consumer Influencers endorse favorite brands, out of their own free will, providing fellow consumers authentic reviews. They are rewarded with FAN tokens (FANFARE’s standard currency for Social Commerce), which can be used to purchase items from FANFARE’s eStore, thus incentivizing them to remain active on the platform.
The advantages of FANFARE’s system are that Consumer Influencers would be paid their dues without disputes, and the brands can fully harness the power of Consumer-Generated Videos to increase brand awareness, promote their products and drive immediate sales.
Blockchain and Social Commerce
Blending together Blockchain technology with Social Commerce and supported by a common currency – the FAN Token – for all transactions; transparency and efficiency are at the forefront of FANFARE’s ecosystem.
Blockchain technology allows content creators, brands and consumers to interact on a single platform within a decentralised economy. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis.
The backbone of Blockchain technology is enabling digital information to be distributed but not copied. By storing data across its network, the Blockchain removes the risks that come with data being held centrally.
Additionally, a middleman (e.g., external marketing or advertising agencies) is no longer needed for transactions, thereby simplifying the interaction, as well as eliminating any third party interference and the risk of information being mishandled.
New technology continues to infiltrate and improve our lives, and it won’t be surprising when Social Commerce becomes mainstream globally in the near future. With reliability, convenience and interactivity as part of FANFARE’s DNA, it is well-positioned to engage even more users.
To find out more about FANFARE, visit https://fanfare.global/
To participate in the FANFARE’s Token Sale: https://tokensale.fanfare.global
To read the White Paper, click here.
Name: Michael Chua
Email: [email protected]
Phone: +65 94554297
Join our Telegram group: https://t.me/FanfareICO