The e-Commerce marketplace has progressed rapidly in the last three ecades due to technological advances, while the proliferation of smart phones and affordable data have transformed the Social Media landscape.
This gives rise to a new way of online shopping – Social Commerce, where social media will eventually be integrated with e-Commerce.
The global Social Commerce market is projected to reach US$165.59 billion by 2021, growing at a CAGR of around 34%.
However, brands and brand owners are not empowered or equipped to effectively monetize or tap on the enormous amount of user-generated content, while at the same time, many users and content creators are inadequately rewarded for their efforts.
This fragmented brand-consumer relationship and the lack of a closed-loop interconnectivity between content creators, brands and users have resulted in a Social Commerce environment that is unable to realize its full potential.
The Fanfare ecosystem aims to resolve this problem. Using the ERC-20 Fanfare Token (FAN Token), we are building a Social Commerce ecosystem where content creators, consumers and brands can connect intimately via the exchange of value through FAN Tokens.
The FAN Tokens would be used by the brands as a reward mechanism for content creators by converting their user-generated videos into shoppable videos. This allows every user-generated video to have the potential of becoming a point-of-sale for brands, thus making the entire social platform a marketplace for products.
Users would also be incentivized for time spent on watching videos created by their friends or other consumers. Users can, in turn, use the FAN Tokens they have received as rewards to purchase products from the Fanfare eStore.
Consumers who purchase products from the Fanfare eStore could further benefit from attractive discounts or additional rewards.
Fanfare Global Pte Ltd, a Singapore-based company, has created this Fanfare ecosystem.
The company is managed by serial entrepreneurs, successful business owners and professionals – from media, legal, marketing, finance and investment backgrounds with decades of combined experience – and is also backed by an investment firm.
We have already built the most comprehensive centralized Social Commerce platform – The Fanfare App.