This essay is in continuation of the last one - Social Commerce, which received good feedback. Special thanks to all the 5 people who sent me feedback about my last article!
This week, I spoke to a founder about their social commerce startup, and a few startup geeks what they think about the concept.
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⚡Random fact of the week
UPI crosses 100 million users to become the fastest growing payment stack!
My chat with the founder of marsplay
Last week, I got on a call with Misbah Ashraf, the founder of Marsplay. It is a fashion-focussed social commerce app.
Their idea is that you are much more likely to buy clothes when your friends recommend you, rather than when Alia Bhatt recommends you. The company believes that everyone has a fashion sense, rather than saying that one sense is better than another. They launched in August 2018 and has extensively tested its product offering with about 800 beta testers.
When the company started, they opened a physical studio for its creators to come and use for free. The studio acted as a way to build a community among creators, thus helping them network as well.
Companies like Marsplay have an opportunity to delve deeper into recommendations triggered by social networks, rather than recommendations based on similar profiles, as is the case with Amazon or Flipkart. Here’s a detailed article about Marsplay.
I also spoke to two other people who are versed with the concept. They mentioned how social commerce feels like a scam to them. Making money off of our friends and family is a bad thing, they mentioned. What do you think?
I think we need to let the concept mature. People ridicule change. Sometimes, I feel that unless new trends don’t get some criticism, it is actually bad.
Why is this relevant?
I am confident that the trend is not going anywhere. Over the last decade, referral sales by influencers (bloggers, YouTubers, etc.) always led to huge sales for e-commerce platforms. This was a variant of social commerce.
The concept of social commerce is ripe for growth.
I am certain that in the next five years, we’ll see whole software tooling built only around WhatsApp. Marketing and sales tools built on top of WhatsApp would be a dream for small merchants who are using WhatsApp to connect with their clients.
If you know of anyone who is looking to startup, do get me in touch! I would be happy to share my research with them.
Next week, I’ll write about the cities, which have been some of the best vehicles for growth. If you know anyone who would be interested in reading, 👇
😎 Cool pic of the week
Here’s the cover of my second book - The Advisory Board, which will be available worldwide on December 1. Mark your calendars!
I’ll be sharing additional info about the book through my blog. Stay tuned!
Thanks for reading :)
Hemant