In a digital shopping world, having it ‘now’ is a figure of speech. Shoppers spot the latest lipstick collaboration between their favorite Youtube beauty vlogger and an up-and-coming cosmetics brand want to tout their savvy to friends and family — before the opposite happens.
Having it ‘now’ means clicking and buying based on an instant emotion — the key thing that drives a shopper to convert their browsing to buying right when the emotional connection between them and product is established. Blockchain enables retailers to capitalize off of this innate way shoppers elect to buy enabling many types of decentralized networks that make transferring and tracking the values and rewarding the value generators in mass.
Brand-loyal customers may shop online without asking questions, but they make up a small percentage of shoppers. Forbes says a mere 37% of shoppers are brand-loyal, which means they will shop a brand regardless of prices changes or accessibility. These shoppers buy what the brand produces. For the remaining 63% of shoppers there are many variables that drive them to buy….or not, and most of the factors revolve around emotions and discovery for shoppers.
Right now a whopping 71% are likely to recommend a product to a friend if they have a positive experience with a brand on a social platform. That means this is prime space to convert social media users to shoppers who will continuously see a brand’s message, products and promotions and pass this information along to their circle.
Blockhain leverages this communication between users into a simple way retailers can see their advertising efforts pay off in a clear, concise way. This creates an opportunity for emerging a new category of sales force in the market that puts consumers and content generators front and center for promoting products without an elaborate marketing campaign attached.
Few retailers understand how much organic discovery happens on traditional and social media. Big sales aren’t only attached to big-name Internet personalities, but also the consistent social media user who shares produces and recommendations with their audience.
Blockchain’s total transparency serves as an ideal way for loyal customers and prospective customers to get the same honesty they get sharing products they discover from sources they trust. Shoppers are smarter than believing an A-list celeb actually uses a drugstore shampoo. They turn to social media for recommendations and share products they love and use often. What used to be a store’s likability that drove a shopper to buy is now done by family and friends and vice-versa.
Enjoying someone’s Snapchat channel often means being exposed to their everyday life: what they wear, what they eat, how they elect to make buying decisions themselves. This is the new way people shop and instant gratification comes from that click-thru that leads a social media user to add to cart and buy.
The landscape of shopping has changed, but the reasons people buy have not. The myth of the rational consumer pegs shoppers as people who think through a purchase now that many shop online, removing the tactile product from the experience. However the opportunity for discovery is now something we carry in our pockets and purses, and have more exposure to than ever before.
Blockchain powers retailers in a new, exciting way. Paired with social media, retailers now have a scalable model for the ultimate modern marketing tool: influencer marketing. In the age of social media, everyone is an influencer and share a brand’s products online and offline.
During an episode of Scandal, thousands flood Twitter passing around a link to Olivia Pope’s structured coat. This ‘influence’ comes from a TV show and it’s loyal fans who now become shoppers in minutes. B
lockchain aides this in an easy way that removes the bottleneck and middlemen of standard affiliate marketing. 20 years ago, shopping meant cruising and perusing the mall on a Saturday afternoon when the shopper had free time.
Now free time is carved out in many spaces including the morning commute on public transit and the hour before bed as people lay scrolling Instagram. Opening up these windows of time means more opportunity than ever for consumers to ‘shop,’ spot an item of interest and click-thru to buy.
What is mCart?
mCart protocol is a decentralized marketplace/influencer marketing attribution platform that addresses the needs of shoppers, influencers, and marketers by leveraging blockchain. Using smart contracts, marketers, influencers and shoppers will be able to transparently and verifiably collaborate while giving each participant the right financial incentives to participate in the ecosystem.