«We are the only Social Commerce platform» - Fanfare CEO

4 Months ago / Articles / Interviews

 

 

Name: Fanfare

What: Platform for converting consumer-generated videos into Shoppable Videos for brands

Web: Visit

When: ICO 17.08.2018 - 31.10.2018

CryptoKrunch ICO page: Visit

 

- Hi! It’s very nice to meet you and we are pleased to talk to you! For now you have one of your ICO Phases. Before we start, can you please briefly introduce yourself and your Project?

- I am Vincent Lim, CEO | Maverick of Fanfare Global, the world’s first blockchain-powered Social Commerce community connecting users with brands easily on a single platform through a common currency, as well as brand-curated and consumer-generated word-of-mouth shoppable videos.

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FANFARE is purpose-built around the convergence of the two big industries of social media and eCommerce.  This is the new frontier called Social Commerce.  Fanfare enables Social Commerce to go beyond the perimeters limited by current eCommerce and social media platforms. Our building blocks, features and functionalities have been well thought out, and designed precisely to help brands and consumers connect more intimately. With Fanfare, brands can now easily put a “BUY” button on any user-generated video to convert it into a Shoppable Video, and linking it directly to their own eStore or an eCommerce site selling their product featured in the video. 

By facilitating an integrated brand-consumer engagement, brands can expand their relationships with their consumers to maintain trust, familiarity and interactivity.  This brings multiple benefits for both users and brands. Brands can monetize user-generated content, while users can be rewarded equitably. As such, Fanfare has successfully unlocked the true value of Social Commerce.   

 

- How did you come up with this market disrupting idea and how long have you been working on it?

- Being a media professional and content creator for over 20 years, I have encountered times when I wasn’t adequately compensated for my work. More so, when it comes to user-generated content, the social media platforms are monetising the content, while the content creators are not equitably rewarded. So, together with my co-founders, we conceived Fanfare in 2016 to disrupt and transform the video marketing landscape, as well as to revolutionise the future of online shopping. It is about instant purchases just by watching a video. There’s no need to surf through endless product catalogues or scroll over pages to identify the product on an online store  All you do is watch a Fanfare video showcased by your friends or family or even strangers and if you like what you see, what has been showcased about the product, click the “BUY” button and you get to purchase the same product being featured in the video straightaway. 

 

- What trends do you see in video marketing - in terms of influencers?

The trend in using influencers for social media video marketing has significantly shifted from A-list celebrities to high-profile KOLs to professional micro-influencers. But, the next wave is definitely the Consumer Influencers. These are your everyday consumers who post videos on social media not because they are seeking social recognition or remuneration, but because they like to share with their friends and family members where they have been, what they have bought or done. 

As Social Commerce has added a new layer of complexity to the on-going consumer decision journey, trusted word-of-mouth videos have become a core part of this purchase decision process. Hence, many everyday consumers or Consumer Influencers have also unintentionally become content creators, themselves, whenever they share personal reviews of products that they have purchased with their family and friends on social media.  

 

- Wow, that’s great! As we know you already have a working App - where can we download it? Can you tell us some numbers - how many active users and dynamic, what are the most popular video themes and countries?

 - The Fanfare App is available for free download on iOS and android in any part of the world

We have already garnered 200,000 downloads with an MAU of over 40,000 and DAU of 2,000.

Videos relating to household products, food, pets, travel, cars and cryptocurrency are very popular on the Fanfare platform.  We have strong following from Indonesia, Vietnam, India, Bangladesh, Turkey, the Middle East and North Africa.

  

- How many brands are there on your platform already? Do you have a kind of sales department to attract them or it is just a word of mouth?

- We have 200 brand partners on our platform, mainly through mutual connections and referrals.   

We’ve also made it easy for brands to sign up. Fanfare is an open platform yet a closed-loop ecosystem where both brands and users can interact with each other seamlessly. We have a top-down approach where our brand partners can launch campaign for their fans to create videos for them. On the other side, a bottom-up approach, users can post homemade videos of their favourite brands and introduce the brands onto our platform.

  

- Are there any direct rivals in the sphere? What are your main advantages?

- We have not identified any platform that comes close to what Fanfare is doing or has achieved. But lately, I’ve noticed a number of new entrants coming into the scene and calling themselves a Social Commerce platform since we launched Fanfare in August 2017. On the surface, they might seem similar, but they are still mainly a KOL platform or an advertising platform.

Other possible competitors might include Facebook, Instagram, YouTube, Amazon, Lazada, Alibaba and Taobao. However, NONE of them are true Social Commerce platforms. Only Fanfare’s building blocks have Social Commerce in mind from the start. In fact, Fanfare complements all of them, instead of treating them as competitors, while carving out a unique niche space for Social Commerce. Fanfare’s model works to complement eCommerce sites.

Fanfare is built to solve one problem. Presently, when a brand likes a certain user-generated video on traditional social media platforms, they have no way to link their product directly to that video, or face challenges getting in touch with that content creator. We are the only true Social Commerce platform enabling any brand to add a ‘BUY’ Button directly onto any user or consumer-generated video on Fanfare, thereby converting it into a an instant point-of-sale Shoppable Video.  This means the Brand can actually add a product onto that video, linking it directly to its own eStore or preferred eCommerce site. At the same time, the content creator is rewarded immediately without the need any intermediary. This unlocks the true value of Social Commerce 

Fanfare is a game-changing Social Commerce platform, garnering the social trends that are picking up speed, and coupling these with a brand-centric commerce element. We’ve gone beyond MVP, prototype and beta.  The Fanfare platform has been ‘live’ since 17 August 2017. We have already built 2 versions of the Fanfare App – a User App and the Brand App.  We have an existing working ecosystem, with over 200,000 downloads, 90 ambassadors and 200 brand partners onboard. Fanfare is in a unique space that is not being focused now. We have a first mover advantage and we believe we can be the main player in the Social Commerce space to create a new online shopping experience for everyone.

 

- You have a nice team, tell us more

- I am grateful for this dynamic team of co-founding members:

MICHAEL CHUA, our Chief Marketing Officer (CMO), is the WIZARD of Fanfare. He makes things happen for Fanfare. Best described as Calm, Balanced, and Knowledgeable, he is an expert generalist and multi-tasker, being able to take on many responsibilities at the same time, and do them all well. Key to his work ethic is a strong sense of purpose in life, and he pushes Fanfare’s people to do more and go further.

BENNY PHANG, our Chief Strategy Officer (CSO), is the RAINMAKER of Fanfare. He is best described as Passionate, Motivated and Ambitious. He leads the charge to disrupt the age-old traditional brand-consumer relationship. He is constantly meeting new people from all over the world, communicating the spirit and vision of Fanfare to ambassadors, users and investors everywhere.

KENNETH NG, our Chief Technical/Technology Officer (CTO), is the STARLORD of Fanfare. A tech guru in his own right, he is an accomplished web and mobile app developer with a deep passion for technology and computers.  Best described as Rational, Investigative, and Innovative, he is also our go-to resource for all our technical and technological needs, solutions and advancements. He competently supervises our team of developers over the technical development and coding of the Fanfare App. 

GERALD TAN, our Chief Information/Investment Officer (CIO), is the ACCELERATOR of Fanfare. He is best described as Driven, Perceptive and Analytical. Backed by a strong business and finance background, he has astute business acumen and his ability to think at lightning speed ensures that Fanfare delivers value to all its stakeholders. 

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                           (WIZARD)                                      (RAINMAKER)   

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                        (STARLORD)                                   (ACCELERATOR)

- We should say that advisors are nice too! Can you tell one insight or act of help from any of them which was especially valuable 

- Every advisor has been carefully chosen to help value-add to Fanfare’s growth and bring us to the next level quickly but soundly. Each advisor brings on-board his complementary experience and know-how in his field of expertise, ensuring that Fanfare benefits from this comprehensive yet diverse collective wisdom.

 

- What role does Brighten Management Ltd plays in the life of Fanfare?

- Brighten Management has been one of our earliest supporters and investors. Our strategic partnership with them also allows us to tap into their ecosystem of companies, investors and partners, helping us to accelerate our growth and enter into key markets like China and Hong Kong. 

 

- What are your targets in 1-2 year perspective? What would you call a tremendous success?

- FANFARE aims to be synonymous with Social Commerce, and become the global leader in this arena with 25 million users worldwide and 5,000 global brand partners by the end of 2021. If we can achieve this, it will be a tremendous success.

Leveraging on Blockchain technology within the next year, the Fanfare ecosystem will be able to facilitate transactions for the 2 billion people in under-developed and developing countries with no access to bank accounts, credit cards or financial services – providing financial inclusion in emerging markets through a secure and scalable way to serve the needs of these individuals, who are ready to adopt disruptive financial solutions outside of the traditional banking system. Future developments also include the incorporation of Business Analytics to capitalise on Big Data and A.I. (Artificial Intelligence) for brand grading and evaluation, product recognition in the videos – leading to the creation of demand.   

 

- Thank you very much, super interesting! Our blitz, 3 last quick questions.  

-  What car do you drive? 

- An SUV

- When would Bitcoin hit 100k$?

- Within my lifetime, hopefully. 

- You are in front of Satoshi Nakamoto (doesn't matter if it is a man or woman or group of people), what would you say?

- When would Bitcoin hit US$100K?  (Just kidding.) 

I would say “Let’s go make the world a better place together!”