Fanfare Arrives In Bangladesh!
Fanfare is surfing the horizon in search of new fertile ground for Social Commerce — and we’ve set our sights on the People’s Republic of Bangladesh, the 8th most populous country in the world.
Our missionary-visionary, Fanfare Global CEO Vincent Lim, arrives in the country’s capital — Dhaka — one of the world’s largest developing cities.
Bangladesh’s tech and garment industry are flourishing — with apparels and textiles taking up more than 80% of the country’s total exports in FY18.
These sectors will continue to see significant growth domestically, owing to the rise in disposable income and spending power of Bangladesh’s expanding middle-class.
Home-grown Brands such as Walton, Aarong, Symphony — and even import brands i.e. Lotto Bangladesh — are further seasoning their products to meet the taste and demands of the local population.
A Digital Marketplace For Social Commerce
Bangladesh’s tech-savvy consumers by and large, are the driving force behind the country’s mass adoption of technology.
As a result, Bangladeshi’s are now more connected to their digital devices — and this shift in consumerism trend has created a digital space yet to be fully appropriated.
Fanfare wants to fill that space and develop a digital marketplace for social shopping. We’ve been testing waters with 2 pilot campaigns launched in Bangladesh:
These are the 3 key concepts greasing the wheels and cogs of Fanfare’s social-shopping engine:
- Give shoppers the ability to earn digital currency ($FAN Token) for sharing their own data (consumer-generated videos)
- Empower Brands (the retailers) with the ability to convert user-generated content into ‘shoppable videos’ and reward content-creators with $FAN Token
- Users can use the digital currency earned to buy/redeem products from Fanfare’s Redemption Store
Retail Tech Changing The Way We Shop
The digital era has and will continue to change social trends, which in turn, influence the way Brands communicate and converse with their customers.
For Bangladesh to smoothly transit onto the digital stage of social shopping, retailers will have to evolve in the way they engage with their customers.
Fanfare aims to facilitate that engagement by bridging lines of communication built on Fanfare’s social-shopping engine, and to provide an innovative shopping experience for both consumers and producers on our Social Commerce platform.
Thanks to e-commerce and social media, the world of traditional commerce is on the verge of major disruption — with social commerce right on its heels.
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