American Express sets sights on Television commerce
American Express has been showing a great deal of interest in mobile commerce recently, as have many other financial service companies around the world. Mobile commerce has been targeted as a promising way to spark economic activity in the retail industry as it provides more consumers with the ability to make purchases from wherever they are in the world. American Express has announced a line-up of partnerships with several media companies to explore a new realm of mobile commerce that is being called “Television commerce.”
New commerce venture aims to boost mobile shopping through TV shows
Television commerce is a relatively simple, though never before attempted concept. Essentially, consumers will be able to shop for products in real time while watching the TV shows they enjoy, without having to miss these shows in any way. Television commerce holds particular promise because it would allow for consumers to be engaged in a wide variety of promotions, such as being giving the chance to purchase an outfit they saw on one of their favorite TV shows.
American Express teams with FOX for new venture
American Express has teams with Fox Broadcasting Company to initiate Television commerce. The two companies have developed a new suite of mobile applications called FOX NOW that allow consumers to browse products found on FOX TV shows using their iPad. American Express customers with eligible cards will receive $35 credit if they purchase a featured product on FOX’s “New Girl” show. The partnership between the two companies will extend into 2013.
Television commerce may be a success if it can overcome challenges
Television commerce is a new venture and presents a variety of risks. Consumers may not be inclined to participate in Television commerce regularly if they are not offered significant deals, thus rendering the venture a modest success. There is a possibility that Television commerce could become a breakaway sensation, however, which could spark the developing of new T-commerce initiatives that aim to engage consumers thorough their favorite TV shows.
The Fancy gaining momentum as a mobile commerce platform
There is a new social shopping network that is rising to prominence on the back of mobile commerce. Thing Daemon, a social business company founded in 2010, runs a Pintrest-like shopping website called The Fancy. In late October, The Fancy raised more than $26.4 million from investors interested in the concepts of social and mobile commerce. Thing Daemon also added former American Express vice chairman Ed Gilligan to its board of directors, further boosting its presence as a breakout success in the mobile commerce space.
Users can make purchases through website and application
The Fancy allows consumers to browse an extensive database of objects, compiled by Thing Daemon. Users are able to tag the objects they like so they can be found easily at a later date. When The Fancy first began, it was nothing more than a site where people could share the items they liked. In February 2012, however, all that changed when the ability to purchase items was added to the website and its subsequent mobile application. In a few short months, The Fancy was accounting for more than $10,000 in daily sales. Now, The Fancy is doing $200,000 a week in sales.
Social and mobile commerce proves to be a potent mix
Though this is a small sum when compared to other sites in the same field, such as Fab, a design-oriented sales site, The Fancy has shown how the concepts of social and mobile commerce can lead to resounding and quick success. The Fancy is seeing most of its success in the mobile space, where consumers are eager to share the items they like with friends and family in a way akin to most common social networks.
Amazon and Apple show interest in The Fancy
In the wake of the success surrounding The Fancy, Apple and Amazon began showing extreme interest in the platform. Details concerning how in-depth this interest went have not yet been revealed, but both Amazon and Apple have taken notice of the popularity surrounding mobile commerce. These companies may be looking for a way to bolster their presence in the burgeoning industry and The Fancy may be the ideal platform to do so.
