Tag: social commerce

Funding will help company expand interests in mobile commerce

Getonic, an Israeli startup that develops solutions for small businesses that are interested in selling products through social networks, has announced the completion of its latest round of funding. The company has received $1.3 million in total funding, which it plans to use to expand business globally. Because of the growing interest surrounding mobile marketing and mobile commerce, Getonic expects to see very promising results in 2013 as more businesses seek to engage consumers through social media.g

Social media plays a big role in the evolution of commerce

There are a wide variety of startups that are trying to help companies engage mobile consumers. Many of these companies adopt a very specific focus on mobile commerce services, enabling businesses to facilitate mobile payments in an efficient and comprehensive manner. There are few platforms that take social media into account, despite how important sites like Facebook and Twitter are to consumers today. Getonic has not had a singular focus on the mobile space, but the funding it has received will help it expand its mobile business more aggressively.

Getonic adopts stronger stance on mobile

Getonic offers companies a way to monetize their business through social channels. The company’s social shops, as they are called, act as small virtual stores that sell individual products to consumers on social networking sites. As Getonic begins to focus more on the mobile space, these social stores will become more accommodating of mobile commerce, allowing consumers to make purchases using nothing more than their smart phones or tablets.

Company looks to expand beyond Facebook

Getonic is able to process payments through its use of PayPal. PayPal itself offers mobile commerce services to businesses, allowing them to accept transactions from a mobile device. Since 2010, Getonic has had a strong focus on Facebook, but the company is beginning to expand its focus to other social networks, such as Twitter. Whether such networks will be conducive of mobile commerce has yet to be seen.

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.