We launched Boost, a new way to sell direct #everywhere. I can’t tell you how good it feels for our team to introduce Boost to the world, especially after working tirelessly in stealth mode. There’s been a great deal of innovation in the purchasing and payments spaces so we thought it would be helpful to provide some insight about why we’re building this Company. Boost enables end to end transactions using #hashtags. Here’s why that’s important:
When you see something you want to buy, you have to leave where you are to buy it. Think of a magazine ad, a television commercial or an Instagram post. Even in something as brief as visiting a website or clicking on a link, you are required to leave that crucial decision-making moment in order to get the thing you want. Advertisements are not actionable — they generate an “action echo” that weakens with distance. This diminishing echo of intent, combined with traditional checkout friction represents a 68.4% online shopping cart abandonment rate*. So even as shopping online is getting easier and faster, nothing out there has really been successful at converting on that — “I want it right now” opportunity.
In just the last year or so, there’s been a proliferation of innovations in e-commerce and payment solutions. You can select from a myriad of apps to download. Some curate hipster goods, others enable you to converse with concierge humanoids that can recommend products for you. On the social front, there are “buy” buttons on Facebook, Twitter (phasing out) and Pinterest, along with other implementations that shorten the purchasing process. With all of these extraordinary technologies, the issue is that you are confined to buying on a single platform, say Facebook only, or at a specific website, or within a particular app — and so on. The things you want to buy are trapped inside of something else. Where does that leave you? With your credit card information at 100 different stores or downloading and updating 50 different apps to get the things you want.
Hashtags are everywhere. They are the coordinates to information. They are organic, indexed, cross-platform and globally recognized. They produce metadata and billions of impressions — daily. A hashtag can go viral, propel brand awareness and drive actions on both digital and traditional marketing channels. The hashtag drives discovery and gracefully indexes all of the content on the web.
Content is King.
People follow the brands they love and trust. There’s an emotional glue that binds together prospective customers and personified brands when digital marketers are able to consistently deliver highly engaging content. According to a recent study by e-marketer, By 2021 social network ad spending will reach $75.98 billion, representing 230% of all digital ad spending globally.* Content is queen and it lives forever, but it’s difficult to measure and convert. It’s that same question, “where’s my ROI” — right? Social media is about to become the most powerful direct to consumer opportunity in the history of commerce — all it needs is an organic, frictionless means to drive purchasing behaviors in the connected world we live in today.
Protecting the #Ecosystem.
We’ve spent a great deal of time thinking about Boost and the problems it can solve. We’ve also spent an equal amount of time implementing measures to safeguard social media etiquette and payment security. Here are a few ways we’re making sure that Boost adds value for all parties involved:
1. Each seller is vetted and must be approved prior to being able to generate #hashtags.
2. All hashtags are unique to each seller and are affixed with a randomly assigned three digit number (eg. #AcmeBrand123) to eliminate hashtag convergence or undesired actions.
3. A purchase will only commence when both the seller and buyer is registered on Boost. In addition, all buyers receive a text message requiring a reply to confirm any purchase.
4. Boost is PCI compliant and designed with security in mind, implementing the highest level of security standards available in the marketplace today.