Social network for shopping with cash-back
Social network for shopping with cash-back
A good idea for your startup
Trend: Driven by Gen Z and millennials, social commerce is predicted to grow three times faster than traditional eCommerce, reaching a projected value of $1.2 trillion by 2025. Additionally, the idea aligns with the megatrend of influencer marketing.
Investors' Bets: Consumers, fatigued by advertisements, seek to shop through trustworthy sources, while businesses face limitations on channels such as Google, Meta, or TikTok. The average cost to acquire a customer has more than trippled in the past decade, and customer attribution remains a black box. Claim, a social network from the US, recently secured $4M in seed funding. Tailored for social shopping, friends on Claim earn cash back, exchange rewards, and redeem together by shopping at their favourite stores. The platform prioritises real-world value, authenticity, and communal experiences over manufactured content and reposts. Also, they offer partners to reward customers instead of paying for Advertisements. Early results already indicate promising outcomes, with one partner achieving 97% of their new customer goal within half the predicted time, and another acquiring customers with a 35% repeat rate within 30 days. Claim shows potential as the next full-stack marketing platform.
In 2023, I participated in an incubator with a project from Berlin that shared a similar concept but focused on breaking into the food tech sector by developing a social network for food delivery.
To-Do: It seems that launching interesting projects is still possible without focusing on blockchain or AI. The social commerce niche, combined with cash-back features, appears to be a worthwhile venture in 2024. Such a project can target a diverse audience, which is always beneficial.
If you're unsure where to start, visit an incubator's page. If you already have a project and need funding for your startup, click here for more details.
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