There was a time when social media was nothing more than a way for people to connect with each other. But, now things are different. As more businesses realize the importance and power of social media, the more they want to integrate it into their business strategies.
The e-commerce industry can benefit from social media more than any other industry. Not only it provides merchants with access to millions of social network users but also enables consumers to shop together with their friends and family.
Shopping has always been a group activity. There are not many people who like to shop alone. And now, group shopping is also rewarding, as many e-commerce platforms and websites are offering attractive discounts & offers to their customers who group buy.
Why? Because when social buying, you contribute to more sales for the merchant, who in turn gives a percentage of their profit back to the buyer as rewards for shopping.
So, how can social e-commerce be made better?
Traditionally, social e-commerce works through user contribution to help increase online sales, i.e. social media users get rewarded to help bring traffic and sales for e-commerce platforms. However, this kind of system has many limitations.
For one, the rewards offered to social e-commerce users are generally in the form of reward points or coins with no real monetary value.
Second, users do not get any benefit or offer on their own purchases and are forced to buy a product at the price that the seller has fixed for it. Another problem with traditional social networking is that the users need to download and use multiple applications for different services like ticket booking, cab booking, grocery shopping, food ordering, etc.
So, in general opinion, the new and probably the most innovative way to social e-commerce would be to integrate it with blockchain technology.
Contrary to what some people might think, blockchain is not just a technology for digital payments, but it can be used practically in any industry where security and privacy are major concerns.
In the e-commerce space, the integration of blockchain will not only help increase the security of e-commerce platforms and user data but also will improve privacy and reduce costs by eliminating the need for middlemen in online shopping transactions. Moreover, the integration of blockchain into social e-commerce would enable us to truly harness the power of these next gen internet technologies.
Excelli is the best latest example of how blockchain can disrupt the social e-commerce space for good.
Excelli is a blockchain-based e-commerce platform that enables customers to receive monetary benefits by making shopping a group event. Customers on Excelli can share their favorite products/offers with their friends, family, etc. on the integrated social platform, inviting them to buy the product as a group. In exchange, the users get to buy the item at a lower than the listed price. On top of that, Excelli rewards users for every purchase transaction with crypto tokens (XLE) that have a monetary value.
The integration of blockchain into Excelli social e-commerce enables all transactions on the platform to be fueled by a single, all-inclusive XLE token, which is both a utility token and a reward token for Excelli users.
In addition, it makes Excelli a first-of-its-kind, highly secure and powerful social e-commerce platform that is not controlled by centralized entities and allows merchants and buyers to trade directly with each other with full transparency in transactions.
Besides online shopping and social, Excelli offers a range of other services like finance, ticket booking, entertainment, health and more, all in one Super app.