It has been my great pleasure to work with a first generation entrepreneur Gareth James over the last year. As an investor and shareholder I am committed to growing businesses with Gareth because we hold the same fundamental beliefs as to how business should work. Honesty and integrity are the core of everything we do and that is essential for both of us.Our first business together is called Flockr It is a social messaging business. We assist e-commerce clients by converting website uses into customers.The need for impeccable honesty and integrity in marketing cannot be overstated. With so many websites vying for consumers' attention, establishing trust through truth is essential.Flockr is growing at a rapid pace and is certainly a competitive and emerging player in the ecommerce industry. All credit for it’s success is due to these fundamental principles of honesty and integrity.It has for a long time been known that social messaging was a very successful conversion tool in e-commerce but the difficulty lies in gathering true data and using it in effective way. Anyone can create alluring messages, but if they are not true or relevant then the customer is turned off and worse still the brand can suffer greatly. Famously, a prominent online travel booking platform faced controversy over its messaging strategies, such as displaying "one room left" or "limited availability" notices when these statements were not true. While these tactics created a sense of urgency, they also led to mistrust among customers. The brand was scolded, publicly. This incident highlights the risks associated with messaging that may be perceived as misleading or inaccurate.The spark that lit the Flockr flame was the desire to provide an honest solution. This has been possible by using advanced AI technology to gather and analyze real-time data, ensuring that the social messages displayed to users are always true and relevant. The commitment to truth was the foundation block of the business. We not only build trust but also we empower customers to make informed decisions based on accurate information.Flockr is also obsessed with truth when it comes to the relationship with our clients. We are growing at sometimes more than one client a week at the moment. In every case, they love our open discussion and negotiation on pricing, they love our simple contracts and they love our honest independent results analysis. Our clients and customers are all benefiting from honesty, integrity, and the truth. By setting a high standard for ethical conduct, Flockr inspires other businesses to follow suit, ultimately raising industry-wide best practices and contributing to a more transparent ecommerce economy.
Video Transcript
So if we start at the beginning of a customer journey, and perhaps you're on an e-commerce site and you're looking at a category page, and that category page may have tens, if not hundreds, of different products available for you to lookat.
We then have that classic problem of the paradox of choice.
You have lots of different products available, and the differentiator on those products may be colour, price, availability, a few other things, the tired, old things that we can sort by popularity, sort by price.
Everyone has done that, and nobody uses them.
But what social proof is doing is giving you lots more dimensions for which customer can consciously and subconsciously comparedifferent products.
We work with a company that sells books, and there's obviously millions of books.
If I'm looking at a huge list of books, if there are badges,and I use that phrase carefully, quite often websites will have a badge as newor top seller.
I don't think these are very useful.
They're just eye candy.
They don't really help because you become blinded by them.
You can go onto a website and every product (on the PLP) hasbest seller or every other product has new.
But if a selection of those products that the AI has recognised have the highest social value for you, based on the fingerprints of you and your activity and other things.
It is going to select products that says, these are the products that have social value, and importantly, present what that social value is in terms of.
If you say it's the most popular, why?
Why is it the most popular?
It's because 48 people have viewed this in the last five minutes.
The real numbers that are transparent and truthful.
Gone are the days where you could put random numbers on andsay, 3,000 people viewed this.
People know that.
They can see that.
Even if it's not consciously, they know it's not true.
If you put real data that differentiates products.
It gives something people have a product to click on.
What that means then is products that are targeted by the AIto have these badges (Social Proof) on them are products that have higher social value for that individual.
Therefore, they will attract more clicks because there's something different about those products.
You will see.
Your eyes move to that product.
You validate it.
It's a real message.
It's a real data.
It's relevant to you.
It's informed.
You click on that product, and then it has a higher chance of conversion then because that product is personalized to your experience.
It's something that, therefore, when you purchase that product, you've increased the conversion rate overall because especially when we go into A/B testing, people who click on products that have a higher social value personalized to them, the conversion rate is higher for them.
The win is for the retailer, their conversion rate is going up.
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