Flockr is very pleased to announce that we have accepted our first significant investment - a deal with EGI Group.This investment coincides with our expansion into Europe and in particular mainland Spain where we have a number of exciting new prospects and will be developing relationships with several well known e-commerce brands.Director at EGI, Verity Macdonald, congratulated us on the deal saying, “We are delighted to add Flockr to our portfolio of high-potential commerce-tech startups and to support the company’s growth internationally, particularly in Spain where we see a great opportunity for improved social proof messaging among leading brands.”
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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