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Here’s what you should know today.

1. Facebook now has 2 billion monthly users

We’re getting to a size where it’s worth really taking a careful look at what are all the things that we can do to make social media the most positive force for good possible,” said Facebook Chief Product Officer Chris Cox.

Two billion makes Facebook the largest social app in terms of logged-in users, above YouTube’s 1.5 billion, WeChat’s 889 million, Twitter’s 328 million and Snapchat’s estimated 255 million.

Facebook’s growth the last half decade has been fueled by the developing world. The company has relentlessly optimized its app for cheap Android smartphones and low-bandwidth connections.

It’s added 746 million users in Asia and the Rest of World region since hitting 1 billion users total.

However, there has been some ramifications from Facebook’s road to success.

There are the big, newsy things like suicides on Facebook Live and fears that fake news got Donald Trump elected. But deeper down, there are even more complex ramifications of a near ubiquitous social network.

It can propel internet addiction that alienates people, and facilitate the filter bubbles that polarize society by reinforcing our opinions. Facebook has largely conquered its competitors, giving it the slack to finally address the modern sociological challenges that stem from its popularity.

What are your thoughts?

Read the rest of the story here.

 

2. Singapore fintech startup CredoLab raises over $1M to help unbanked consumers manage their credit

CredoLab said that the newly-raised capital — twice the amount it originally intended to raise — will be used to ramp up its product offerings and expand its operations to serve the underbanked population.

founded in 2016, CredoLab offers a credit assessment mobile app called CredoApp. This software tracks the “anonymised digital footprints”  of consumers and leverages on predictive analytics to generate their digital credit scorecards.

This solution is particularly useful in emerging market such as Indonesia, the Philippines, Malaysia, Thailand, Vietnam and Myanmar, where there is a significant unbanked demographic with no credit history.

Read the rest of the story here.

 

3. Mastercard offering merchants new payment tools

Mastercard Developers has released several new APIs (application program interfaces) to give merchants and other companies access to more than 40 proprietary products and services to enable payments on new platforms.

For example, the Masterpass Chatbot API is being used by FreshDirect, Subway and The Cheesecake Factory in the US to create payment-enabling chat bots on Facebook Messenger.

The mission with these efforts is to allow merchants to support new payment methods “without having to reinvent the wheel,” said Oran Cummins, senior vice president for APIs with Mastercard Developers.

Other new applications include one allowing merchants to accept cashless payments from their customers’ smartphones by scanning a Masterpass QR code.

The latest effort from Mastercard shows that the payments provider is set on scaling its services and pushing the envelopes of commerce, as well as providing innovative solutions for merchants.

Read the rest of the story here.

Since its launch in December last year, Facebook Live has presented everyone an opportunity to share a live moment in real time, and this feature has become an important addition to the world’s largest social network. As with other products, Facebook has been pushing people to use Facebook Live, either by inspiring to launch an out-of-home awareness campaign or more directly adding a live button on the app’s homepage. The social network also ranks live videos higher than other types of posts to encourage users to interact and ‘be in the moment’.

Facebook Live – Be in the moment

Despite all the effort, brands and publishers in Southeast Asia seem to take a wait-and-see approach as for now they don’t produce many live videos as can be seen on the Live video map. Lack of ideas and expertise in creating this new type of content which differs from traditional promotional videos are the main factors that have hampered adoption of Facebook Live in the region.

On the other hand, Southeast Asia’s Facebook merchants who use the social network to showcase and advertise their products are in the forefront. They’re taking advantage of live videos to engage with customers and sell products in new ways.

How to capture the shifting consumer attention?

As 50% of consumers feel increasingly overwhelmed by brand marketing messages on social media, consumer attention and engagement is scarce. According to Facebook, people spend three times more time watching a video when it is live compared to when it is not broadcasted in real time.

With this change in mind, brands should capitalize on campaigns in the format of a high quality live video. Here are three ways Facebook merchants in Thailand are capitalizing on Facebook Live:

1. Host an auction in real time

One prevalent example how the live video feature is being used is to host in real time an auction of new or second hand fashion products such as bags, dresses, or even items like electronics.

The way it works is similar to a typical auction, just when the auction is hosted on Facebook Live, the bids are submitted as comments. When the broadcast ends, the merchant and the winner arrange the details of the payment and delivery.

2.  Showcase products and answer questions in real time

A number of merchants also use Facebook Live to demonstrate their products. Customers in the comments section can ask questions about the price or details of the product for the seller to answer.

Similar to hosting a live auction, broadcast viewers who want to purchase products can send a Facebook message directly to the merchant to arrange payment and delivery.

3. Attract viewers with games, prizes, Q&A sessions

Hosting interactive games or quizzes and giving away prizes for sharing a Facebook Live video with friends is also a tactic used in Thailand to attract more viewers and followers.

The owner of cosmetics brand B’Secret Chonnipa Wisedsuranun is a live broadcaster who has successfully leveraged this strategy. One of her Facebook Live videos generated over a million views and almost as many comments.

She uses live video to engage with her customers and build a fanbase by asking viewers to share her live video during which her cosmetic brand is mentioned throughout. To incentivize customers to share the video she gives away prizes like iPhones, cash, gold, and more. This technique allows her to garner a huge amount of viewers and fans in a short period of time.

By doing so, she also creates awareness of her products without paying a dime to Facebook for advertising.

Chonnipa also often uses Q&A games where viewers who answer correctly in the comments section to a question she asks win a cash prize.

Facebook Live provides brands and retailers an alternative way to grow their followers, engage with a wider target audience, and drive sales without directly paying money to Facebook for ads. Businesses that still rely primarily on Facebook ads will eventually experience growing advertising costs due to the nature of auction-based advertising that makes bidding more expensive when there are more advertisers.

In contrary, businesses that can effectively leverage this interactive video format are likely to capture the  attention of consumers at a lower cost.

BY KORAVUT PAVITPOK, ACOMMERCE INTERNET MARKETING MANAGER

 

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