We should totally get some ‘za right now
I agree, but I don’t want to be left with the bill again
No worries, I’ll just venmo you first
What are we (publicly) paying for?
According to a dual report from Quartz and Venmo, in the last week of February (2/24 – 3/4), the above hypothetical conversation happened a potential 17,470 times.
In addition to that, true to the social nature of having a good time, combining all beverage and party related emojis suggests that 55,436 hero friends fronted the bill on a night out…before getting repaid.
Lastly, assuming a house emoji signifies a rent payment, 9,113 exchanges took place in a public manner.
What does this all mean for the future of social commerce?
We are morphing what used to be physical, private transactions, and turning them into status symbols. We are sharing our wit and our popularity, over a simple shared meal or post-work drink.
Now let’s take the conversation from C2C, and move it to B2C. Have you ever purchased a concert ticket and been given the option to “let your friends know you’re going”?
Putting the spamming of your friends Facebook feed aside, the core function of this type of sharing is what will shape the direction of payments. It is only a matter of time until Venmo becomes even more fluid than PayPal (who owns them), in how eCommerce sites offer it as a method of payment. Once that shift is made, we will all be given the option of sharing our purchases.
Picture this. You are scrolling Instagram and come across a picture of your thrill-seeking friend wearing an awesome Flylow jacket while on the peak of a mountain. You then open up your Macbook and visit their site, scrolling through different jacket styles and, with each one, see pics of other like-minded outdoorsy peers wearing the various pieces of gear. Finally, you find the one that best suits your vision. Boom, a quick Venmo payment and it’s yours.
Like the pizza, vino, and beer transactions, this new purchase shows up on your social feed. A close friend sees it next time they are pitching in for a shared Lyft ride, and the whole shopping cycle starts again.
Integral to this process is the ability to see our peers wearing and using the gear we are considering for purchase….and what do you know, that’s exactly what StoryBox enables.