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Shopify Puts its Support Behind Facebook’s ‘Libra’ Cryptocurrency

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Honestly, I was starting to think that Facebook’s Libra cryptocurrency project might never become a thing, but there is still some hope that we may see it reach the next stage.

This week, eCommerce giant Shopify has announced that it’s joining the Libra Association, which is the support group that will oversee Facebook’s crypto governance.

Shopify Libra

As explained by Shopify:

“Our mission is to make commerce better for everyone, and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That’s why we decided to become a member of the Libra Association. This is one step, but not the only step we’ll be taking to be a part of the solution to this global problem.”

Shopify says that, as part of the Libra Association, it will work with Facebook and other project partners to “build a payment network that makes money easier to access, and supports merchants and consumers everywhere”. 

This is the true promise for Libra, facilitating a process that enables cheap, easy funds exchange. Facebook would then look to benefit from this by connecting streamlined eCommerce and bill payment options into the same network – once your money is being transferred in this way, it’ll be easier for people to spend on Facebook as well. Shopify will be looking to get in on the same – the idea begins with improved funds transfer, then expands into a wider network of online shopping, built into a single stream.

But Libra remains some way off being a reality. Most of the initial partners for the project have since pulled out, while various government groups have raised concerns, and even flagged blocks of the payment network, due to concerns around its governance and conflicts with existing systems. 

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Most notable on this front is India, where more funds are transferred through remittance than anywhere else. At the Libra launch event last June, Facebook confirmed that India would not be part of its initial rollout plan for the project, due to concerns around cryptocurrency from Indian regulators.  

Will the addition of Shopify as a partner help resolve such?

In some ways, it gives the project more credibility – but then again, with the noted, aligned interest from Shopify in regards to eCommerce, it’s seemingly not a major vote in support of the project, at least from a regulatory standpoint. Over the last year, key financial partners like VisaMasterCard and Stripe have all stepped back from the Libra Association, along with PayPal and eBay. Those are the backers that would likely imbue more regulatory confidence in the project, and in comparison, the addition of Shopify likely doesn’t add a heap.

But still, it may renew some level of optimism in the troubled cryptocurrency project, and it does show that Facebook hasn’t given up on it in favor of Facebook Pay and WhatsApp Pay just yet. 

I mean, it still seems like that’s where Facebook is headed, but we could still see the rise of Libra at some stage in 2020.

Socialmediatoday.com

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

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Snapchat Explores New Messaging Retention Feature: A Game-Changer or Risky Move?

In a recent announcement, Snapchat revealed a groundbreaking update that challenges its traditional design ethos. The platform is experimenting with an option that allows users to defy the 24-hour auto-delete rule, a feature synonymous with Snapchat’s ephemeral messaging model.

The proposed change aims to introduce a “Never delete” option in messaging retention settings, aligning Snapchat more closely with conventional messaging apps. While this move may blur Snapchat’s distinctive selling point, Snap appears convinced of its necessity.

According to Snap, the decision stems from user feedback and a commitment to innovation based on user needs. The company aims to provide greater flexibility and control over conversations, catering to the preferences of its community.

Currently undergoing trials in select markets, the new feature empowers users to adjust retention settings on a conversation-by-conversation basis. Flexibility remains paramount, with participants able to modify settings within chats and receive in-chat notifications to ensure transparency.

Snapchat underscores that the default auto-delete feature will persist, reinforcing its design philosophy centered on ephemerality. However, with the app gaining traction as a primary messaging platform, the option offers users a means to preserve longer chat histories.

The update marks a pivotal moment for Snapchat, renowned for its disappearing message premise, especially popular among younger demographics. Retaining this focus has been pivotal to Snapchat’s identity, but the shift suggests a broader strategy aimed at diversifying its user base.

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This strategy may appeal particularly to older demographics, potentially extending Snapchat’s relevance as users age. By emulating features of conventional messaging platforms, Snapchat seeks to enhance its appeal and broaden its reach.

Yet, the introduction of message retention poses questions about Snapchat’s uniqueness. While addressing user demands, the risk of diluting Snapchat’s distinctiveness looms large.

As Snapchat ventures into uncharted territory, the outcome of this experiment remains uncertain. Will message retention propel Snapchat to new heights, or will it compromise the platform’s uniqueness?

Only time will tell.

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Catering to specific audience boosts your business, says accountant turned coach

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Catering to specific audience boosts your business, says accountant turned coach

While it is tempting to try to appeal to a broad audience, the founder of alcohol-free coaching service Just the Tonic, Sandra Parker, believes the best thing you can do for your business is focus on your niche. Here’s how she did just that.

When running a business, reaching out to as many clients as possible can be tempting. But it also risks making your marketing “too generic,” warns Sandra Parker, the founder of Just The Tonic Coaching.

“From the very start of my business, I knew exactly who I could help and who I couldn’t,” Parker told My Biggest Lessons.

Parker struggled with alcohol dependence as a young professional. Today, her business targets high-achieving individuals who face challenges similar to those she had early in her career.

“I understand their frustrations, I understand their fears, and I understand their coping mechanisms and the stories they’re telling themselves,” Parker said. “Because of that, I’m able to market very effectively, to speak in a language that they understand, and am able to reach them.” 

“I believe that it’s really important that you know exactly who your customer or your client is, and you target them, and you resist the temptation to make your marketing too generic to try and reach everyone,” she explained.

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“If you speak specifically to your target clients, you will reach them, and I believe that’s the way that you’re going to be more successful.

Watch the video for more of Sandra Parker’s biggest lessons.

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Instagram Tests Live-Stream Games to Enhance Engagement

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Instagram Tests Live-Stream Games to Enhance Engagement

Instagram’s testing out some new options to help spice up your live-streams in the app, with some live broadcasters now able to select a game that they can play with viewers in-stream.

As you can see in these example screens, posted by Ahmed Ghanem, some creators now have the option to play either “This or That”, a question and answer prompt that you can share with your viewers, or “Trivia”, to generate more engagement within your IG live-streams.

That could be a simple way to spark more conversation and interaction, which could then lead into further engagement opportunities from your live audience.

Meta’s been exploring more ways to make live-streaming a bigger consideration for IG creators, with a view to live-streams potentially catching on with more users.

That includes the gradual expansion of its “Stars” live-stream donation program, giving more creators in more regions a means to accept donations from live-stream viewers, while back in December, Instagram also added some new options to make it easier to go live using third-party tools via desktop PCs.

Live streaming has been a major shift in China, where shopping live-streams, in particular, have led to massive opportunities for streaming platforms. They haven’t caught on in the same way in Western regions, but as TikTok and YouTube look to push live-stream adoption, there is still a chance that they will become a much bigger element in future.

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Which is why IG is also trying to stay in touch, and add more ways for its creators to engage via streams. Live-stream games is another element within this, which could make this a better community-building, and potentially sales-driving option.

We’ve asked Instagram for more information on this test, and we’ll update this post if/when we hear back.

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