Facebook has changed the way people used to do business. Close
to 1 billion population is on Facebook and to harness that, retailers and
brands started opening their shops on Facebook. It has also given birth of new ways
of marketing to reach out to the end customers. Buyapowa.com built around the similar
model in a unique way to provide value to brands , retailers and end customers.
To understand more about buyapowa.com, we had a discussion with Gideon Lask, CEO & Founder, BuyaPowa
What is Buyapowa.com
and what need are you addressing?
BuyaPowa is a social commerce business. Our unique
e-commerce models drive sharing and brand advocacy, build community
interaction, and generate waves of customer leads. Our tools allow brands to
harness the power of social commerce by turning buyers into marketers. We
believe that e-commerce, when done in a particular way, can be leveraged as a
powerful new form of marketing
Tell us something
about yourself and how did idea come to your mind?
I'm an e-commerce guy and I was inspired while at Universal
Music, watching fans do all the marketing of products for us. My goal has been
to bottle that effect and make it available to brands outside of entertainment.
How are you reaching out
to your potential target customers?
We help our clients reach out to their own customers,
leveraging existing relationships to acquire new customers.
How are you different
from any other online retailer?
We provide a solution for online retailers, and for anyone
wanting to engage their social communities in a transaction. Retailers use our
innovative e-commerce marketing solutions to differentiate themselves, and to
drive rich customer interactions on Facebook.
Do you assure the
items people get are the cost effective compare to any other Internet retailer?
Our co-buying tools allow consumers to actively group
themselves into a single transaction - allowing the access to products and
services as wholesale prices
Does your form of
retail provide an alternative to traditional forms of advertising?
Exactly! Use our tools to offer a reward to your customers
and they'll create waves of sharing and generate millions of social
impressions. Because the impressions are generated by customers, rather than
the brand, they are also far more effective.
Did you receive any
funding?
Yes, we are backed by Bright Station Ventures who invested
$2m last summer.
What technology
initiative are you taking going forward?
Deeper integration with Facebook, internationalization, and
a richer mobile experience.
Where do you see
Buyapowa.com in next 2-3 years' time frame?
Powering social commerce channels for hundreds of brands and
retailers, around the world. Continuing to innovate in this particular space:
the use of e-commerce as a marketing tool.
What is the greatest
opportunity for your business?
Brands recognizing the power of social commerce as an
amazing marketing tool; and a great way to develop direct, transactional relationships
with their end-customer.
What is the biggest
challenge to your business?
Customers are ready; we are ready; and we all want brands to
start embracing social commerce more aggressively. It will come, and it will be
great, but we want it faster.
With the benefit of
hindsight what would you have done differently so far?
We’d have started working with the magazine publishers
earlier. They are using co-buying to make that tricky shift from content to
commerce. Their view is that co-buying leverages the relationship they already
have with their audience, which is based on recommendation and empowerment.
It's proving to be far more powerful than bolting on a traditional e-commerce
store. They also get to charge their existing advertisers for running a co-buy
to complement an existing ad campaign - so it proves to be lucrative too.