FriendFund‿it is a new technology for online retailers, who want to offer their customers the option to allow two people (or twenty) to the ability to split the cost of any product or gift. Developed specifically for each of the major eCommerce platforms, FriendFund‿it clients are any business with an online store that wishes to provide FriendFunding as a payment option (a simple plugin) on the checkout page, alongside traditional payment options.
FriendFund‿it™ is the next step in the sharing economy which also includes person-to-person (P2P) transactions where people split the cost of rent, roommate expenses, a restaurant check and more. With FriendFund‿it, your store is not only providing customers a huge convenience by being able to share the cost of gifts online, but every time a FriendFund is shared you are acquiring groups of valuable new customers, increasing the opportunity of selling higher-priced items and building customer relationships.
By choosing the FriendFund‿it button on the checkout page of any participating online store, a FriendFund is launched. FriendFund‿it makes it easy to share the FriendFund with the user's friends and family, by offering one-click sharing via Email or across Facebook Messenger, Twitter, Pinterest or Google+. Once the user's friends have pitched in, the contributed FriendFunds are used to complete the checkout process, the same as traditional online payment methods. FriendFunding is safe, efficient, and fun!
Today, friends and family already share in the cost of many gifts offline for wedding or baby shower gifts, gifts for children or grandchildren and many other occasions. Companies have little visibility to these types of P2P transactions and therefore have no way of seeing how their products are being interacted with between friends and family.
Through the explosive growth of crowdfunding, collaborative consumption, and the reinvention of traditional market behaviors through technology, the sharing economy is transforming the marketplace.
For Brands, these changes represent a tremendous opportunity -- the next logical step is the retail space. FriendFund‿it recognized this and created a way to make online shopping a more shareable experience -- a one-click easy way for people to connect directly with friends and family, and feel part of a larger community. FriendFund‿it is especially advantageous to Brands whose sites host gift registries or where by virtue of the nature and price range of products, customers are already sharing the cost of purchases.
Get free viral advertising when your products are shared across users’ social media platforms or via email.
You will be obtaining new customers who, without the FriendFunding option, might otherwise not be able to afford certain products.
Even if a customer is unable to fully FriendFund a selected product, they are able to use the amount raised to purchase another item; receive a credit; or pay the difference with a credit card.
Providing customers the option to FriendFund magnifies purchasing power-- preventing lost sales and saving some carts that might otherwise have been abandoned.
For your administrators, it is as easy to install as PayPal or Visa/ MC.
Minor Childers is the former CEO of Blacklots, the first major online art business (acquired in 2013). Formerly he was co-founder and president of the World Carbon Database and Dot Eco. Partnered with Al Gore, the Dot Eco initiative grew into Top Level Domain Holdings. Minor is also currently the CEO of the nonprofit organization SPARK, which serves to ignite young students passion for science.
Jon Brennan co-founded Noobis, a pioneering digital integration firm. Prior to Noobis, as CEO/CTO of Improsive, he turned the company into a multi-million dollar a year business. Jon has worked for Fortune 100 company Ingram Micro for a decade, leaving as a Senior Manager having worked in or for all major departments in the US, Canada, and Europe, including Technical Support, IT, Sales, Customer Service, Logistics, and Training/Development.
Lisa DiMarzio is a 22-year veteran of the entertainment industry. Lisa established the Worldwide Marketing Partnerships department at Paramount Pictures and created some of the most ground- breaking co-branded marketing campaigns in the field. Lisa secured over $1 billion in media and marketing support and partnered the studio with global Fortune 500 companies that included Apple, IBM, Pepsi, Revlon, Panasonic, AT&T, Nokia, Daimler Chrysler, Land Rover...