Thai startup brings social networking to Ecommerce

Innovative new ideas and takes on Ecommerce and online Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term show us that we have yet to tap the surface of what we can pay for online. From paying the rent to Tweeting a cup of coffee to someone, we seem to find that there is always room for something different. Thai Startup Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term 500Trends is here to show us their new take on Ecommerce.

500Trends is an Ecommerce platform that integrates social networking. The service was established by Marcos Ferrer and Yod Chinsupakul, who also developed Wongnai, Thailand’s version of Yelp. The network consists of participating brands and shoppers and allows the shoppers themselves to help decide what products will be sold through the website, and at what price. Once a product is posted, the shoppers have the opportunity to Trend (like) the post and comment on it. Once a product receives between 40-50 trends, 500Trends then contacts the retailer about offering the product through them and negotiates a price dependent on the comments and amount of trends.

One of the main hurdles with such a service is the time frame. If a shopper voted for a certain product and finds it somewhere else, he might purchase it from the other outlet, rather than wait for it to become available on 500Trends. Marcos Ferrer explained that the level of engagement and the ability of controlling the price will help with keeping the shoppers on the 500Trends.

“It matters that people need to work for that item. It creates a gamification concept. If the person wants the item fast, then they have to share it with more friends. The items that get most interest are the only ones we will negotiate to get the discount for consumers.” Marcos Ferrer explained on the product availability issue.

500Trends was launched less than a month ago and already has 10,000 users and a 1,000 different brands. Currently, the site is accepting users on an invitation only basis, but is making more invitations available. Chinsupakul and Ferrer see the site reaching 50,000 users by the end of the year.