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Shopping in a snap…chat.

(FINANCE) New extension of Snapchat allows companies to sell through app

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Social Shopping a.k.a Magic a.k.a Snap Me

Screenshots are typically used to capture hilarious meme’s, embarrassing photo’s that may soon be deleted, and now, to shop for product. The new, and almost magical, social shopping concept introduced by SnapMe uses photo recognition capabilities that allow consumers to screenshot a product from Instagram or Snapchat, and then purchase that product. Let’s take a look at how this magic benefits businesses, social influencers and consumers.

Businesses + SnapMe = Mula

For businesses SnapMe basically adds two additional avenues for consumers to reach the e-store and ultimately purchase.

Understandably, the more avenues there are the more Mula.

This innovative app also encourages impulse buying from consumers, since decision time (wanting those cute shoes and reaction time (buying those cute shoes) can be executed within a matter of seconds. Finally, SnapMe can eliminate those annoying, and unnatural ad captions that sound like sales pitches. Instead of finding a clever way to say “buy these cute shoes” marketers can simply capture an amazingly captivating photo of the product and be just as effective, if not more at selling.

Influencers + SnapMe = Diverse Brand Relationships

For influencers, SnapMe allows them to monetize photos that would’ve otherwise included a tag back to the stores Instagram or Snapchat page.

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The ability to now promote and link back to an actual store will make it easier for influencers to build a diverse portfolio of brand relationships: so long as they can produce high quality content with various products in each photo.

Consumers + SnapMe = The Easiest Shopping Experience Ever

Finally for consumers, SnapMe provides the most convenient shopping experience I’ve seen yet as it eliminates the time searching for the product and requires no more effort than movement of the fingertips.

It also allows the consumer to see the product in 'real-life' on other customers or influencers instead of super models, which can motivate quicker buying than usual.Click To Tweet

How to Use it…

To use SnapMe, businesses and influencers must upload photo’s and snaps through their dashboard and tag the necessary product information, from there they can post as usual.

Consumer’s must also have the app to be able to “shoot and shop”.

To make money, SnapMe takes an unspecified percentage of the transaction amount and transfers the rest to the business via Paypal, Stripe or bank transfer. Businesses are then responsible of fulfilling the orders for their customers.

I’m interested in how this app develops or what other concepts arise from this social shopping idea. I foresee a version that allows consumers to take a screenshot from the native Instagram feed, without having to go to a separate app to shop.

If interested in selling with SnapMe head here to check out their site and sign up. If you decide to check it out, come back and let us know how you like it.

#SnapPurchasing

Lauren Flanigan is a Staff Writer at The American Genius, hailing from the windy hills of Cincinnati, with a degree in Marketing from the University of Cincinnati. She has escaped the hills, and currently resides in Atlanta, where you can almost always find her camping at a Starbucks strategizing on how to take over the world.

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Business Finance

Can you afford missing a paycheck? Finance tips for freelancers

(FINANCE) Freelancers who are not always promised a regular paycheck could benefit from staying on top of their finances. Here’s our tips!

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Most Americans don’t have a regular savings account and could not handle a $1,000 emergency, let alone miss practically a month of pay. We all could benefit from some careful reflection about the precarious nature of our personal finances.

Particularly those of us who don’t receive a regular paycheck.

Entrepreneurs and those invested in the gig economy have volatile incomes, and literally no promise of a paycheck ever – that can impact your personal finances in a number of ways.

Variable incomes are normal for this group and can impact entrepreneurs in ways as simple as handling debt.

If this is you – here are a few things to keep in mind that can help you deal with the volatility of living on a variable income and handling your personal finances.  

  • Set up an emergency fund. Start with 500 if you have to, and remember this is an emergency fund for your personal expenses, not your business. If you have an emergency fund, make sure you identify what an emergency is and also be prepared to put money back when it comes out. If you have a hard time not spending money in front of you, put your money in a local bank or CU that you don’t have immediate access too.
  • Stick to a budget. when you can’t forecast your income appropriately, controlling expenses is so critical it’s the few things that are in your control.
  • Don’t mix business with personal. While you may be pouring your personal energy and time into your start-up or gig, be careful about mixing expenses for two reasons: First, it messes up your budget. You need to have separate budgets for personal and business. Second, there could be tax challenges – consult a tax professional for more information. Here’s a little primer to get you started.
  • Save for retirement. There are tax benefits and come on, don’t wait till you can’t work anymore. Also, an IRA IS NOT AN EMERGENCY FUND.
  • Practice good financial behaviors. Automate bill pay. Online statements. Digital receipt tracking. The more you can automate your life, the better you are. You already have so many demands on your time, reduce that so you can spend more time doing what you love and what matters.
  • Consider diversifying your income. Either ensure you have multiple strings or a backup gig (even if it’s just uber driving) or be prepared to do temporary or contract labor during your slow seasons.

The path to entrepreneurship is rough. If the government can be unstable, those of you who work in the world of startups, gigs, and entrepreneurship, need to be even more on your toes. The “normal recommendation” for saving is 10% of your income, but normal may not be enough for you. Be prepared and save (more) of your paycheck.

Disclaimer: I am neither a tax nor investment professional. This is personal financial advice and I encourage you to visit a professional if you need more specific plans of action.

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Business Finance

Under-representation of women in fintech: Let’s talk about it

(BUSINESS FINANCE) Representation of women in fintech remains scarce despite a prevalent population of interest. Why is this the case, and what can we do about it?

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Woman reading a document in front of her computer, one of the women in fintech.

Women are 50% of the population – so why are there only 9 of us on the 2020 Forbes Fintech 50?

I’m personally shocked by how underrepresented women are in such a lucrative industry. By 2022, it’s predicted that fintech, or financial tech, will be worth $26.5 trillion, and we cannot afford to miss out.

And I’m serious when I say fintech is truly taking over. This includes payment processing, online and mobile banking, person-to-person payments (think Venmo or Cash App), financial software, to name a few. For some perspective, half of consumers use digital banking services as the primary way to manage their money. That’s a big deal.

So why does it matter that women are drastically underrepresented in leading roles at these companies?

  • Women CEOs receive only 2.7% of all VC funding – that is astonishingly low, considering that the remaining 97.3% is secured by their male counterparts.
  • While a study conducted by the Harvard Business Review on leadership skills found that women scored higher than men in 17 out of 19 categories (I could’ve told you that), women founders make up only 17% of fintech companies. Some of the categories tested on were:
    • Bold leadership
    • Taking initiative
    • Resilience
    • High integrity & honesty
    • Collaboration and teamwork (this is a big one!)
    • Inspiring & motivating others

If you’re a woman interested in business, tech, or entrepreneurship looking to break into the big leagues, here’s some exclusive advice from lady CEOs, founders, and COOs:

  • Stay Passionate
    Suneera Madhani, Founder + CEO of Fattmerchant, says: “…remember why you started and hold that close to your heart when times get tough.”
  • Be Open to Learning
    “Never behave as the smartest person in the room because you may miss some of the best ideas.” Says Snejina, Co-founder + CEO of Insurify.
  • Trust Your Intuition
    As the Founder + CEO of Tala, Shivani Siroya urges us to: “Stay excited, focused on results and be incredibly optimist. It’s okay to really believe in your gut – just make sure that you see the results with it.”

2021 is a new year full of opportunity – even though the odds are (and always have been) stacked against us, let’s have this be the year where women techies and business owners capitalize on their leadership skills. We have lost time – and profit – to account for.

Author’s Note: Thank you to CreditRepair for the linked infographic!

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Business Finance

TikTok users are making bank by copying Congress peoples’ investments

(FINANCE) TikTok, the short-form video platform, has users trading stocks tips. The newest strategy: following Congress peoples’ stock moves.

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TikTok isn’t just for funny dances, crude jokes, and kids born after the year 2000 (but crazy to think, they aren’t kids anymore, they could be 21…time flies). The short-form video platform that soared to be the #1 most downloaded app during the pandemic is giving tips to youngsters and millennials for their finances. The newest strategy: following and copying Congress’ stock moves.

This is in part to the not-so-surprising news of insider trading among politicians and the ability to duplicate trades of another user on platforms such as Iris, whose website says…

“Invest together with your family, friends, and brilliant people all over the world. Get real-time notifications when others make trades and copy their moves.”

Nancy Pelosi and her husband, Paul, are the prime examples of government traders (or traitors, you decide) to watch. For example, Paul made $5.3 million through call options to buy 4,000 shares of Alphabet before the House Judiciary Committee voted on antitrust regulations. He also exercised $1.95 million worth of Microsoft stock just 2 weeks prior to the company’s awarded contract worth $22 billion for the use of their VR headsets in military training. Lastly, before President Joe Biden announced another incentive program for EV manufacturers, he also paid Tesla stock options for $1 million.

Nancy Pelosi at the podium.

Christopher Johns, the cofounder of Iris, said that every trade “inevitably turned out to be such a long-term winner.” Wonder how that’s possible (eye roll). He adds, “if they’re the ones passing the laws, it’s probably smart to keep up and see what they’re buying.”

And yes, their stock picks are considered public trading activity and this is perfectly legal. Trading is no longer a lone man in a dark room behind 3 large computer screens of graphs or Jim Cramer screaming in the background- it’s a full-on social activity, just like everything else nowadays.

There is a whole community behind these meme cryptos, penny stocks, and short squeezes. You’ll find them on r/wallstreetbets, Elon Musk’s Twitter, Facebook groups, and of course, trading TikTok, all contributing to the “Eat the Rich” scheme of Gamestop/AMC, the elaborate rise and fall of Dogecoin, and the now trending, 2nd dog-specific coin, Shiba Inu.

Laugh all you want, but these kids are working smarter, not harder, and even outsmarting the best in the league, by following the best in the league.

AMC, Gamestop, and Dogecoin.

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