In the ever-evolving e-commerce arena, thematic live commerce has emerged as an interesting option, weaving together immersive experiences around a single theme with real-time buyer engagement.
While single live streams are gathering steam globally, the consumer needs a solid reason to buy. By building a theme-based event, it is easy to target niches that get lost in the crowded marketplaces.
However, its potential remains hampered by a fragmented market. Drawing parallels from the crypto world’s progressive ownership model, as explored by Li Jin and Jesse Walden in their very interesting piece published in the Variant Fund piece earlier in the month, we feel there’s a roadmap for Mela and similar platforms to cultivate deep user loyalty and overcome fragmentation.
The progressive ownership model suggests a bottom-up approach to token distribution, a method that resonates with the ethos of thematic live commerce.
It’s about empowering users and aligning their interests with the platform’s success, not unlike incentivizing employees with stock options in the startup world. How, then, can we transpose this model onto thematic live commerce to foster a cohesive ecosystem?
A unified commerce community
Thematic live commerce’s success hinges on a unified community — a network of brands, influencers, and consumers moving in harmony. The progressive ownership model offers a clue: incentivise participation. Imagine a live commerce event where each purchase contributes not only to the seller’s revenue but also to loyalty points or stakes for the buyer.
It’s a symbiotic relationship; as the platform grows, so does the value of each participant’s involvement. This shared success could transform one-time buyers into long-term platform advocates.
Economic incentives as loyalty catalysts
The allure of immediate gains is strong, but the promise of long-term rewards can forge stronger bonds. Suppose viewers and brands could earn progressive ownership stakes in Mela.
In that case, they’re likely to become more invested in the platform’s growth, creating a community where everyone is rooting for— and working towards — collective success. This approach could shift the dynamic from passive viewership to active engagement, with stakeholders championing the platform far and wide.
Avoiding the airdrop pitfall
The crypto world has witnessed the pitfalls of airdrops — short-term speculation that did little to foster genuine platform loyalty.
Thematic live commerce must learn from this, ensuring that any loyalty or ownership stakes are earned through meaningful engagement, whether through repeat purchases, content creation, or community-building efforts. This guards against the fleeting interest that plagues many digital platforms and ensures stakeholders are truly invested in the platform’s longevity.
The organisational imperative
While the allure of decentralization and distributed ownership is strong, it’s crucial to balance this with strong organizational execution. Thematic live commerce platforms must focus on product innovation, customer experience, and operational excellence.
The progressive ownership model doesn’t negate the need for a visionary leadership team that can steer the platform through the competitive waters of e-commerce.
Rethinking revenue streams
In a space where traditional revenue models reign, introducing progressive ownership could be a game-changer. For Mela, this could mean reimagining revenue streams to incorporate shared ownership. Revenue sharing, for instance, can evolve from a simple transactional relationship to a collaborative partnership where every sale enriches the platform’s ecosystem.
The lesson is clear: growth should be sustainable. It’s tempting to chase rapid expansion, but thematic live commerce must prioritise solidifying market fit and nurturing its user base. A platform that grows too quickly on shaky foundations risks collapsing just as swiftly.
Compliance and evolution
Just as the crypto industry grapples with compliance, so too must thematic live commerce navigate the regulatory and ethical considerations of progressive ownership. It’s a delicate balance, ensuring that users can reap the rewards of their loyalty without falling afoul of complex regulations.
The fragmentation of the live commerce market isn’t a death knell but a clarion call for innovation. By embracing the lessons of progressive ownership, platforms like Mela can build a community of stakeholders whose fortunes rise with the platform.
This isn’t just about selling products; it’s about selling a vision of collective prosperity where every stakeholder has a share in the success. As thematic live commerce grows, it must foster not just transactions, but traditions of loyalty and shared destiny.
In this digital age where experiences are as valuable as the products sold, thematic live commerce has the chance to redefine retail.
The progressive ownership model isn’t just a blueprint for a more unified market; it’s a manifesto for a future where every participant is an owner, every purchase a pledge of allegiance, and every live commerce event a step towards a more interconnected and invested community.
This article was first published on the getmela.live
–
Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic
Join our e27 Telegram group, FB community, or like the e27 Facebook page
Image credit: Cova Software on Unsplash
The post Cultivating loyalty in live commerce: A lesson in progressive ownership appeared first on e27.