Yet another kind of social media has emerged. To the people who are already updating their Facebook, Twitter, Tumblr, Instagram, Google+ and Pinterest accounts on a daily basis: it’s going to get hectic. This new concept is all about liking/following action, but unlike existing social media, you can actually buy what you like. Luvocracy is what would happen if Amazon and Pinterest had a baby.
The site, which was quietly launched last year, allows you to luv certain products and trust fellow users, and buy the recommendations of others directly through Luvocracy. Word-of-mouth is the most trusted source of product information for most people and this new concept has found a way to capitalise on just that. Their advertising strategy also seems to be based on the power of word-of-mouth: I’ve seen a lot of sponsored Luvocracy-videos circulating the YouTube environment.
Your recommendations can even earn you some extra shopping budget: every time someone buys an item by clicking on your luv you get 2% of the selling price. CHA-CHING. Even when another member ‘repins’ your recommendation you still get a percentage. People with a great network of followers and a lot of influence (think famous bloggers, editors etc.) can even apply to be a tastemaker and get 10% (!) of the price of product people buy on their recommendations in ‘store credit’ or as a deposit check.
After a little perusal on the Luvocracy site I would say it is a very different experience than ‘traditional’ online shopping. You can’t search as targeted as you can on other sites. For example: there is separate section for beauty luvs, but you can’t refine it even further and select ‘eyeshadow’ or ‘skincare’. I think it resembles ‘oldschool’ brick-and-mortar shops since it’s more of a browsing experience.
Ebay has also added a social media aspect to its website. On the new Ebay Today you can now, in a similar way as on Luvocracy, follow members, interests and collections and create your own collections. This whole pinning and buying concept to me seems like looking at pictures in a magazine except you have the option to order it straight to your house. Very dangerous indeed.
I don’t know if I’ll use Luvocracy and the likes that often because 1. I’m not the most avid user of social media (except maybe Facebook) as proven by my pathetic Twitter account and 2. I’m trying to save up some money so I’m being a.s.a.p. (as stingy as possible) but I definitely think it’s and interesting idea.