Social retail site gives cash for referrals

Social shopping e-commerce site Yuno is rewarding shoppers with cash every time someone in their social network sees and purchases the same item, or a related one.

Yuno is a marketplace that curates fashion, lifestyle, sports and technology products from retailers such as Macy's, Best Buy, Neiman Marcus, Saks Fifth Avenue and Foot Locker. In total, Yuno's inventory spans 70 million products, Media Post reported.

There is no cap on the cash back rewards so a user could potentially receive up to the full value of their purchases, depending on how much they influence their followers.

"With social media, the power to generate attention and to influence others' behavior is no longer limited to famous celebrities," Yuno CEO Andre Walters told Media Post. "We are all valuable in the world of commerce through word of mouth marketing, and we believe that value should be recognized in our everyday transactions by the companies we support."

Social media has become an important part of the retail omnichannel strategy. In fact, according to recent data from the Pew Research Center, 91 percent of retailers are on two or more social media sites as a way to reach out and communicate with consumers.

However, social media is moving away from being solely a communication platform and turning into a space where actual commerce transactions are made. Pinterest, Twitter (NYSE:TWTR) and Facebook (NASDAQ:FB) are in the early stages of testing shoppable buttons that make shopping quick, easy and enjoyable for shoppers, while profitable for retailers.

For more:
-See this Media Post article

Related stories:
23% shoppers follow favorite clothing brand on social media
Amazon fastest growing retail brand on social media
Neiman Marcus and Mytheresa launch shoppable Instagram
New website offers deals in exchange for reviews
The buy button arrives: How social media shopping will change retail
 

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