Reddit AMA Recap

Posted by Jessica Buller on Thursday 21 Jul 16

Below you can find the answers to the top community questions from last week's AMA with our Kickfurther CEO, Sean.

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Sean: One of the main projects we're working on this quarter is the "influence points" program. Essentially we award points for various activities and users unlock new functionality and rewards as they progress. The final tier is for 10,000 points (you get 10 points per sale, hence 1,000 sales) and the first person to reach it wins the big grand prize.

One of the key parts of this is that influence points would be a new credibility metric on co-ops where you could look at the value of influence points from other users. Essentially if there were some power sellers who were part of the co-op you would be able to tell and join them.

Influence points would decay so they provide a snapshot of real activity, not historical activity. However leveling in the rewards system is tied to total point accrued and does not decay.

Community Question: Why did you remove all the complaints and attacks on businesses? These were good public record of the misdeeds they have done.

Sean: Information can be found on the public cancelled co-ops page. We don't need the community to be Batman and dispense vigilante justice, we have processes in place. I admit they aren't perfect, we are focusing on improving communications especially, but they're there for a reason.

Community Question: Why give businesses the benefit of the doubt in all situations? Even when backers here consistently complain or warn you of impending bad deals.

Sean: Unfortunately until the buyers cancel the co-op by vote we don't have the legal authority to take additional steps. We're bound by the democratic system we created. What we can do is improve our screening processes, improve our platform to attract better brands, and attract sellers to move inventory so everyone gets paid faster. We've already done a good amount, but we plan on doing a lot more.

Community Question: Are there going to be any upgrades to the KF store?  I can't link directly to a product, only to the store. I'd like to be able to blog about a product and provide a "buy it here" link. Instead, I link to the KF store and the product from that post may be "above the fold" if it is a new article, but if it is older, then the product is below. Also it means we have to constantly maintain our stores. Affilliate links would be so much easier. Give me a direct link to Widget A that I can post on facebook or tweet about.

Sean: 1) Affiliate links - I agree 100% 2) Customization - Being able to add custom reviews to your overall store and change the banner picture to make it seem more "yours". 3) KF Products - We are bringing in some merchandise to make available to everyone who has an account regardless of whether they are part of a co-op or not.

Community Question: To make it general, rather than my account, can you write a post tracking a hypothetical porfolio. "Joe" invested $50 in product A, that had two scheduled payments and 10% return. His account value is. After the first payment of $25, he reinevests it in coop B which pays 10% in three payment. The next month he gets $30 from product A. His account value is _. He adds $20 to his account and purchases $50 worth of C, which pays 10% in two payments. His account value is __.

Sean: So Joe has $100 invested in product A and $200 invested in co-op B, both offer 10% profit. His account value should be $300. That represents $150 he paid for the cost of goods. Now Joe receives 2 payouts of half of the value from A and B. So he gets $55 from A and $110 from B. Now his account value should be $315, essentially ($55 account funds+$50 current inventory value) from A and ($110+$100) from B. Now if that new $165 of account funds is reinvested in product C, his account value should still be $315 ($50 A, $100 B, $165 C in inventory value).

When you receive payouts you're essentially realizing the profit from the consigned inventory which increases your account value.

Community Question: How many user generated sales has KF seen to date? Cool reward, but 1000 sales seems like a stretch...

Sean: Not a lot. That being said we haven't ever tried to bring affiliate sellers to the marketplace, we've only been bringing buyers to the market.

There will also be some new functionality for the store. Not a huge revamp, but some basic features to make it easier to sell.

Finally it's open ended. I'm sure there are people who if they got started they could get to 1,000 sales by the end of the year. We're hoping to attract people that can make 1,000 sales in a couple of months.

 For more information, and to view any follow-up questions and answers, please follow this link to view the full AMA: https://www.reddit.com/r/getgrowing/comments/4t5g6t/716_ama_kicking_off_q3/

Topics: Community

Posted by Jessica Buller on Thursday 21 Jul 16
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