Retail

LetsBab Taps Into Peer Recommendations For Shopping

Amid a rise of influencer-sponsored items on social media, LetsBab enables consumers to shop, recommend and earn money through its new peer recommendation app. The service lets consumers receive rewards for serving as reviewers, Footwear News reported.

LetsBab Founder and CEO Bonnie Takhar said, according to the outlet, “We know that a personal recommendation is the most powerful; it’s something we do every day, but there is no one platform that facilitates, tracks and rewards this behavior. We are the first platform to allow anyone and everyone to share what they love and earn cash.” Takhar previously served as the CEO of Charlotte Olympia, and prior to that was Halston Heritage’s chief executive.

The app, which users can download in the United States and the United Kingdom, has 85 brands in the U.K. and 90 brands in the U.S. The labels on the platform include ASOS, Boohoo and Coach. To use the app, consumers can search through “Find It” and “Bab It” to shop for and recommend items. The user gets a 5 percent cut of the sale when a friend purchases a product, and can choose to donate the profit through “Give It to benefit charities such as Trevor Project and Smile Train.

The news comes as Instagram is testing a new shopping program that enables users to shop and check out within the app. (Currently, users can swipe a product on Instagram to be sent to the vendor’s website to place an order.) The social media company is reportedly experimenting with over 20 fashion and beauty brands. During the pilot, users can click on “View The Product” to see a “Checkout on Instagram” option. Payment information can be saved and stored on the platform. Users can reportedly make purchases in the app from Kylie Cosmetics, Anastasia Beverly Hills and ColourPop, among others.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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