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Kwedit is currently only for digital goods, however, their partnership with 7-11 Stores will create a new payment method that changes the landscape of online sales, especially using Kwedit Direct!

In the New York Times article “Buy Now, Pay Later (Maybe with your allowance), Kwedit bring online purchasing to the under-13 crowd, as well as a tipping point to add new buyer personas to e-commerce.

Currently, Kewdit is being used strictly for digital goods in children’s games, where they can make purchases of digital goods in the game using a promise to pay.  As they do pay for the goods, their “kwedit” score goes  up, allowing them to purchase more on a promise.  Kwedit is reportedly seeking the “sweet spot” where the kewdit limit is not too high, but not low enough to discourage the purchases.  At the same time, the digital goods sellers suffer no real loss for non-payment (except obviously their time in creating them).

The cooler part of this new platform is the potential in the future availability to add “Kwedit Direct” as a payment form for all other online transactions.  According to the New York Times article, the buyer will be able to make a purchase online using the Kwedit account, then print out a bar code and take it to 7-11 to make a payment in person using their cash, or their credit or debit card.

This potentially increases online sales to those who have avoided buying online because they do not want to expose their bank account, credit or debit cards – or they simply do not have one.

This is an exciting opportunity for online merchants and worth watching as it rolls out!

Traditional Funnel v. Viral Funnel

A study in viral marketing found some interesting stats on viral behavior that are worth a look for any marketer or Social Media Manager.  In an examination of a 4-million strong network, researchers had four key findings:

1. Consumers stayed in their personal network, often exchanging recommendations back and forth with the same friends.

2. Recommendation networks centered on specific types of products creating a “community of interest.”

3. Trust, influence and the perception of “spam” were all purchase factors.

4. Most recommendation chains were short, ending in the initial product purchase more often than not.

Read more analysis and the 4 Viral Implications for Marketers at Randall Beard’s blog [01-25-10]