Some said NOTHING • “The worst thing someone can say about your brand on social media is NOTHING” – Tom Hoehn, Director of Digital Media, Formerly of Kodak
DR. PAUL MARSDEN, EDITOR IN CHIEF OF SOCIAL COMMERCE TODAY The use of social technology in the context of commerce. Selling with social media. SUDHA JAMTHE, SOCIAL MEDIA SPECIALIST, SOCIAL COMMERCE AT EBAY: Facilitating purchases using social media and social behavior data @BSmithUSM: The core of social commerce starts with understanding consumer perception Principal reasons consumers connect with businesses on social sites are for deals and purchases
Social commerce is on the rise ◦ 1.93 Billion USD in funding for social commerce startups in 1st trimester 2011 Social commerce is more than just sales ◦ April 2010: Levi’s Friends Store ◦ October 2010: Macy’s Magic Fitting Room, ◦ March 2011: Heinz’s Tryvertising campaign Create unique forms of engagement: ◦ Gamification ◦ Rewards, loyalty programs, exclusive offers
We shared purchases with friends, gave reviews and made recommendations
Thanks to social media, customers are a click away from sharing their purchasing behavior with their personal communities The SoLoMo customer ◦ Access reviews, instant shopping advice, locate deals while on the go Social shopping sites/communities Kaboodle, ThisNext, Pinterest Kaboodle: 14 million monthly visitors, Over 900,000 registered users, 10 million+ products on the site
Fastest site to 10 million monthly uniques Drives more referral web traffic than Google+, Youtube, and LinkedIn combined Visual search drives commerce
Why? ◦ Shopping is a social activity ◦ Thanks to social media, shopping and sharing is easier than ever As of Dec 2011: The 3 top brands by fans were selling on Facebook: ◦ Coca-Cola (34m) ◦ Walt Disney (28m) ◦ Starbucks (25m) More and more brands continue higher levels of engagement with their customers and are becoming more comfortable using social media as a sales channel
The importance of Social Data for commerce ◦ Customers use social media to discuss their desires, future plans, purchasing decisions, and opinions ◦ Brands can spot trends in consumer data to become more customer-centric: Drive sales Decrease returns and support costs Inspire product innovation
Social commerce goes far deeper than having a Facebook store ◦ It’s about discovery, sharing and innovation as much as it is sales Privacy issues are still the #1 concern ◦ 89% of people age 20-33 worry about the privacy implications of shopping on Facebook Brands must minimize the perception gap for why consumers connect with them socially prior to implementing a social commerce strategy
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