Social commerce

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Presentation given at the imh e-commerce conference in Nicosia, Cyprus on March 14th, 2013

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Social commerce

  1. 1. SOCIALCOMMERCENikos AnagnostouCo-founder and Partner Scicada 1
  2. 2. agenta What is social commerce?Implementing Social Commerce Social thinking in commerce
  3. 3. What is social commerce? socialsocial media e-commerce commerce
  4. 4. Social Media in E-commerce
  5. 5. e-commerce within social media
  6. 6. Groupon made it „popular‟
  7. 7. Text TextIs Groupon really social?
  8. 8. • In April 2010 raised $135 Mio• On December 2010 raised $950 Mio, based on a valuation of $6.4 billion• On June 2011, filed to go public• In March 2013, Founder ousted
  9. 9. SC is NOT just selling in social media It‟s selling socially
  10. 10. What to do?
  11. 11. join the social space social media social shopping networks
  12. 12. the social commerce arsenalIn the store•Log in with social identity Everywhere else•Sharing•Recommendations and referrals •Facebook shops•Ratings & review •Shopping widgets•Rewards •Collections•Curation (Favs, wishlists, collections)•Discovery
  13. 13. log in with social identity• Facebook Connect• Google Openid• Twitter• etc
  14. 14. sharingcheap or inexpensive widgets
  15. 15. Facebook open graph• Not only „log in‟, not only „like‟• Special “verbs” that classify actions
  16. 16. I. Personalized recommendation II.Social recommendation • Item recommendation • A combination of the abovehttp://scicada.com Nikos Anagnostou Social Shopping
  17. 17. shopping communities
  18. 18. Review networks
  19. 19. the interest graph pinterest
  20. 20. case: fab.com
  21. 21. social thinking in commerce
  22. 22. It‟s the psychology, stupid.
  23. 23. six social biases
  24. 24. Social Proof• “If other people „like me‟ use and like something, then I will try it” • “People like me” is something I self identify through my social media activity, i.e. people I consider my peers, I interact more often etc. • Social Proof is conveyed through the activity stream.
  25. 25. Liking• “If other people „I like‟ use and like something, then I will try it” • Celebrities • People you admire • Public figures
  26. 26. Authority• “If an expert, whether I know them or not, uses and likes something, then I will try it. • Real experts • Relative experts • Perceived experts
  27. 27. Scarcity• If access to something is limited for others, then I will try it. • Time limited exclusives • Medium exclusives • Status or relationship exclusives
  28. 28. Consistency• If I have made a public commitment that suggests I like something, then I will try it. • Give a free sample in a social context. • Ask for full purchase in the same context later.
  29. 29. Reciprocity• If someone does me a favor, then I will reciprocate. • Freebies • Support • Information, appreciation, etc
  30. 30. CONCLUSION• Social commerce has had it‟s hype cycle -We are entering the maturity phase• Should be viewed as part of an e-commerce strategy than a separate initiative.• No single action/remedy. Follow a holistic approach

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