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Social Commerce WWTH 7.0

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Social Commerce

Social Commerce
by Paul Srivorakul, CEO Ensogo.com
Presented at Web Wednesday Thailand 7.0
November 24th, 2010

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Social Commerce WWTH 7.0 Social Commerce WWTH 7.0 Presentation Transcript

  • Social CommerceBy Paul SrivorakulBangkok – November 24, 2010
  • What is social commerce?“ E-Commerce Buying and selling products and services online Social Commerce Monetization of social media with e-commerce Social Media Online media supporting social interaction and user contributions
  • The heart of social commerce?“ People are more valuable owning and using your product than thinking about buying it
  • The Power of Social Networks Chadwick Martin Bailey Social Sharing Study 2010
  • Key factors influencing Thai online shopping90% Secure payment facility90% Convenient payment methods86% Price/Value81% Good customer service81% Speedy Transaction80% User-friendly website79% Low delivery charges74% Reputation of website69% Promotion OffersSource: Thailand, Mastercard Worldwide Insight 2008
  • Six tools driving social commerce (1-3)1 2 Recommendations & Referrals 3 Forums & Communities Forums & Community
  • Six tools driving social commerce (4-6) 4 Social Shopping users share the act of shopping online 5 6 Social Media Optimization Social Ads and Apps paid promotes and publicizes events ads, promo apps, widgets and content through social media.
  • Starbucks: Social Media Optimization 1% of Twitter traffic on July 21, 2010 1 m walk-ins
  • What motivates social shoppers? 1: Social Proof ‘Follow the Crowd’ (peer reviews and popularity lists) 2: Authority ‘Follow the leader’ (expert and professional reviews) 3: Limited ‘Limited Stuff is Good Stuff’ (online exclusive daily deal) 4: Liking ‘Follow those You Like’ (friend referral, peer recommendations) 5: Reciprocity ‘Give Back’ (Sampling, Freebies)
  • Social Commerce corners of influence Friends Customers Influence Experts Celebrities
  • Amazon: Ratings & Recommendations Customers Who Bought This Item Also Bought…
  • Trip Advisor: Friend Activity
  • Ensogo: Limited Stuff ฿ 99
  • Social Commerce and mROI
  • The Online-to-Offline (O2O) Business Model Deals advertised online 1 and offline 2 3 Share the deal with friendsPurchase Online 5 Walk in 4 to store 6 Print or SMS Voucher Call to make reservations
  • Impact of Social Commerce Promotion Sales(Marketing) Promotion Social(Marketing) + Commerce Sales + N Foot Traffic Track Conversions Sales Loyalty (Fans) Recommendations
  • Drivers marketing ROI Exclusive Discounts Exclusive Conversion (Conversation) Access Loyalty (Retention / Lifetime Value) Exclusive Advocacy (Acquisition / Experiences Referral Value Exclusive Freebies
  • Exclusive Access: Starbucks launches premiumcoffee exclusive on Gilt.com
  • Exclusive Access: Members only for 40-70% OffTravel Deals
  • Exclusive Experience: Check-ins to get discountsand freebies
  • Exclusive Freebies: Free entry to the Mom Expo
  • Thank You $2m in Funding 30+ Job Positions OpenFirst 50 people in line with proof of tweet or postabout Ensogo.com gets a free SF cinema voucher