2. The 6 Dimensions of Social Commerce - Mark Ellis, Syzygy

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Presentation given at the Like Minds Social Commerce Immersive, London, Weds. 9th Feb. 2011. Part of the Like Minds series of events for Social Media Week London

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2. The 6 Dimensions of Social Commerce - Mark Ellis, Syzygy

  1. THE SIX DIMENSIONS OF SOCIAL COMMERCE THE LATEST INTERNATIONAL DEVELOPMENTS IN DRIVING REVENUEMARK ELLIS, MANAGING DIRECTOR, SYZYGY
  2. 3
  3. Definition: Social Commerce “Selling with Social Media” Social commerce is a subset of e-commerce that involves using social media, online media that supports social interaction and user contributions, to assist in the online buying and selling of products and services. Word-of-mouth, applied to e-commerce.
  4. AUGUST 11, 1994NETMARKET.COMFIRST-EVER INTERNET PURCHASE
  5. 11.50 AM JULY 8, 20091-800-FLOWERS.COMFIRST PURCHASE WITHIN FACEBOOK
  6. Sharing your purchasing decisions before, during and after buying
  7. + = €/$ INCREASE TRAFFIC, SALES (CONVERSION) AND AVERAGE ORDER VALUE
  8. BRAND AMBASSADORS“PEOPLE ARE MORE VALUABLE OWNING AND USING YOUR PRODUCT/SERVICE THAN THINKING ABOUT BUYING IT” Paul Srivorakul, Ensogo.com
  9. 2 STRATEGIES SOCIAL MEDIA ON E-COMMERCE ONE-COMMERCE PLATFORMS SOCIAL MEDIA PLATFORMSHelping people connect Helping people buy where they buy where they connect
  10. 6 x SOCIAL COMMERCE TOOLS
  11. 1 RATINGS & REVIEWS RECOMMENDATIONS & 2 REFERRALS2 FORUMS &3 COMMUNITIES
  12. 4 SOCIAL SHOPPING 5 GROUP BUY2 PURCHASE6 SHARING
  13. WHY NOW? FOLLOW YOUR CONSUMERS
  14. IT’S ABOUTPEOPLE INFLUENCING PEOPLE NOT TECHNOLOGY 1. BE HONEST 2. BE CONVERSATIONAL 3. BE REMARKABLE (LET GO)
  15. THE SIX DIMENSIONS TO SOCIAL COMMERCE SUCCESS 1. SCARCITY 2. AFFINITY 3. RECIPROCITY 4. POPULARITY 5. AUTHORITY 6. CONSISTENCY
  16. #1. SCARCITY LESS IS MORE (PERCEIVED VALUE)
  17. Frederick the GreatPRUSSIA, 1774Effectively re-branded the Potato by making it a ‘scarce’ Royal delicacy
  18. Christian LouboutinLimited Edition BarbieExclusive Collector’s Dolls
  19. @DellOutlet$6.5m Twitter RevenueExclusive Discounts and Snap Promotions
  20. GROUPONWorld’s largest ‘Group Buy’ Platform
  21. POP-UP ONLINE STORESLucky Magazine and HSN create 48-hr exclusive Facebook shop
  22. FACEBOOK DEALS (MOBILE)Geo-located local deal promotions have huge expectations for 2011Gap offered 10,000 free jeans to the first 10,000 check-ins (then 40% off)
  23. #2. AFFINITY SHOP WITH LIKE-MINDED PEOPLE
  24. Dell SwarmGroup Buy for technologyDaily deals for Dell bargain hunters
  25. Levi’s Friends Store‘Shop Together’Real-time Global Shared Shopping Functionality
  26. PingApple’s Social Network
  27. Connecting 160m iTunes Customers1m sign-ups in first 48-hrs
  28. #3. RECIPROCITY PAY BACK FAVOURS
  29. Adidas Outlet StoreMember Get Member Social CouponsEarn free shoes by inviting friends in
  30. Fiesta MovementFord’s Social Commerce Experiment (2009)100 free cars in return for monthly YouTube posts11,000 videos, 15,000 tweets, 11m social visitors, 5m shares, 50,000 enquiries, 38% awareness (Gen-Y)
  31. Starbucks foursquareNational ‘Mayor Offer’ (USA) Loyalty Programme$1 off each drink for all Starbucks foursquare Mayors nationwide
  32. Toys R UsToyologistsConsumer panel of (free) toy reviewers on Facebook, Twitter and YouTube
  33. #4. POPULARITY FOLLOW THE CROWD
  34. P&G Amazon Facebook StoreSelling 1,000 products an hour (direct to consumers)Top 29 brands from Always to Zest
  35. The undisputed Kings (and Inventors) of Social CommerceLeading the way since 1995 (£24.5bn turnover, 2009)
  36. BurberryArt of the TrenchBecome a trench coat model (200,000 visitors week-1; 5m to date)
  37. #5. AUTHORITY FOLLOW THE LEADER (EXPERTS)
  38. vente-privee.comExclusive private club for curated designer brand discounts40,000 orders per day; $1.1bn Sales; $70m profit
  39. AppleExpert Discussion ForumsHosting and feeding a platform for thousands of Apple ‘experts’
  40. French ConnectionYoutique (YouTube) – “Plinking”Expert fashion videos with annotated ‘Buy’ buttons
  41. #6. CONSISTENCY ONE STEP AT A TIME
  42. BlendtecWill it Blend (YouTube)Smiling is consistent with liking, liking is consistent with buying130,000,000 videos viewed; Home blender sales increased +700% since 2006
  43. Starbucksmy STARBUCKS IDEAFeedback is consistent with caring, caring is consistent with loyaltyConsistent Customer Focus: using Social as an Ideas Platform to improve the product and service
  44. f-commerceFacebook Stores (and storefronts)‘Get It First’ VIP Store, discounts and exclusives for Facebook Fans
  45. f-commerceSoftware suppliers creating integrated Facebook storesE.g. Alvenda; Usablenet; Milyoni; Payvment;
  46. SUMMARY7 KEY POINTERS for 2011 1. EXPERIMENT - START SELLING ON SOCIAL PLATFORMS 2. ADD MOBILE (SHARING) INTO YOUR SOCIAL MIX 3. IMPLEMENT SOCIAL PLUG-INS e.g. FACEBOOK ‘LIKE’ 4. UP-SELL WITH REVIEWS AND RECOMMENDATIONS 5. INTEGRATE ‘CHAT’ SO FRIENDS CAN SHOP TOGETHER 6. MAKE YOUR WEBSITE THE SOCIAL FLAGSHIP 7. BRING YOUR OFFLINE BRAND EXPERIENCE ONLINE
  47. THANK YOU m.ellis@syzygy.net @mellis71

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