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

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

  • THE SIX DIMENSIONS OF SOCIAL COMMERCE THE LATEST INTERNATIONAL DEVELOPMENTS IN DRIVING REVENUEMARK ELLIS, MANAGING DIRECTOR, SYZYGY
  • 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.
  • AUGUST 11, 1994NETMARKET.COMFIRST-EVER INTERNET PURCHASE
  • 11.50 AM JULY 8, 20091-800-FLOWERS.COMFIRST PURCHASE WITHIN FACEBOOK
  • Sharing your purchasing decisions before, during and after buying
  • + = €/$ INCREASE TRAFFIC, SALES (CONVERSION) AND AVERAGE ORDER VALUE
  • BRAND AMBASSADORS“PEOPLE ARE MORE VALUABLE OWNING AND USING YOUR PRODUCT/SERVICE THAN THINKING ABOUT BUYING IT” Paul Srivorakul, Ensogo.com
  • 2 STRATEGIES SOCIAL MEDIA ON E-COMMERCE ONE-COMMERCE PLATFORMS SOCIAL MEDIA PLATFORMSHelping people connect Helping people buy where they buy where they connect
  • 6 x SOCIAL COMMERCE TOOLS
  • 1 RATINGS & REVIEWS RECOMMENDATIONS & 2 REFERRALS2 FORUMS &3 COMMUNITIES
  • 4 SOCIAL SHOPPING 5 GROUP BUY2 PURCHASE6 SHARING
  • WHY NOW? FOLLOW YOUR CONSUMERS
  • IT’S ABOUTPEOPLE INFLUENCING PEOPLE NOT TECHNOLOGY 1. BE HONEST 2. BE CONVERSATIONAL 3. BE REMARKABLE (LET GO)
  • THE SIX DIMENSIONS TO SOCIAL COMMERCE SUCCESS 1. SCARCITY 2. AFFINITY 3. RECIPROCITY 4. POPULARITY 5. AUTHORITY 6. CONSISTENCY
  • #1. SCARCITY LESS IS MORE (PERCEIVED VALUE)
  • Frederick the GreatPRUSSIA, 1774Effectively re-branded the Potato by making it a ‘scarce’ Royal delicacy
  • Christian LouboutinLimited Edition BarbieExclusive Collector’s Dolls
  • @DellOutlet$6.5m Twitter RevenueExclusive Discounts and Snap Promotions
  • GROUPONWorld’s largest ‘Group Buy’ Platform
  • POP-UP ONLINE STORESLucky Magazine and HSN create 48-hr exclusive Facebook shop
  • 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)
  • #2. AFFINITY SHOP WITH LIKE-MINDED PEOPLE
  • Dell SwarmGroup Buy for technologyDaily deals for Dell bargain hunters
  • Levi’s Friends Store‘Shop Together’Real-time Global Shared Shopping Functionality
  • PingApple’s Social Network
  • Connecting 160m iTunes Customers1m sign-ups in first 48-hrs
  • #3. RECIPROCITY PAY BACK FAVOURS
  • Adidas Outlet StoreMember Get Member Social CouponsEarn free shoes by inviting friends in
  • 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)
  • Starbucks foursquareNational ‘Mayor Offer’ (USA) Loyalty Programme$1 off each drink for all Starbucks foursquare Mayors nationwide
  • Toys R UsToyologistsConsumer panel of (free) toy reviewers on Facebook, Twitter and YouTube
  • #4. POPULARITY FOLLOW THE CROWD
  • P&G Amazon Facebook StoreSelling 1,000 products an hour (direct to consumers)Top 29 brands from Always to Zest
  • The undisputed Kings (and Inventors) of Social CommerceLeading the way since 1995 (£24.5bn turnover, 2009)
  • BurberryArt of the TrenchBecome a trench coat model (200,000 visitors week-1; 5m to date)
  • #5. AUTHORITY FOLLOW THE LEADER (EXPERTS)
  • vente-privee.comExclusive private club for curated designer brand discounts40,000 orders per day; $1.1bn Sales; $70m profit
  • AppleExpert Discussion ForumsHosting and feeding a platform for thousands of Apple ‘experts’
  • French ConnectionYoutique (YouTube) – “Plinking”Expert fashion videos with annotated ‘Buy’ buttons
  • #6. CONSISTENCY ONE STEP AT A TIME
  • 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
  • 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
  • f-commerceFacebook Stores (and storefronts)‘Get It First’ VIP Store, discounts and exclusives for Facebook Fans
  • f-commerceSoftware suppliers creating integrated Facebook storesE.g. Alvenda; Usablenet; Milyoni; Payvment;
  • 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
  • THANK YOU m.ellis@syzygy.net @mellis71