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Social Commerce - What Are We Waiting For?

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An overview and evaluation of social commerce categories and initiatives around the world.

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http://www.jurgenappelo.com

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Social Commerce - What Are We Waiting For?

  1. 1. Social Commerce… What Are We Waiting For JurgenAppelo version 3
  2. 2. Jurgen Appelo writer, speaker, entrepreneur... www.jurgenappelo.com
  3. 3. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  4. 4. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) 1. The Audience Is In Control http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  5. 5. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) The Audience Is In Control1. Social Media Is Not Free Publicity2. http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  6. 6. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) 1. The Audience Is In Control 2. Social Media Is Not Free Publicity 3. Social Gaming http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  7. 7. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) The Audience Is In Control1. Social Media Is Not Free Publicity2. Social Gaming3. ROI Measurement4. http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  8. 8. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) The Audience Is In Control1. Social Media Is Not Free Publicity2. Social Gaming3. ROI Measurement4. Integrating, Mixing & Sharing5. http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  9. 9. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) 1. The Audience Is In Control 2. Social Media Is Not Free Publicity 3. Social Gaming 4. ROI Measurement 5. Integrating, Mixing & Sharing 6. Mobile & Location Based Content http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  10. 10. The 7 Social Media Marketing Trends (ViralBlog - March 31, 2010) 1. The Audience Is In Control 2. Social Media Is Not Free Publicity 3. Social Gaming 4. ROI Measurement 5. Integrating, Mixing & Sharing 6. Mobile & Location Based Content 7. Social Commerce http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/
  11. 11. Social Commerce… a trend? When? http://www.google.com/trends?q=e-commerce,+e-business,+social+commerce
  12. 12. An investigation…
  13. 13. Social Commerce… a definition “A subset of electronic 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.” http://socialcommercetoday.com/social-commerce-definition-word-cloud-definitive-definition-list/
  14. 14. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  15. 15. Ratings & Reviews
  16. 16. Why do we trust what other buyers recommend?
  17. 17. Why should we trust the reviews at point-of-sale or in a brochure?
  18. 18. traditional approach: the brand controls the reviews not really social, no trust
  19. 19. Can we trust independent product directories?
  20. 20. Should we trust independent search?
  21. 21. Maybe we can trust experts and authorities?
  22. 22. Hm, apparently not…
  23. 23. word-of-mouth, but who can we trust?
  24. 24. Social proof: Put your money where your mouth is
  25. 25. trust + social proof = $$$ Ratings & Reviews http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/
  26. 26. trust + social proof = $$$ boosts traffic volume and order value (up to 25%) Ratings & Reviews http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/
  27. 27. trust + social proof = $$$ boosts traffic volume and order value (up to 25%) negative reviews have little or no effect on sales Ratings & Reviews http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/
  28. 28. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  29. 29. Sharing & Referring
  30. 30. Social network sharing: word-of-mouth for friends
  31. 31. This has led to an answer to… What do my friends think of this product?
  32. 32. And also an answer to… What are my friends buying?
  33. 33. And it also led to... Influencer marketing
  34. 34. A small detour… social network theory
  35. 35. focus on the right people
  36. 36. “gatekeepers” know the right people
  37. 37. “pulsetakers” know the most people who know the right people
  38. 38. “hubs” know the most people
  39. 39. End of detour… social network theory influencer marketing is not spamming the hubs it’s working through the right people (and let the network do the rest)
  40. 40. Sharing & Referring http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ endorsements by friends: double conversion rates
  41. 41. Sharing & Referring http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ endorsements by friends: double conversion rates shifting ethics: people are sharing more and more
  42. 42. Sharing & Referring http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ endorsements by friends: double conversion rates shifting ethics: people are sharing more and more requires strategies for influencing the right people
  43. 43. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  44. 44. Social Media Marketing
  45. 45. Broadcast promotional content, to the right people
  46. 46. Broadcast exclusive deals, to the right people
  47. 47. But that is all still about broadcasting…
  48. 48. Organize social media events and contests…
  49. 49. Use local promotion…
  50. 50. Involving consumers means engagement
  51. 51. Social Media Marketing http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ engagement replaces broadcasting
  52. 52. Social Media Marketing http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ engagement replaces broadcasting up to 500% sales increase
  53. 53. Social Media Marketing http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ engagement replaces broadcasting up to 500% sales increase big opportunities for location-based services
  54. 54. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  55. 55. Social Shopping
  56. 56. Synchronous shopping… “just like in real life”
  57. 57. Group buying… “get a better deal”
  58. 58. For shop-a-holics… “fun shopping”
  59. 59. adding value between networks and vendors
  60. 60. Factory outlets… “remove the middle man”
  61. 61. Social storefronts… “put the shop in the street”
  62. 62. Garage sales… “shopping among friends”
  63. 63. Social Shopping http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ specialist networks moving in to add value
  64. 64. Social Shopping http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ specialist networks moving in to add value producers and consumers getting closer
  65. 65. Social Shopping http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ specialist networks moving in to add value producers and consumers getting closer reports of up to +50% in average order value
  66. 66. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  67. 67. Forums & Communities
  68. 68. Consumers following a brand
  69. 69. Consumers discussing products
  70. 70. Consumers discussing ideas
  71. 71. Consumers helping consumers
  72. 72. Consumers supporting consumers
  73. 73. conversations between consumers and consumers
  74. 74. conversations between consumers and employees
  75. 75. Employees assisting consumers
  76. 76. Forums & Communities http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ requires trust between consumers and brand
  77. 77. Forums & Communities http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ requires trust between consumers and brand strengthens trust between consumers and brand
  78. 78. Forums & Communities http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ requires trust between consumers and brand strengthens trust between consumers and brand reported to be 4x as effective as TV ads
  79. 79. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  80. 80. Social Applications
  81. 81. M-Commerce: move shops from web to mobile…
  82. 82. Add on-line features to off-line products…
  83. 83. Offer added value for existing customers…
  84. 84. Tap into new social credit systems…
  85. 85. Social Applications http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ apps move from web to mobile (M-commerce)
  86. 86. Social Applications http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ apps move from web to mobile (M-commerce) apps move from web to social (F-commerce)
  87. 87. Social Applications http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ apps move from web to mobile (M-commerce) apps move from web to social (F-commerce) new social credit systems emerging
  88. 88. Ratings & Reviews Sharing & Referring Social Media Marketing Social Shopping Forums & Communities Social Applications Conclusions Agenda
  89. 89. Conclusions
  90. 90. increased demand volatility Focal Intent
  91. 91. blurring and convergence of channels kevindooley
  92. 92. matching business structure with dynamic environment jared
  93. 93. master data management for social identities
  94. 94. So, is Social Commerce… a trend
  95. 95. Social Commerce is… a transformation “Just as e-commerce transformed retail, social media transforms e-commerce by changing people’s expectations.” Mitch Joel - April 21, 2010 - Social Commerce Summit http://socialcommercesummit.com/
  96. 96. 7 Important Questions… 1. What is our strategy for targeting the right people? 2. How do we build trust in our brand? 3. How do we develop social proof? 4. Are we engaging instead of just broadcasting? 5. What can we do locally instead of globally? 6. Can social media disrupt our supply chain? 7. Are our consumer apps where our consumers are?
  97. 97. the end
  98. 98. @jurgenappelo (twitter) slideshare.net/jurgenappelo jurgenappelo.com (site) noop.nl (blog) management30.com (book)
  99. 99. Sources The 6 Dimensions of Social Commerce: Rated and Reviewed http://socialcommercetoday.com/the-6-dimensions-of-social-commerce-rated-and-reviewed/ Simple Definition of Social Commerce http://socialcommercetoday.com/social-commerce-definition-word-cloud-definitive-definition-list/ 7 Solid Social Media Marketing Trends http://www.viralblog.com/social-media/7-solid-social-media-marketing-trends/ Speed Summary / Mitch Joel on Social Media @ Social Commerce Summit http://socialcommercetoday.com/speed-summary-mitch-joel-on-social-media-social-commerce-summit/ Five Reasons why Supply Chain Leaders need to know More about Social Commerce http://www.supplychainshaman.com/2010/03/five-reasons-why-supply-chain-leaders-need-to-know-about- social-commerce/ Amazon: You Need to Change Your Idiotic Customer Review Policy Right Now http://techcrunch.com/2010/03/22/im-not-kidding-do-it-now/ Amazon readers’ reviews, and professional critics http://www.amandacraig.com/pages/blog_01/blog_item.asp?Blog_01ID=229 One’s Thoughts of Epinions.com http://www.associatedcontent.com/article/1941586/ones_thoughts_of_epinionscom.html
  100. 100. Sources Announcing the Google Product Reviews Program http://googlemerchantblog.blogspot.com/2010/04/announcing-google-product-reviews.html Review of Google Product Search http://google.about.com/od/googlereviews/gr/productSearchRe.htm Bing Now Lets You Shop With Your Friends http://thenextweb.com/microsoft/2010/05/07/bing-now-lets-you-shop-with-your-friends/ SponsoredReviews.com Review http://www.bukisa.com/articles/254781_sponsoredreviewscom-review-my-experience-with-this-blog-review- service Amazon.com Recommendations: Item-to-Item Collaborative Filtering (PDF) http://agents.csie.ntu.edu.tw/~yjhsu/courses/u2010/papers/Amazon%20Recommendations.pdf How Levi’s and Facebook Prompt Your Friends To Improve Your Buying Experience http://www.web-strategist.com/blog/2010/04/30/social-commerce-breakdown-how-levis-and-facebook- prompt-your-friends-to-get-you-to-buy/ Review: Blippy (“What are your friends buying?”) http://paulstamatiou.com/review-blippy-what-are-your-friends-buying YouTube Brand Channels – The Missing Link http://www.reelseo.com/youtube-brand-channels/
  101. 101. Sources Facebook Fronts on Foursquare, Drinks McDonald’s Milkshake http://www.fastcompany.com/1640354/facebook-foursquare-location-security-personal-data-leak-check-in- mcdonalds A TechCrunch Teardown: What Makes Groupon Tick http://techcrunch.com/2010/05/02/teardown-groupon/ The Lure of Freebies: Try Some Tryvertising http://blogs.bnet.com/customer-service/?p=951 Building online brands: the influence sphere of brand communities http://www.socialemailmarketing.eu/2010/05/social-media-marketing-online-brands-and-the-influence- sphere-of-brand-communities.html Marketing to the Ubiquitous Cellphone http://www.ecommercetimes.com/story/69399.html?wlc=1273916377 How Nike’s Social Network Sells to Runners http://www.businessweek.com/magazine/content/08_46/b4108074443945.htm Starbucks f-commerce + m-commerce = New Gold Standard http://socialcommercetoday.com/starbucks-f-commerce-m-commerce-new-gold-standard/ Facebook’s Credits Bank of the Web http://blogs.ft.com/techblog/2010/04/facebook’s-credits-bank-of-the-web/
  102. 102. Sources 5 Ways Facebook’s Open Graph Will Impact E-commerce http://mashable.com/2010/05/07/facebook-open-graph-ecommerce/ Trends: Master Data Management 2010 – Focus on Outcomes Drives Push for Value http://blog.softwareinsider.org/2009/10/26/trends-master-data-management-2010-focus-on-outcomes- drives-push-for-value/ Trend: When Digital Displays Fuel Social Commerce http://www.web-strategist.com/blog/2010/05/08/trend-when-digital-displays-become-social/ Pepsi rolls out multifaceted LBS mobile loyalty initiatives http://www.mobilecommercedaily.com/pepsi-rolls-out-multifaceted-lbs-mobile-loyalty-initiatives/ Speed Summary / Google on Social Commerce – Social Commerce Summit http://socialcommercetoday.com/speed-summary-google-on-social-commerce-social-commerce-summit/ On Trust and Culture (Social Network Theory) http://globalleadershipnetwork.com/Articles/trust-and-culture.htm Procter & Gamble’s new e-store markets directly to consumers http://econsultancy.com/blog/5941-proctor-gamble-markets-directly-to-consumers-with-new-e-store
  103. 103. m30.me/happiness
  104. 104. @jurgenappelo slideshare.net/jurgenappelo noop.nl linkedin.com/in/jurgenappelo jurgen@noop.nl
  105. 105. http://creativecommons.org/licenses/by-nd/3.0/ This presentation was inspired by the works of many people, and I cannot possibly list them all. Though I did my very best to attribute all authors of texts and images, and to recognize any copyrights, if you think that anything in this presentation should be changed, added or removed, please contact me at jurgen@noop.nl.

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