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Social Commerce - Innovate 11

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My Social Commerce presentation delivered at the National Retail Federation's Innovate 11 conference.

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Social Commerce - Innovate 11

  1. 1. Social Commerce
  2. 2. Social Commerce How Has Failed Me
  3. 3. THE BOBOS
  4. 5. Name Books Avg. Rating Locke 3 77.41 Bush 7 76.65 Earls 5 76.22 Reichle 3 73.81 Smith 8 71.63 Mansur 4 69.85 Bryant 7 65.86 Logan 4 65.85 Leat 3 62.52 Coons 3 61.25 Lundgren 3 56.71 Buck 3 51.82
  5. 8. <ul><li>“ Effective Social Commerce is about social influence – people influencing people in the context of retail.” </li></ul>-Mark Ellis, Szygy Group
  6. 9. TWO STRATEGIES E-commerce on Social Media Platforms Social Media on E-commerce Platforms Source: “The Six Dimensions of Social Commerce” Szygy/UK
  7. 10. Who is the Social Shopper?
  8. 11. Source: “MRI Social Shoppers” 2009 Source: “MRI Social Shoppers” 2009
  9. 12. ONLINE SHOPPERS SEGMENTATION Trait Matrix Source: “MRI Social Shoppers” 2009 Characteristics/Segments Social Cyber-Shoppers Selective Cyber-Shoppers Advocate for favorite brands YES NO Trust and use online reviews and ratings YES YES Submit Product Reviews YES NO
  10. 13. Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
  11. 14. Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting Percent more or less likely to be in each age bracket
  12. 15. Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting Percent more or less likely to be in each income range
  13. 16. Social Shoppers are More Social Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting Social Shoppers Selective Shoppers Update your status 125 95 Update your profile 128 91 Post picture(s) 124 99 Post video(s) 136 86 Post a website link 154 86 Comment on a product or service 139 80 &quot;Follow&quot; or become a &quot;fan of&quot; something or someone 131 99
  14. 17. Social Shopper Buying Styles Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting Social Shoppers Selective Shoppers Celebrity Endorsements 212 62 One of the first to try 165 79 Prefers things others approve of 163 87 Brand is the best indication of quality 142 85 Shopping is a great way to relax. 140 90 Pay extra for image 132 94
  15. 18. Source: “From Conversations to Conversions” by Sinan Aral, 2010 Presented at “The Rise of Social Commerce” by The Altimeter Group
  16. 19. IT’S COMPLICATED
  17. 20. Small Massive Familiar Unknown IT’S COMPLICATED
  18. 21. <ul><li>First Date </li></ul><ul><li>Small scale </li></ul><ul><li>Relatively unknown </li></ul>
  19. 22. It’s Complicated <ul><li>Shopping with a friend </li></ul><ul><li>Small scale </li></ul><ul><li>Relatively known </li></ul>
  20. 23. <ul><li>Groups </li></ul><ul><li>Medium scale </li></ul><ul><li>Well known </li></ul>
  21. 24. It’s Complicated <ul><li>Fans </li></ul><ul><li>Massive scale </li></ul><ul><li>Low familiarity </li></ul><ul><li>Shared passion </li></ul>
  22. 25. It’s Complicated <ul><li>Crowds </li></ul><ul><li>Massive scale </li></ul><ul><li>Low familiarity </li></ul><ul><li>Common interest </li></ul>Crowds massive scale, low familiarity, common interest Need legit photo of crowd at conference, exhibit hall
  23. 26. Crowds: Ratings and Reviews Apparel & Accessories Avg. Conversion 163% Avg. Revenue per Visitor 185% Source: Bazaarvoice, March 2011 303% 541%
  24. 27. Social Commerce <ul><li>We have a long way to go </li></ul><ul><li>Common social use cases remain unexplored </li></ul><ul><li>Our understanding of the social shopper is limited </li></ul><ul><li>Nuances and dimensions of social interactions are overlooked </li></ul><ul><li>Distracted by widgets and platforms, when we should focus on influence </li></ul>
  25. 28. <ul><li>Mark Logan </li></ul><ul><li>[email_address] </li></ul><ul><li>@mlogan </li></ul><ul><li>linkedin.com/in/marklogan </li></ul>

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