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Social Commerce for luxury
The document discusses the concept of social commerce specifically for luxury brands, highlighting the integration of social media to enhance online sales without resorting to price promotions. It emphasizes strategies such as offering exclusive access, information, and experiences to maintain brand exclusivity while boosting customer loyalty and conversion rates. The document also addresses the challenges luxury brands face with discounting and the potential for measuring return on investment through social media engagement.
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Social Commerce for luxury
- 1. 1 Social Commerce for Luxury Brands From Conversation toConversion Dr Paul Marsden Social Media Strategist Syzygy Group p.marsden@syzygy.net
- 2. 2 Social Media x Online media that supports social interaction and user contributions Social Commerce x Social commerce is 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 Social Commerce: Selling with Social Media
- 3. 3 Social Commerce: Sellingwith Social Media
- 4. S 4 Social Media Offline Retail Retail Store Tabs Newsfeed Stores Online Retail Plugging Retail into Social + Social into Retail
- 5. 5 Facebook feed YouTube / plugins /store channel offline retail online retail retail blog twitter feed From Conversation to Conversion
- 6. 6 Retail Sales Social Retail + Media Sales + N ↑ Footfall ↑ Conversion ↑ Order Value ↑ Loyalty ↑ Advocacy Allows Measurement of Social Media ROI
- 7. 7 Social Media Luxury Inclusive Exclusive Accessible Inaccessible Popular Elite User Generated Genius Generated Cult of the Amateur Cult of Designer Let Go Stay in Control But Does Luxury Fit with Social Media?
- 8. 8 Luxury Brands Don’t Discount! Overwhelming Reason (or Don’t Want to be Most People Connect Seen to Discount) With Brands: Deals & Discounts The Big Issue: Promotions
- 9. 9 How Can LuxuryBrands Shift Stock with Social Media without Price Promotions & whilst Retaining Exclusivity?
- 10. 10 Price Promotions 1.Offer Exclusive Access
- 11. 11 Price Promotions 1.Offer Exclusive Access
- 12. 12 Price Promotions 1.Offer Exclusive Access
- 13. 13 Price Promotions 1.Offer Exclusive Access
- 14. 14 Price Promotions 1.Offer Exclusive Access
- 15. 15 Price Promotions 1.Offer Exclusive Access
- 16. 16 Price Promotions 1.Offer Exclusive Access
- 17. 17 Price Promotions 1.Offer Exclusive Access
- 18. 18 Price Promotions 2.Offer Exclusive Information
- 19. 19 Price Promotions 2.Offer Exclusive Information
- 20. 20 Giving the Inside Scoop to Style Bloggers Half Half Price Promotions 2. Offer Exclusive Information
- 21. 21 Daily Trainer Sales Up 33% Price Promotions 3. Offer Exclusive Experiences
- 22. 22 Price Promotions 3.Offer Exclusive Experiences
- 23. 23 Price Promotions 3.Offer Exclusive Experiences
- 24. 24 Social shopping tools-> conversion up 162% Price Promotions 3. Offer Exclusive Experiences
- 25. 25 Bringing the Flagship Store Experience Online Price Promotions 3. Offer Exclusive Experiences
- 26. 26 Price Promotions 3.Offer Exclusive Experiences
- 27. 27 Price Promotions 3.Offer Exclusive Experiences
- 28. 28 Social & LuxuryFashion Use Social to Offer... Price Promotions ↑ Conversion (contra Conversation) Exclusive Access ↑ Loyalty (Retention / Exclusive Information ROI Lifetime Value) Exclusive Experiences ↑ Advocacy (Acquisition / Referral Value)
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- 31. 31 PR (Reputation Management) $? (Money Out) $ (Money In) Internal Collaboration $? (Money Out) HR (Recruitment) $? (Money Out) Social Media Brand Building $? (Money Out) Sales & Marketing Social Commerce $ (Money Out) Customer Service $? (Money Out) Market Research / R&D $? (Money Out) ROI ROI = Money Out - Money In Why Social Commerce? Social Media Marketing with ROI