Social Commerce - What, Why and How?
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My presentation at TNS forum Helsinki, Finland on 12th of May 2011.
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Social Commerce - What, Why and How?
- 1. Social Commerce What is it, Why does it matter and How to Capitalize? Kristian Luoma, VP Product - Wantlet, @kluoma 13th May, 2011 - Helsinki,TNS Gallup
- 2. What?
- 3. Mark Zuckerberg “If I had to guess, social commerce is the next area to really blow up”
- 4. Imagine: You are planning to buy a car
- 5. Who do you trust? Advertisement Experts Friends
- 6. We trust... Friends! Advertisement Experts Friends 33% 90% 59% http://blog.nielsen.com/nielsenwire/consumer/global-advertising-consumers-trust-real-friends-and-virtual-strangers-the-most/
- 7. “82 % of consumers seek social input when planning to buy something. ” Wantlet research, 2011 Ask for the study from hello@wantlet.com !
- 8. “Commerce” lifecycle Inspiration Decision Buying Remorse Product Ratings and Questions bookmarking Reviews and Answers Co-shopping Shopping Wishlists & Browsing history
- 13. Ratings and Reviews Shopping history
- 14. Social Commerce .. is anything and everything in shopping lifecycle that takes this trust and helps drive commerce.
- 15. Why?
- 16. facebook, why. (for 3 reasons)
- 17. 1: facebook blows up verticals.
- 18. “Ravintola ei ole enää ainoa paikka kumppanin löytymiseen. Esimerkiksi sosiaalinen media on tullut tähän kilpailuun mukaan. “ http://www.hs.fi/kotimaa/artikkeli/Helsingin+y%C3%B6kerhot+vaikeuksissa+kolmesta+syyst%C3%A4/1135265980739
- 19. 2009, SOCIAL GAMES > 600 Millions revenue 2009, known for “FarmVille”, “CityVille” (22 million users in 2 weeks) zynga foursquare 2010, SOCIAL ? 2011, SOCIAL LOCATION Won SCVNGR and Gowalla in 2010 facebook SHOPPING Location Check-in Race Who will win it?
- 20. .., 2: facebook provides familiar faces.
- 21. Familiar face + content = brain- reactions. 3 times the trust. (Facebook provides very real, familiar faces.)
- 22. .. 3: facebook offers poor context for advertising.
- 23. N obody k on an ad wa nts to clic in Face book 0.051% s! L ike u Unless you give away stuff Sweepstak es! Win an iPad!!! Demog raphics Behavioural targeting
- 24. Ad in wrong context is Noise Avg. CTR FB Banners Google 0.05% 0.1-0.2% 0.5-1%
- 25. Ad served as information context is ... Information! Avg. CTR FB Banners Google 0.05% 0.1-0.2% 0.5-1% 8%
- 26. Who?
- 27. Inspiration Decision Buying Remorse Product 38% Ratings and Questions bookmarking Reviews and Answers 20% > Co-shopping 30% Wishlists and Shopping & Browsing history Sharing 37% Retailers considering to use in 2010. Mainstream by 2013.
- 28. Even the Elephants are moving
- 31. 30 $ Billion Market, .. .. by 2015. Impacting each step of the value chain! www.booz.com/media/uploads/BaC-Turning_Like_to_Buy.pdf
- 33. “Eight SXSW start-ups that AdAge can love ” “ Wantlet Helps Consumers get Recos and Second Opinions on What They Want ”
- 34. Want, then get advice & deals 1. Sign-up with 2. Write or Find Facebook what you want 3. Share to Facebook/Twitter, get answers and recommendations from friends, experts + great deals 4. Wants saved in your shopping lists
- 35. Now on Mobile Web as well!
- 36. White-label solution for retailers and brands Product Sharing to Customizable Social Facebook, Twitter Wish List solution Re-targeting tools
- 37. Summary
- 38. What? Why? Who? Wantlet? facebook 1: blowing verticals 1. Connect through Wants 2: familiar faces for advice and deals 90% 3: sucky context for ads 2. Tools for Retailers and Brands Sears, Wal-Mart, .. 82 % already does it!