2. The 6 Dimensions of Social Commerce - Mark Ellis, Syzygy
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The document discusses the concept of social commerce, which integrates social media with e-commerce to enhance buying and selling. It outlines six key dimensions for success in social commerce, such as scarcity, affinity, and authority, along with examples of effective strategies and tools. Lastly, it offers seven actionable pointers for businesses aiming to improve their social commerce presence in 2011.
2. The 6 Dimensions of Social Commerce - Mark Ellis, Syzygy
- 1. THE SIX DIMENSIONS OF SOCIAL COMMERCE THE LATEST INTERNATIONAL DEVELOPMENTS IN DRIVING REVENUE MARK ELLIS, MANAGING DIRECTOR, SYZYGY
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- 4. 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.
- 6. AUGUST 11, 1994 NETMARKET.COM FIRST-EVER INTERNET PURCHASE
- 7. 11.50 AM JULY 8, 2009 1-800-FLOWERS.COM FIRST PURCHASE WITHIN FACEBOOK
- 8. Sharing your purchasing decisions before, during and after buying
- 9. + = €/$ INCREASE TRAFFIC, SALES (CONVERSION) AND AVERAGE ORDER VALUE
- 10. BRAND AMBASSADORS “PEOPLE ARE MORE VALUABLE OWNING AND USING YOUR PRODUCT/SERVICE THAN THINKING ABOUT BUYING IT” Paul Srivorakul, Ensogo.com
- 12. 2 STRATEGIES SOCIAL MEDIA ON E-COMMERCE ON E-COMMERCE PLATFORMS SOCIAL MEDIA PLATFORMS Helping people connect Helping people buy where they buy where they connect
- 13. 6 x SOCIAL COMMERCE TOOLS
- 14. 1 RATINGS & REVIEWS RECOMMENDATIONS & 2 REFERRALS 2 FORUMS & 3 COMMUNITIES
- 15. 4 SOCIAL SHOPPING 5 GROUP BUY 2 PURCHASE 6 SHARING
- 16. WHY NOW? FOLLOW YOUR CONSUMERS
- 17. IT’S ABOUT PEOPLE INFLUENCING PEOPLE NOT TECHNOLOGY 1. BE HONEST 2. BE CONVERSATIONAL 3. BE REMARKABLE (LET GO)
- 18. THE SIX DIMENSIONS TO SOCIAL COMMERCE SUCCESS 1. SCARCITY 2. AFFINITY 3. RECIPROCITY 4. POPULARITY 5. AUTHORITY 6. CONSISTENCY
- 19. #1. SCARCITY LESS IS MORE (PERCEIVED VALUE)
- 20. Frederick the Great PRUSSIA, 1774 Effectively re-branded the Potato by making it a ‘scarce’ Royal delicacy
- 21. Christian Louboutin Limited Edition Barbie Exclusive Collector’s Dolls
- 22. @DellOutlet $6.5m Twitter Revenue Exclusive Discounts and Snap Promotions
- 23. GROUPON World’s largest ‘Group Buy’ Platform
- 24. POP-UP ONLINE STORES Lucky Magazine and HSN create 48-hr exclusive Facebook shop
- 25. FACEBOOK DEALS (MOBILE) Geo-located local deal promotions have huge expectations for 2011 Gap offered 10,000 free jeans to the first 10,000 check-ins (then 40% off)
- 26. #2. AFFINITY SHOP WITH LIKE-MINDED PEOPLE
- 27. Dell Swarm Group Buy for technology Daily deals for Dell bargain hunters
- 28. Levi’s Friends Store ‘Shop Together’ Real-time Global Shared Shopping Functionality
- 30. Connecting 160m iTunes Customers 1m sign-ups in first 48-hrs
- 31. #3. RECIPROCITY PAY BACK FAVOURS
- 32. Adidas Outlet Store Member Get Member Social Coupons Earn free shoes by inviting friends in
- 33. Fiesta Movement Ford’s Social Commerce Experiment (2009) 100 free cars in return for monthly YouTube posts 11,000 videos, 15,000 tweets, 11m social visitors, 5m shares, 50,000 enquiries, 38% awareness (Gen-Y)
- 34. Starbucks foursquare National ‘Mayor Offer’ (USA) Loyalty Programme $1 off each drink for all Starbucks foursquare Mayors nationwide
- 35. Toys R Us Toyologists Consumer panel of (free) toy reviewers on Facebook, Twitter and YouTube
- 36. #4. POPULARITY FOLLOW THE CROWD
- 37. P&G Amazon Facebook Store Selling 1,000 products an hour (direct to consumers) Top 29 brands from Always to Zest
- 38. The undisputed Kings (and Inventors) of Social Commerce Leading the way since 1995 (£24.5bn turnover, 2009)
- 39. Burberry Art of the Trench Become a trench coat model (200,000 visitors week-1; 5m to date)
- 40. #5. AUTHORITY FOLLOW THE LEADER (EXPERTS)
- 41. vente-privee.com Exclusive private club for curated designer brand discounts 40,000 orders per day; $1.1bn Sales; $70m profit
- 42. Apple Expert Discussion Forums Hosting and feeding a platform for thousands of Apple ‘experts’
- 43. French Connection Youtique (YouTube) – “Plinking” Expert fashion videos with annotated ‘Buy’ buttons
- 44. #6. CONSISTENCY ONE STEP AT A TIME
- 45. Blendtec Will it Blend (YouTube) Smiling is consistent with liking, liking is consistent with buying 130,000,000 videos viewed; Home blender sales increased +700% since 2006
- 46. Starbucks my STARBUCKS IDEA Feedback is consistent with caring, caring is consistent with loyalty Consistent Customer Focus: using Social as an Ideas Platform to improve the product and service
- 47. f-commerce Facebook Stores (and storefronts) ‘Get It First’ VIP Store, discounts and exclusives for Facebook Fans
- 48. f-commerce Software suppliers creating integrated Facebook stores E.g. Alvenda; Usablenet; Milyoni; Payvment;
- 49. SUMMARY 7 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
- 50. THANK YOU [email protected] @mellis71