Rising Influence of Social Commerce
For monetizing Social Media Marketing, Social Commerce is becoming popular solution. Social commerce also known as s-commerce. It is a subset of e-commerce. Social commerce involves using social media and supports social interactions and user contributions to facilitate in the buying and selling of products. No longer to brick and mortar retail stores, shoppers can quickly search for a product on the internet and have it delivered to their door in a few business days. Some of the features of Social commerce are Changes how products are brought to market, Builds brand awareness cost effectively, Expand target audience, Creates social media content, Enables peer recommendations, Enhance product discovery/awareness, offer group buying opportunities, Expands relationships with others who share your tastes, Develops social shopping opportunities on social media platforms, Jinks bricks and mortar stores and social connections through use of mobile. Social commerce is one of the trends of social media marketing. Social commerce involves by using social commerce sites, adding social apps, enabling e-commerce on social media and automation through social commerce platforms.
Following are some Social Commerce Applications
• Recommendations and referrals
• Group buys
• Pick lists
• Geo-location promotions
• Popularity filters
• Social media storefronts
• Share your story tools for testimonials
• Ask your network tools
• Shop together tools
• User galleries
• Deal directories and feeds
• Social bookmarking for products
Following are some Social Commerce Types
• Comments, Ratings and Reviews (Bazaar Voice)
• Purchase-Sharing (Blippy, Swipely)
• Customer Support (Facebook, Twitter)
• Social Commerce Platforms (Affino, KickApps)
• F-commerce (Facebook)
• Social Sharing (Facebook, Twitter)
• Flash Sales (Vente, Privee)
• Social Shopping ‘Social Discovery’ (Kaboodle, Lockerz)
• Group Buying (Groupon)
• Social Sourcing (FlutterScape)
• Social Shopping Apps ‘Rewards’ (Shopkick)
• Personal Shopper ‘second Opinion’ (GoTryItOn)
Successful Social Commerce Sites
• Most Successful (Amazon, eBay, Facebook)
• Risers (Groupon and Living Social)
• Niche (Etsy)
Few elements of Social Commerce
Social Proof ( rule follow the crowd)
It is very simple and common that people mostly follow the crowd. According to the research statistics it is cleared that approx 85% of consumers receive before they go to buy and for recommendation 56% of them uses social media. Tools for social shopping that use social proof are Pick lists, Popularity Lists, Share-Your-Story, Social Media Reviews and Social Recommender Systems.
Authority (rule follow the authority)
People everywhere in the world prefer to take advice by any specialist, expertise and experience one in order to save time and thinking things through. It is reality that people have got a natural tendency to be agreed by the conclusion of an expert or authority about what they say. If the authority allows people so they feel comfortable and move forward without any hesitation. Tools for social shopping that use authority are Referral Programs, Social Media Reviews, Social Media Services and User Forums.
Scarcity (rule ‘scarce stuff is good stuff’)
Scarce resources are has got more value in our minds. If someone is agree to purchase something which is unique, special and not very easy to get, that person automatically will have more of a willingness to make a purchase. Tools of social shopping that use scarcity are Deal Directories, Deal Feeds, Group-Buy, News Feeds and Referral Programs.
Social ‘Likes’ ( rule ‘follow those you like’)
Its human nature that we follows those people we like, find attractive or admire. Its about third person whom you trust the most is yourself or peers. People generally like to like your brand if their friends or peers have liked it otherwise people will not show much interest in your brand if their friends or peers had not like that brand. Tools of social shopping that use liking are Ask-Your-Network, Deal Feeds, News Feeds, Pick Lists, Share-With-Your-Network, Referral Programs, Social Network Storefronts and Shop Together.
Consistency (rule ‘Be Consistent’)
It has been suggested also that 64% of online shoppers are brand loyal. It’s obvious the consumers feel more comfortable and trustworthy buying the same brands that they have used before in the past and had good experience by using that. Consumer don’t like and prefer to take risks buying other brands with which they are not familiar. Tools of social shopping that use consistency are Ask-your-Network, Social Gaming, Pick Lists, Share-With-your-Network, Shop Together, Social Media Entertainment, Social Media listening, Social Media Services, Social Media Reviews, User Galleries and User Forums.
Reciprocity (rule ‘Repay Favors’)
People are found of and like those companies which give discounts or free services to their consumers and this is the thing which people like. People have got natural desire about repay favor. Because it’s somewhat like a social glue or social magnet, which makes cooperation, relationships, community, society possible. Tools of social shopping that use reciprocity are Deal Feeds, Group-Buy, Referral Programs, Social Media Listening, Social Media Services and User forums.