Social CommerceBusiness Empowered with Social Media from Customers and Companies PerspectivesPresented byPraveen K PanjiarForWITS ZEN.COMA Blog for Web, Internet, Technology and Social Intelligence
Social Commerce: Business Empowered with Social MediaSocial 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. --WikipediaSocial Commerce is the Collaborative Intersection of Business Needs and Customer Desires.Social Commerce supports social interaction, capitalizing the power of Collective Intelligence of millions of online users. Collective Intelligence of users to help each other making Better Purchase Decisions.Collective Intelligence +Better Purchase Decisions= Social Shopping/community based shoppingSocial Commerce: Concept
Succinctly, social commerce helps in:Engaging customers with brands/products/servicesBuying and selling of products and services Making customers better-informed shoppersAcquiring more sales leads for online retailersSocial Shopping/Community Based Shopping creates an environment where users play a key role, helping people make their purchase decisions.Social Shopping sites offer new ways for Consumers to make their better purchasing decisionsSocial Shopping sites provide new opportunities for retailers to reach their customersSocial Commerce: Value PropositionSocial Commerce: Business Empowered with Social Media
Social Commerce: Business Empowered with Social MediaSocial Shopping Trends: India40 million Indians are using online reviews to inform purchase decisions, according to Nielsen study.30 million Indians who are online being members of social networking sites and about two-thirds of them spend time on these social networking sites daily.According to Nielsen study, 67 percent of the respondents use online reviews to help them make purchases The research indicates that increasingly, Indians also want brands to communicate with them using social media with 60 percent of Indians social media users are open to being approached by brands.
Social Commerce: Business Empowered With Social MediaSocial Shopping Trends: WorldConsumers are ready and willing to shop socially. Consumers are following multiple retailers but this behavior is still in early stages.Consumers want product discounts and deals but are also interested in product information.Over half of consumers who follow a retailer say they have clicked through from a social platform to a retailers website, browsed products or commented.Retailers must project their product stories on Facebook and Twitter without delay.Mobile is both an accelerator and a transformer of social commerce behavior.Channels are increasingly blurred to the consumer.Consumers want access to what their friends think about products on the retailers site.2011 Social Commerce Study (A Study by comScore, Inc., Social Shopping Labs and Shop.org) has come up with following findings:
Social Commerce: Business Empowered with Social MediaSocial Media Marketing Trends: RetailersIn 2011, 72% of retailers plan to spend more on marketing via social networks than in 2010... (Yet) only 29% of respondents say social marketing has helped grow their businesses. -Annual State of Online survey conducted by Forrester Research Inc. for Shop.org,2011While 65% of retailers have a Facebook 'fan' page, only 4% have an integrated shopping function within their fan pages.-Social Shopping 2011 Study
Social Commerce: Business Empowered with Social Media
Expectations from Social Commerce: CustomersWhat consumers online are looking for are detailed in this summary:
Social Commerce: Business Empowered with Social MediaLeveraging Social Commerce: BusinessOffer a strong value proposition to millions people who shop onlineLeverage the true potential of social media and connect individuals with other shoppers or experts so that they can make much more informed shopping decisionsEnsure how customers can make much better informed decisions, compared to what they can do today.
Social Commerce: Business Empowered with Social MediaMeasures to ensure successful social commerceTo help customers get more value from their brands/products/ servicesTo influence the social media conversations about their brands/products/servicesTo market and sell more effectivelyTo enhance products and services based on social conversationsTo develop better new products and servicesTo extend buyer loyalty, Identify future trends
Social Commerce: Business Empowered with Social MediaMetrics to Evaluate Successful Social CommerceTraction in customer engagementIncrease in positive mentioning of brands/products/servicesReduction in customer service overhead because of social media effortsReduced PR costs because of social media outreachOverall increase in sales leads and revenue
Social Commerce: Business Empowered with Social MediaInsights on social commerce in futurePurchasing decisions are based on Product ResearchSocial Shopping and Customer Reviews Influences the PurchaseTighter integration between e-Commerce and Social Media sites, as well as Mobile platforms such as Tablets and Smartphones.Increasing use of apps for scanning bar codes, scanning QR Codes , to receive points, rewards or badges. In-store social shopping with various methods to research and save via the mobile device.
Social Commerce: Business Empowered with Social MediaAbout WITS ZENA blog to bring the Web, Internet, Technology and Social innovations and innovative newstoglobal WITS enthusiasts,practitioners, prospective customers, business partners, and investors, eventually inspiring the inventing entrepreneurs into technology venturing and entrepreneurship.The man behind emulating the concept of information hub is Praveen Panjiar. Started off as a practitioner in media,challenged his capabilities and delved into the field of IT services, encompassing content creation to marketing communication, online marketing, social media/social commerce, web strategy, to business development. Follow MeVisit : http://www.witszen.com/