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THE SIX DIMENSIONSOF SOCIAL COMMERCETHE LATEST INTERNATIONAL DEVELOPMENTS IN DRIVING REVENUE
MARK ELLIS, MANAGING DIRECTOR, SYZYGY
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3
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Definition: Social Commerce
Word-of-mouth, applied to e-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.
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AUGUST 11, 1994NETMARKET.COMFIRST-EVER INTERNET PURCHASE
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11.50 AM JULY 8, 20091-800-FLOWERS.COMFIRST PURCHASE WITHIN FACEBOOK
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Sharing your purchasing decisions before, during and after buying
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+ = € / $
INCREASE TRAFFIC, SALES (CONVERSION)AND AVERAGE ORDER VALUE
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BRAND AMBASSADORS“PEOPLE ARE MORE VALUABLE OWNING AND USING YOUR
PRODUCT/SERVICE THAN THINKING ABOUT BUYING IT”Paul Srivorakul, Ensogo.com
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2 STRATEGIES
SOCIAL MEDIA ONE-COMMERCE PLATFORMS
Helping people connect where they buy
E-COMMERCE ONSOCIAL MEDIA PLATFORMS
Helping people buywhere they connect
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6 x SOCIAL COMMERCE TOOLS
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2
1 RATINGS & REVIEWS
2 RECOMMENDATIONS &REFERRALS
3 FORUMS &COMMUNITIES
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2
4 SOCIAL SHOPPING
5 GROUP BUY
6 PURCHASESHARING
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IT’S ABOUT
PEOPLE INFLUENCING PEOPLENOT TECHNOLOGY
1. BE HONEST2. BE CONVERSATIONAL
3. BE REMARKABLE (LET GO)
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THE SIX DIMENSIONSTO SOCIAL COMMERCE SUCCESS
1. SCARCITY2. AFFINITY
3. RECIPROCITY4. POPULARITY5. AUTHORITY
6. CONSISTENCY
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#1. SCARCITYLESS IS MORE (PERCEIVED VALUE)
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Frederick the GreatPRUSSIA, 1774Effectively re-branded the Potato by making it a ‘scarce’ Royal delicacy
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Christian LouboutinLimited Edition Barbie Exclusive Collector’s Dolls
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@DellOutlet $6.5m Twitter RevenueExclusive Discounts and Snap Promotions
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GROUPONWorld’s largest ‘Group Buy’ Platform
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POP-UP ONLINE STORESLucky Magazine and HSN create 48-hr exclusive Facebook shop
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FACEBOOK DEALS (MOBILE)Geo-located local deal promotions have huge expectations for 2011Gap offered 10,000 free jeans to the first 10,000 check-ins (then 40% off)
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#2. AFFINITYSHOP WITH LIKE-MINDED PEOPLE
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Dell SwarmGroup Buy for technologyDaily deals for Dell bargain hunters
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Levi’s Friends Store‘Shop Together’Real-time Global Shared Shopping Functionality
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PingApple’s Social Network
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Connecting 160m iTunes Customers1m sign-ups in first 48-hrs
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#3. RECIPROCITYPAY BACK FAVOURS
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Adidas Outlet StoreMember Get Member Social CouponsEarn free shoes by inviting friends in
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Fiesta MovementFord’s Social Commerce Experiment (2009)100 free cars in return for monthly YouTube posts11,000 videos, 15,000 tweets, 11m social visitors, 5m shares, 50,000 enquiries, 38% awareness (Gen-Y)
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Starbucks foursquareNational ‘Mayor Offer’ (USA) Loyalty Programme$1 off each drink for all Starbucks foursquare Mayors nationwide
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Toys R UsToyologistsConsumer panel of (free) toy reviewers on Facebook, Twitter and YouTube
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#4. POPULARITYFOLLOW THE CROWD
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P&G Amazon Facebook StoreSelling 1,000 products an hour (direct to consumers)Top 29 brands from Always to Zest
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The undisputed Kings (and Inventors) of Social CommerceLeading the way since 1995 (£24.5bn turnover, 2009)
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BurberryArt of the TrenchBecome a trench coat model (200,000 visitors week-1; 5m to date)
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#5. AUTHORITYFOLLOW THE LEADER (EXPERTS)
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vente-privee.comExclusive private club for curated designer brand discounts40,000 orders per day; $1.1bn Sales; $70m profit
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AppleExpert Discussion ForumsHosting and feeding a platform for thousands of Apple ‘experts’
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French ConnectionYoutique (YouTube) – “Plinking”Expert fashion videos with annotated ‘Buy’ buttons
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#6. CONSISTENCYONE STEP AT A TIME
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BlendtecWill it Blend (YouTube)Smiling is consistent with liking, liking is consistent with buying130,000,000 videos viewed; Home blender sales increased +700% since 2006
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Starbucksmy STARBUCKS IDEAFeedback is consistent with caring, caring is consistent with loyaltyConsistent Customer Focus: using Social as an Ideas Platform to improve the product and service
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f-commerceFacebook Stores (and storefronts)‘Get It First’ VIP Store, discounts and exclusives for Facebook Fans
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f-commerceSoftware suppliers creating integrated Facebook storesE.g. Alvenda; Usablenet; Milyoni; Payvment;
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SUMMARY7 KEY POINTERS for 2011
1. EXPERIMENT - START SELLING ON SOCIAL PLATFORMS2. ADD MOBILE (SHARING) INTO YOUR SOCIAL MIX3. IMPLEMENT SOCIAL PLUG-INS e.g. FACEBOOK ‘LIKE’4. UP-SELL WITH REVIEWS AND RECOMMENDATIONS5. INTEGRATE ‘CHAT’ SO FRIENDS CAN SHOP TOGETHER6. MAKE YOUR WEBSITE THE SOCIAL FLAGSHIP7. BRING YOUR OFFLINE BRAND EXPERIENCE ONLINE