What is Social Commerce?
It seems like the word “social” is everywhere these days, but what does it mean for eCommerce and conversion rate optimization?
Perhaps Social Commerce is The Next Wave?
The last few years has seen an explosion of “social” e-commerce sites. Perhaps this is partly due to the growth of social in general, spurred from mobile growth or maybe it’s a sign of a new form of social proof online? You can see the revenue levels for BI Intelligence above.
What do I mean by social commerce?
Ecommerce with a social component, here are a few examples.
Social Commerce Examples:
- Groupon
- LivingSocial
- Beyond The Rack
- Zulily
- Ideeli
- One King’s Lane
- ShoeDazzle
- Haute Look
- Rue La La
- Glit Groupe
- Fab
The social component of the sale is more than just a connect with Facebook or Like button slapped on an commerce site.
And this makes me think that the NEW social proof online is going to be social, shifting away from simple ratings and reviews, which can be gamed and are increasingly becoming less trustworthy.
Online word of mouth is going to replace reviews and the rise of the smart phone and tablets are only going to add to the socially connected world of commerce.
The first wave of social on eCommerce was Facebook Likes, which are just traffic drivers.
Not true purchase decision making but solving more of the awareness stage and serendipity of finding new products and brands online.
Search drives E-comerce but social is gaining fast and mobile commerce is eventually going to make a big impact on selling online once show-rooming finally kills retail as E-commerce continues to move ahead of brick and mortar.
But it’s not just more sales and conversions because of social.
Friends referred by friends at One Kings Lane have 2x lifetime value of customers from other channels.
It all comes down to how well you’re tracking your data.
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