social commerce for luxury
DESCRIPTION
A short presentation on how the luxury sector is using social commerce - selling with social media - to drive sales for premium brands, but without discounts and deals and whilst retaining and image of exclusivityTRANSCRIPT
Social Commercefor LuxuryBrandsFrom Conversationto Conversion
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Dr Paul MarsdenSocial Media StrategistSyzygy Group
Social Commerce: Selling with Social Media
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Social Media x
Online media that supports social interaction and user contributions
Social Commerce x
Social 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
Social Commerce: Selling with Social Media
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Plugging Retail into Social + Social into Retail
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Social Media
Retail
Newsfeed Stores
Store Tabs
Offline Retail
Socializing Offline Retail
Online Retail
From Conversation to Conversion
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online retail
offline retail
retail blog twitter feed
Facebook feed / plugins /store
YouTube channel
Allows Measurement of Social Media ROI
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↑ Footfall↑ Conversion↑ Order Value↑ Loyalty↑ Advocacy
Retail
RetailSocial Media
Sales
Sales + N+
But Does Luxury Fit with Social Media?
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Social MediaInclusive
AccessiblePopular
User GeneratedCult of the Amateur
Let Go
LuxuryExclusive
InaccessibleElite
Genius GeneratedCult of DesignerStay in Control
The Big Issue: Promotions
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Overwhelming Reason Most People Connect
With Brands:Deals & Discounts
Luxury Brands Don’t Discount!
(or Don’t Want to be Seen to Discount)
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How Can Luxury Brands Shift Stock with Social Media without Price Promotions & whilst Retaining Exclusivity?
Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 1. Offer Exclusive Access
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Price Promotions 2. Offer Exclusive Information
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Price Promotions 2. Offer Exclusive Information
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Price Promotions 2. Offer Exclusive Information
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Half Half
Giving the Inside Scoop
to Style Bloggers
Price Promotions 3. Offer Exclusive Experiences
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Daily Trainer Sales Up 33%
Price Promotions 3. Offer Exclusive Experiences
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Price Promotions 3. Offer Exclusive Experiences
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Price Promotions 3. Offer Exclusive Experiences
24Social
shopping tools->
conversion up 162%
Price Promotions 3. Offer Exclusive Experiences
25Bringing
the Flagship Store
Experience Online
Price Promotions 3. Offer Exclusive Experiences
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Price Promotions 3. Offer Exclusive Experiences
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Social & Luxury Fashion
Use Social to Offer...
Price Promotions
Exclusive Access
Exclusive Information
Exclusive Experiences
↑ Conversion (contra Conversation)
↑ Loyalty (Retention / Lifetime Value)
↑ Advocacy (Acquisition / Referral Value)
ROI
Thanks http://socialcommercetoday.com
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Appendix
Why Social Commerce? Social Media Marketing with ROI
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Social Media
PR (Reputation Management)
Internal Collaboration
HR (Recruitment)
Sales & Marketing
Customer Service
Market Research / R&D
$ (Money In)
$? (Money Out)
$ (Money Out)
$? (Money Out)
$? (Money Out)
$? (Money Out)
$? (Money Out)
$? (Money Out)Brand Building
Social Commerce
ROIROI = Money Out - Money In