social commerce - innovate 11
Post on 18-Oct-2014
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My Social Commerce presentation delivered at the National Retail Federation's Innovate 11 conference.TRANSCRIPT
Social Commerce
Social Commerce
How
Has Failed Me
THE BOBOS
Name Books Avg. Rating
Locke 3 77.41
Bush 7 76.65
Earls 5 76.22
Reichle 3 73.81
Smith 8 71.63
Mansur 4 69.85
Bryant 7 65.86
Logan 4 65.85
Leat 3 62.52
Coons 3 61.25
Lundgren 3 56.71
Buck 3 51.82
“Effective Social Commerce is about social influence – people influencing people in the context of retail.”
-Mark Ellis, Szygy Group
TWO STRATEGIES
E-commerce on Social Media Platforms
Social Media onE-commerce Platforms
Source: “The Six Dimensions of Social Commerce” Szygy/UK
Who is the Social Shopper?
Source: “MRI Social Shoppers” 2009Source: “MRI Social Shoppers” 2009
ONLINE SHOPPERS SEGMENTATIONTrait Matrix
Characteristics/Segments Social Cyber-Shoppers Selective Cyber-Shoppers
Advocate for favorite brands YES NO
Trust and use online reviews and ratings
YES YES
Submit Product Reviews YES NO
Source: “MRI Social Shoppers” 2009
Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
Percent more or less likely to be in each age bracket
Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
Percent more or less likely to be in each income range
Social Shoppers are More SocialSocial
ShoppersSelectiveShoppers
Update your status 125 95Update your profile 128 91Post picture(s) 124 99Post video(s) 136 86Post a website link 154 86Comment on a product or service
139 80
"Follow" or become a "fan of" something or someone
131 99
Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
Social Shopper Buying StylesSocial
ShoppersSelectiveShoppers
Celebrity Endorsements 212 62
One of the first to try 165 79
Prefers things others approve of 163 87
Brand is the best indication of quality
142 85
Shopping is a great way to relax. 140 90
Pay extra for image 132 94
Base: Bought Anything Online in Last 30 Days 2010 Fall GfK MRI, Wave 63 Weighting
Source: “From Conversations to Conversions” by Sinan Aral, 2010
Presented at “The Rise of Social Commerce” by The Altimeter Group
IT’S COMPLICATED
Small Massive
Familiar
Unknown
IT’S COMPLICATED
First Date•Small scale•Relatively unknown
It’s Complicated
Shopping with a friend•Small scale•Relatively known
Groups•Medium scale•Well known
It’s Complicated
Fans•Massive scale•Low familiarity•Shared passion
It’s Complicated
Crowdsmassive scale, low familiarity, common interest
Need legit photo of crowd at conference, exhibit hall
Crowds•Massive scale •Low familiarity•Common interest
Crowds: Ratings and Reviews
Apparel & AccessoriesAvg. Conversion 163%Avg. Revenue per Visitor 185%
Source: Bazaarvoice, March 2011
303%541%
Social Commerce• We have a long way to go• Common social use cases remain unexplored• Our understanding of the social shopper is
limited• Nuances and dimensions of social interactions
are overlooked• Distracted by widgets and platforms, when we
should focus on influence
Mark [email protected]@mloganlinkedin.com/in/marklogan