"The challenge for retailers, regardless of the services networks provide, is walking the thin line between conversion and social etiquette.. Social commerce [is] hard to ignore but is it worth investing in?"
Social media continues to grow in popularity, and its commercial potential is obvious. But with the actual value of a click or share in doubt, how does one quantify just how big of a payments impact social commerce can make?
That’s what Eventbrite aims to answer in its latest report, titled: “Social Commerce: A Look At The Global Numbers.
Eventbrite’s second major study (the first came in 2010) invents some interesting metrics to measure sharing value, and looks into how Facebook, Twitter and LinkedIn differ in the social commerce sphere. We take a look at those metrics, plus some international tendencies and an infographic, in this PYMNTS Data Point...
The high interactivity rate in social networking sites (SNSs) has drawn the attention of many researchers and businesses. However, this high activity rate has made it difficult for businesses to decide where to build their web presence in their e-commerce website or in SNSs. This paper explores the impact of social plugins integration into e-commerce website. An empirical study was undertaken to investigate the impact of social plugins on consumer's perceived trust, word-of-mouth (WOM) effect, and consumer's purchase intention. The result shows that there is positive impact on consumer purchase intention by integrating social plugins in e-commerce website. Recommendations for future research are outlined in this paper.
The most recent report from 8th Bridge provides an overview and trend evaluation of the most recent state of Social Commerce. Data from the
Laetitia Chatelain's insight:
8th Bridge CEO Wade Garten:
“Social commerce has pivoted its focus from e-commerce transactions on social networks to a new kind of social network in which users are connected by their interests (Interest Graphs) rather than friendships (Social Graphs). The industry has witnessed the rise of a new phase of social commerce where innovative retailers have begun deeply integrating social shopping into their websites rather than relying on social network websites for engagement.”
ReadWriteWeb: It was only a matter of time. Tweets are now transactions. A new service called Chirpify has opened Twitter to e-commerce, enabling people to buy, sell, donate, pay and otherwise transact in-stream with their Twitter accounts...
Chirpify – the in-stream commerce provider for Twitter – is added Instagram to its thriving platform. “Today Chirpify took another step to decentralize commerce and payments across all streams from any device, whether a mobile phone or desktop computer,” says Chirpify CEO Chris Teso. “If people can’t buy it in-stream it’s not social commerce. It’s advertising. We turn attention re-routing advertising into high value in-stream transactions. We’re the only company truly doing social commerce.” And so far, a number of high profile brands and celebrities are jumping on the bandwagon.
Chirpify for Instagram is hailed as the only way that businesses and consumers can buy, sell, donate and exchange funds on and without ever leaving Instagram, turning comments into immediate in-stream transactions. As of this writing, 40 percent of the world’s most popular brands are on Instagram.
Expectations for Facebook commerce, or f-commerce as it's commonly referred to, may have been set too high, and social may not be as big a player this holiday shopping season as some might have hoped, but that doesn't mean that social doesn't have a big role to play in the ecommerce market.
In a new infographic produced as part of its 2012 Social Commerce IQ: Retail report, software vendor 8thBridge takes a look at where retailers are at today with their social efforts, and where they most innovative are going with their social networking initiatives. For retailers looking for a path forward, it focuses in on the best practices those innovators are applying to get the most out of social.
Laetitia Chatelain's insight:
Social commerce inplementation: How to do it right
Social commerce, a new stream in e-commerce, enables hyper-informed consumers to support the businesses in new product development. Hyper-informed consumers are the results of online communication provided by social media. These consumers have been empowered by Web 2.0 technologies to have online communication, which drives value for the companies in new product development. Trust is one the values that might be provided by the online communication of individuals through sharing the knowledge and experience of a new product. The paper sheds on new product development and trust concepts along with social commerce construct theory in order to develop a research model for investigating the impact of online communication of consumers, which produce social word of mouth on trust building mechanisms. The results from a survey reveal that social word of mouth, offered by social media, increases the level of trust on new products. The conclusion, discussion, and future research suggestion in the end of the paper support its contribution to the track of marketing and innovation.
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