Mark Zuckerberg in an interview once said ‘Social commerce is next to blow up’. Social commerce is all about Ecommerce + Social features. Social proof is really important. If you can get a few people who will be your online cheerleaders it can make such a difference.
What is Social Commerce?
Social commerce is making your online shopping more social by leveraging social networks and their content. Small ecommerce business owners aren’t aware of the social commerce and its potential to blow up their ecommerce business. Through social commerce (social networks) you can retain your current customers and gain lot of new customers.
For small ecommerce business owners, I would like to quote some numbers before I move to the topic of social logins and social sharing which are related again to Social commerce. It’s time you move your business to social commerce. You might use social media as a part of strategy to drive traffic, but you’re losing more money by not targeting it as a major source for your traffic. Believe me it has lot of potential.
Stats on Social Commerce
The stats tell us that US Internet users spend 3X longer on social media than on email. 70% of adult social networkers shop online. On average 6-8 hours is spent on facebook each day by people. 2 out 10 facebook users have purchased through ads or comments. 70% of marketers report that 5X return on investment through facebook. I have just listed the numbers for Facebook alone. You have so many social networks with millions of people which can drive lot of traffic, conversion and sales.
Having a facebook like button and customer review and rating system doesn’t make your ecommerce store into social commerce. You need to integrate more social features like Social logins and social sharing. The click through rate on facebook is amazing. The average click through rate for banner ads and other ads are 2%. Facebook records 6.5% click through rate. For B2C marketers, Facebook is the best one. For B2B marketers, linkedin is awesome. 77% of buyers say they are more likely to buy from a company whos CEO uses social media.
Social Logins & Social Sharing
As a small ecommerce business owner, I hope you’ve moved away from Like/follow us buttons and a share this button on product detail pages. They are just the basic of social features. Explore more on how social logins and social sharing can increase conversion and engagement.
Facebook open graph – with this you can optimize your site based on the user’s interest on what he/she has liked across the entire web such as music, books, food and more. As a small ecommerce business owner you can personalize your ecommerce site using Facebook’s open graph data. With this you can personalize any online store based on the users past purchases, likes, and preferences quite easily. What happens next? The ecommerce conversion rate will be increased.
For example: Imagine if you were looking to buy a t-shirt online and right next to the “Add to Cart” button you saw that four of your friends (along with their names and photos) had already bought the same t-shirt. This kind of marketing is priceless – it brings instant social trust to that website. If you assume the average Facebook user has 200 friends, this type of social trust factor could be huge.
Along with this, Social logins and social sharing play an important role. 80% of the users prefer to connect with brands through facebook. They are clearly looking out for deals and promotions along with the information about latest trends etc. Implementing social logins to your ecommerce store will help you in longer run.
The stats tell us around 75% of online purchases don’t occur because visitors abandon their shopping carts. One big reason is the requirement to register before making a purchase. As a ecommerce store, if you provide them with social identities for registration, you can avoid few losses. 3 out of 5 customers prefer social logins instead of guest account. Some of the social logins that you can provide Facebook, Yahoo, Twitter, Google and LinkedIn.
There are lot more strategy’s that can improve social commerce implementations. Watch out for our next article on social commerce strategies.
Kindly share this with your friends. Find the social sharing buttons floating below. Use them and spread the word. Also what are your thoughts in implementing social features to a Ecommerce store.