Social Commerce: A Look Into 2012

What is social commerce?

Social Commerce is defined as a subset of electronic commerce, or

e-commerce, that involves using social media to assist in the online buying and selling of products, goods, or services.

YAHOO is often credited with introducing the term in November 2005 referencing online tools such as shared pick lists and user generated content, like ratings, reviews, product information and advice.  Looking ahead, I predict Social Commerce will be one of the hottest buzz words. Here’s why:

It’s already documented you’re more likely to purchase a product after your friends have positively reviewed it.  Soon we predict seeing things like, Katie just bought [insert product name], on Facebook timelines and other social media outlets.  There’s already a fair share of social commerce on Facebook, and it can only increase as search engines more and more involve social network results in their returns to best suit the consumer.  The best asset a brand can have is an advocate or someone positively speaks about the brand to their friends and family.  Directing that conversation exchange into social commerce holds potential for huge returns.

Included in the Social Commerce wave, is mobile search.  Imagine if you could tell Siri to buy a product for you.  Imagine if your payment & shipping info was stored much like iTunes stores payment info and you’d simply have enter your password in order to make a purchase.  Imagine if, when your favorite clothing brand posted pictures of their new items, you could like, comment, +1, pin, and purchase?! This all falls under social commerce.

Do you think you would partake in social commerce if it was that readily available on your social media networks?

Taking on a social commerce strategy can be overwhelming, but it’s not insurmountable.  Contact 219 Group with your questions or leave them in the comments section below. Will your company be ready to embrace social commerce and all it’s potential?