The good guys over at the popular social commerce platform Moontoast have put together a new infographic/e-book; ‘The Social Commerce Opportunity’ (downloadable in ebook format) that makes the case for social commerce. Good for conversations with social commerce newbies – be they budget holders or clients. And a nice data point – Moontoast’s impulse shopping events on Facebook have conversion rates of up to 9.4%.
In an accompanying post, Moontoast’s Tim Putnam offers five excellent evidence-based tips for driving social commerce transactions.
- Differentiated Offers (sell what, how and how much you sell for elsewhere won’t work; offer limited editions, exclusives, VIP discounts)
- Consistent Campaigns (social commerce is new, your fans need time to get used to it – so run multiple campaigns and use similar format)
- Regular Campaigns (repetition build familiarity and familiarity builds affinity – use it)
- Create expectation (think of social commerce as event shopping create a sense of anticipation with coming-soon posts)
- Ask to share (fans will share the good news if you ask them to – so ask them and see your offer spread exponentially)
Moontoast Infographic Insights & Data
- Shift in online behaviour means brands should meet consumers where they spend most of their time online
- 23% of all time spent online is on social networks and blogs
- Nearly 4 in 5 US adults use social networks
- 70% of adult social networkers shop online
- Brands who add social commerce to their social media strategy not only increase revenue, but also increase community growth
- According to Gartner research by 2015, companies will generate 50% of Web sales via social and mobile
- Booz Allen forecasts people will spend $30 Billion through social commerce by 2015
- Moontoast has found a 68% average lift in community growth as social commerce is introduced
- 42% of consumers have followed a retailer proactively, with the average follower following 6.3 retailers
- Brands can use social commerce to reach engaged audiences better than ever before
- 53% of social networkers follow a brand
- 75% of social networkers are more likely to be heavy spenders on music
- 47% of social networkers are more likely to be heavy spenders on shoes, clothing and accessories.
- Brands can present offers better than ever before
- The right offer to the right person
- Commerce as a reward
- Facebook tab stores
- Facebook news feed stores
- Moontoast found that conversion rates nearly tripled (from 3.4% to 9.4%) as consumers came to expect fan-offers on Facebook
- Three tips for making social commerce work
- Repetition: The more a fan sees a post for an offer (from a brand), the more they trust the offer
- User Experience: Allow user to stay on the site they are browsing and create impulse purchase opportunities
- Trusted Payment Methods: Consumers trust known payment methods and security standards such as PayPal
