Speed Summary | Mashable’s 5 Ways to Win with Social Commerce [screenshots]

Summary of a useful post over at Mashable by Macala Wright Lee, retail consultant and publisher of FashionablyMarketing.Me.

In a nutshell Macala outlines five Facebook-first successful social commerce strategies (although 1 and 2 appear to be variations on the same theme).

1. Pop-Up Shops and Insider Shopping Events – such as Rachel Roy’s pop-up store (Fluid Social Fan Shop) on Facebook, an insider shopping event gave the brand’s Facebook fans early access to Roy’s new jewelry line — a collaboration with British R&B artist Estelle.  The three day event doubled the retailer’s Facebook following with a limited edition, time sensitive fan-only experience that drove sales without having to discount.  It also was a cost effective solution for the retailer to trial f-commerce on a limited time/budget/scale
2. Private, Fan-Only Sales – such as Philadelphia-based Kembrel, a private shopping community (only on Facebook) for students that sells clothing, books and computer gadgets at 40-75% off.  To date,more than 250 brands that have signed up to reach students through the Kembrel platform.
3. Wish List Features such as Bulgari’s use of Wishpot, a universal wishlist and registry service integrated into Facebook. Luxury brands such as Bulgari are using Facebook to offer diffusion lines while keeping the integrity of their brand sound through unique Facebook Pages – that allow people to like, share and buy
4. Facebook Ecommerce Apps, such as Payvment that offers brands, retailers and celebrities (e.g. Molly Sims) a simple and cost-effective solution to opening an f-store and begin selling in Facebook. As of December 2010, 250 new Payvment f-stores were opening up, every day.
5. Full Ecommerce Integration, such as the ASOS and Young British Designers f-store,designed to offer fully-tailored, personalized, quick-access and streamlined shopping experience.  Launched in Jan 2011 the Asos f-store stocks the retailer’s entire 150,000 product catalogue.  In a similar vein,  Tesco Clothing generated over £2 million (approximately $3.2 million) in sales over the past year through its U.K. Facebook Page, including a “Friday Frenzy” sales campaign that generated more sales in two hours than it would usually get in a week (nb – the Tesco store is currently closed due to staffing and budgetary constraints).

Of course, if you’re a regular reader of Social Commerce Today, you’ll know which of these approaches we believe have the most potential (1 & 2); using Facebook as a retail event platform for delivering exclusive yet convenient, added-value shopping experiences to your fans.

In addition to outlining 5 ways to win with social commerce – Macala proposes three prerequisites for social commerce success:

• Remain authentically social (Being “social” is the whole point (not simply selling)
• Augment the social aspects of your Facebook presence with e-commerce (add e-commerce to social not vice-versa – and keep in Facebook (no sneaky redirecting people to legacy e-commerce sites)
• Monitor user behavior to develop incentives that turn fans into customers. Use analytics and experience to learn what works – and what doesn’t (According to Prof. Scott Galloway of L2 ThinkThank“40% of Facebook users follow a brand and 15% of those fans intend to make a purchase from that brand within 60 days,” said professor. “Facebook is a transformative platform that needs to be incorporated into every retailer’s marketing strategy. Over time, digital marketing channels will significantly reduce offline ad spends.” F-commerce should be about turning intention into action.