This article has been cross posted on Big Fuel's blog - Content to Commerce.
If you were following Big Fuel Social Labs this week, you would have seen this Tweet:
Although there are a number of new waves on the horizon, I’m putting my money on social commerce. The technology I am referring to goes beyond coupons and check-in discounts. Consumers continue to spend more time in social channels than web (Morpace Omnibus Report June 2010) and Facebook and Twitter users spend 1.5 times more dollars than the average internet user (ComScore May 2010). From a technology standpoint we are bound to see e-commerce merge with the social web and this will directly affect consumers and brands.
Take for example 8th Bridge which enables in-stream Facebook shopping.
8th Bridge - In-stream Facebook Commerce.
The consumer ‘Likes’ a brand on Facebook, then when the brand shares an exclusive deal on the Facebook page, that post shows up in the consumers stream. The consumer can then make the product selection and complete purchase without having to leave the Facebook environment.
For brands this is the ‘gold’ of social ROI. As Jim McCann, CEO of 1-800-Flowers.com said, “Through our collaboration with 8th Bridge we have now opened millions of stores. ”
The social e-commerce space is early stage, but here are some of my predictions:
- In-stream Twitter e-commerce: make purchases from within Twitter and instantly Retweet that purchase to your followers.
- Purchase goods and services from within Foursquare’s mobile application: In this instance your friends will be literally watching your shopping behavior.
- NFC integration: This is a big one. Can you imagine the ability to autoshare your purchases at checkout with your social graph? It’s coming!
Can you think of more? Let me know in the comments section below.