Social Commerce -Definition :
Electronic commerce is a shopping innovation leveraged by internet and advancement on the related technologies. The same commerce when initiated through the Social Network and executed in any existing methods of supply-chain management then it becomes S-Commerce.So, Social Commerce brings a new generation kind of shopping experience.
Evolution of Social Commerce :
Social Commerce is new shopping experience created by Social Media on internet and it will occupy at least 50% of electronic shopping by end of 2012.Increasing number of internet and social networking users across the globe are the main boosting factors for Social Commerce and its success will continue in future. E-Book and E-Printing are also slowly moving towards the Social landscape and #Shutterfly has prominent presence in Social Commerce as Social Printing Service.
How e-commerce works?
Social Commerce is initiated directly either from the Social Commerce site,or Social Commerce application site or integrated Social Plugin in Social Network like Facebook, Twitter Google+ etc.Once the order is placed using the Social Commerce Platform like Groupon,the logistics and other delivery process are executed just like in any other standard E-Commerce business process but some of the S-Commerce vendors has strategized the better back-end process to bring the next generation type of service quality.
Applicable area of Social Commerce :
No doubt, social commerce is trending globally for all type business domains. S-Commerce can be leveraged in almost every electronic commerce and the main business domains where S-Commerce has been deployed are Social Games, Ticketing, Travel Management, Hotel Booking, Fashion and E-Book and Mobile.Fashion Retailer like ASOS has already great presence on Social Commerce and same is expected to grow further in future.
Dependent factors :
The S-Commerce is software driven business process and its success is directly dependent over the richness of electronic shopping,easiness of S-Commerce Platform and great UX. Besides, other parameters are also associated with it.It is also dependent on the number of internet and social media subscriber-base. All good social commerce strategies become successful if they can transform the social visitors into Social Customers at higher conversion ratio. Fast growing Smart-phone and Tablet user-base is directly facilitating the the success of S-Commerce and its fast growing success.
In Social Commerce, all financial transactions are transmitted over the internet and internet facilitated platform.It may go through some of insecure channel too. So, it has bought the need of good security mechanism for Social Commerce to make it compatible with fast growing business-processes and the need of specialized data security mechanism to make it safe on internet for all financial transactions.
Smartphones users from Rural-Areas of India will contribute contribute a lot towards the business opportunity on S-Commerce.
Major Social Commerce Players :
Groupon is the major global player in S-Commerce followed by Ticketfly in ticketing and currently there are more than 100 plus Social Commerce players in the market. Recently launched Facebook Gift is expected to bring altogether new shopping experience in Social Commerce but right now the offering is not available globally. Facebook’s ‘Want’ button will give it bigger business opportunity to convert the registered users into potential customer or actual customers. Ticketfly is another player with business interest in Ticketing and and Ticket management.
Social Commerce Technologies/Software Stacks :
The Social Network which is used for generating Social leads are the main backbone platform of Social Commerce. So. Facebook, Twitter, Tumblr, Google are the main source user-base for potential customer for Social Commerce. Indirectly,Enterprise Social Network,Social Networks and Social BI are three key components of S-Commerce
Social-Commerce Analysis :
To make any Social Commerce business successful, it is necessary to analyze every parameter from all aspects of Social Commerce and Social Media. And it brings the importance of Social BI and it importance will grow exponentially along with the increase of S-Commerce. Social BI technologies are emerging and its need will grow exponentially at global level. As Social Commerce happens in Social Networks or associated platforms, it contributes a ton of data towards BigData forcing the integration of Big Data Analytics into F-Commerce, T-Commerce and S-Commerce, Social-Search.
Social BI plays a great role in measuring the success of Social Commerce strategies and Social Media Campaigns.Measuring the performance of Social Marketing through Visual Analytics Tool is very important for a better ROI.Statigram is a very useful platform for measuring the performance of a Visual Marketing supported by Instagram.Pinerly helps in measuring the performance of Visual Social Marketing strategized using Pinterest for any sort of Social Commerce.All S-Commerce platforms can leverage LBS(Location Based Services) to improve its visitor-to-customer ratios.