Is your business engaging in social commerce? If yes, you should read this to understand more about social commerce. Social Commerce can be broken down into 8 types of buying and selling behaviours:
- Peer-to-Peer Sales Platforms
Community-based sales platforms where individuals communicate, shop, buy and sell directly to one another.
Example: Craigslist, EBay, and even Facebook groups
A survey found that consumer reviews are 157% more effective than traditional advertisements.
- Social Network-Driven Sales
When social networks drive the buying or selling of a product from the physical or online retail store or from the platform itself.
Examples: Instagram, Pinterest, Facebook
- Coupon Platforms
When multiple people buy a product in bulk purchase for a discounted price.
Example: LivingSocial, Groupon
- Peer Recommendations
Websites that reward customers for recommending products and services to their peers. These kinds of websites also recommend other products based on past purchase history.
Amazon recommends relevant books based on the purchase and also books that were frequently bought together.
- Participatory Commerce
Where consumers are directly involved in the financing of a product or service
Example: Kickstarter, RocketHub
- User-Curated Shopping
Where users create lists of recommended products and services for others to shop from.
Example: Lyst, Svpply
- Social Shopping
Where consumers can shop online with their friends.
Example: Rent the Runway
Rent the Runway lets customers post pictures of the dresses they rent with reviews on the piece they rented.
- On site is when a website encourages customers to share their purchases immediately after the transaction.
Zulily has a section of their website where they feature the most-shared picks that feature a discount