Payvment’s Social Commerce
Social Commerce
I’m sure many of you social media marketing ladies and men tuned in at least briefly to Facebook’s f8 conference, and some of you may have heard word of Payvment’s new social commerce feature for Facebook. During that time, you may have been asking yourself, what is social commerce and what will this new social commerce feature mean for me and my business? Well don’t fret for that is going to be our topic of discussion and we’ll be sure to clear up any questions or misconceptions you may be having about the service.
Social Commerce | What is Social Commerce?
Wikipedia has put together a pretty good synopsis of what social commerce is:
“Social commerce[1] is a subset of electronic commerce that involves using social media, online media that supports social interaction and user contributions, to assist in the online buying and selling of products and services. More succinctly, social commerce is the use of social network(s) in the context of e-commerce transactions.
The term social commerce was introduced by Yahoo! in November 2005[2] to describe a set of online collaborative shopping tools such as shared pick lists, user ratings and other user-generated content-sharing of online product information and advice.
The concept of social commerce was developed by David Biesel to denote user-generated advertorial content on e-commerce sites,[citation needed] and by Steve Rubel[3] to include collaborative e-commerce tools that enable shoppers “to get advice from trusted individuals, find goods and services and then purchase them”. The social networks that spread this advice have been found[4] to increase the customer’s trust in one retailer over another.”
So basically social commerce relates to any purchase made online that is influenced by your social spectrum, friends, trusted sources, etc. That being said, let’s go into what Payvment has planned with its social commerce features on Facebook.
Social Commerce | Payvment and Facebook
One of the coolest new features that’s going to be available with Payvment’s social commerce app is the “Wish List.” “Wish Lists” will be available to view on a users profile and the app is easily customizable. Basically with verbiage, you can let your network know that you “want,””reviewed,” or “liked” a product and others will be able to view it on your News Feed.
Although some of the Payvment’s idea for their social commerce features is not yet available because they’re still in the testing stages, Payvment says that it would like to “enable creation of wedding and baby registries, holiday and birthday wish lists and more.”
MarketWatch wrapped up the social commerce report like this:
“Facebook’s new features have enabled us to build a social commerce experience that is more relevant for shoppers and offers more effective social discovery for sellers,” said Christian Taylor, founder and CEO of Payvment. “The new ability for users to add Wish Lists to their profiles will also make engagement around products much more ‘sticky’, as clicking on ‘Want’ will not only post a story to a shoppers’ News Feed, but also populate a Wish List module on their profile where friends can see it any time. These new features will deliver a dramatic increase in visibility for sellers and open the door for Payvment to develop powerful new functionality in the months to come.”
Payvment’s storefront app on Facebook allows anyone — from a weekend crafter to a major retailer — to promote and sell his or her products on their Facebook Page. Since launching in 2009, Payvment has attracted over 100,000 sellers and has become the most popular ecommerce app on Facebook.
Social Commerce | Bottomline
It will be interesting to see how Payvment develops its social commerce engine, and if you haven’t been experimenting with social commerce with your small business, visit payvment.com for more details on how to get up and running.