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Knowing the New Rules of Social Commerce

We all know that Facebook is currently the largest social-networking website, and that's why we have been hearing a lot of reports about it's IPO and stock market performance. However, what most of you might not know is that the site will be replacing Facebook credits with local currency pricing. The company is taking such a step in order to provide people with full-service payment functionality over the internet.

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There have been companies that tried the concept of social sales and it's growing with time. DELL was able to experience more than $6 million in sales through Twitter. When people are ready to buy something online, they are redirected to some other source, and this disrupts the experience. Companies are trying to come up with the means to provide customers with a seamless buying experience.

The social aspect on the other hand, is very beneficial for companies as it allows them to know what people think of their products or services in real-time, and then they can make improvements. A well-known car manufacturer was able to monitor what it's consumers thought and changed the seats in it's new models because of customer dissatisfaction.

The social aspect also helps in changing the minds of consumers. According to studies, 90% consumers trust peer recommendations while only 14% trust what they see in advertisements. Businesses can emphasize peer-to-peer conversations and increase connections between consumers and people who might recommend specific products.

People don't like wasting time, and that's why businesses need to do what they can to provide them with a seamless and efficient experience. They need to shorten the time it takes when something is recommended to a consumer, and he or she makes a purchase. The shopping experience needs to be more social and engaging. The whole process of considering a product and purchasing needs to be more interactive.

Businesses need to create a social strategy. They need to realize that social commerce is important when it comes to communicating and transacting with the customers. Emphasis should be on social commerce, and businesses should know how to use social media and social tools. They need to provide customers with a seamless experience by merging multiple sites, apps and platforms.

In order for someone to follow these new rules, they need to be ready to match the changing needs of their customers. They also need to use powerful tools, and they need to analyze and manage the data they receive.

Social sales will soon become more sophisticated. It was recently announced by Commonwealth Bank of Australia that it will enable banking services through Facebook. Many companies have started to understand the new rules of social commerce and are doing what they can in order to manage consumer interactions on all communication platforms they use.

If you want to enter social commerce,Fortune suggests youdefine social initiatives relating to your business and do the following;

    1. You need to see how consumers interact with your company by launching a consumer interaction inventory.

 

    1. You need to survey how the concept of being social occurs in your company.

 

    1. Practicing and using the proper tools can help you a lot.

 

    1. Participating in the conversations that consumers have about you is also a good thing to do.

 

    1. Try to use new social channels and provide consumers with a new experience.

 

    1. Creating a closer relationship between Marketing and Technology is a must!

 

    1. Identify the consumers who support you and support them and share what they say with other people who might be interested in your products or services.

Understanding these new rules will, no doubt, help you in fully benefiting from social commerce.

Posted in Moving and Relocating Post Date 01/23/2016


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