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The State of Social Shopping. Episode 2: Name Your Price.

Posted: May 31st, 2011 | Author: | Filed under: Social Shopping | 1 Comment »

Buying revolution, daily deals, Facebook commerce, ambitious start-ups – what else you need in the social shopping space to make it even more fun?

From the previous episode of this series back in April, we’re seeing “the fun” part of social shopping as an amplification of mobile/local trends and Voice of Customer: from providing better user experience and introducing bells and whistles, to growing product base and the “do more with less” attitude of the economy.

Name your price

So let’s go social shopping – circa May 2011. We’re working hard to bring you the best of the best and we hope you’ll enjoy it!

1. Six retailer trends changing the way consumers shop in 2011:

  • Daily Deals
  • Name Your Own Price
  • Free Shipping
  • Body Scanners In Malls
  • Mobile Sales, Coupons and Instant Deals
  • Social Media Sales

2. Psychology Of The Social, Female Consumer

TEDWomen’s speaker Johanna Blakley shared insights on how women are shaping the social web. According to Blakley, women outnumber men on every social media platform on the web, including Twitter and Facebook. Because of this, social retail behavior in the fashion sector has taken off; 55% of women use mobile devices to shop and 59% use social networks.

3. Social Shopping Surge Continues

It’s no longer enough to plan your business’ strategy around your customers knowing about you. Today, and increasingly in the future, they better Like you too.

Most of this activity comes down to discovering the latest deals. A majority of surveyed consumers who “follow” a business’ blog, Facebook or Twitter do so to save money. That means shoppers seek out the best deals. They’re coming to appreciate that search is best done through social means.

Tie those two technologies—buying directly through social sites and social commentary direct from a Web site—and you have an evolution in how people buy. “Word of mouth” used to be a collateral effect of good advertising. Buying products directly from a Friend’s Facebook link makes “word of mouth” the core component of sales.

4. Social Shopping – The New Retail Revolution

Experts believe that the clothes and apparel industry can benefit tremendously from location based marketing strategies. Offering discounts in

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the vicinity of the mobile user is bound to attract customers.

Checking in’ will help them access what is in store, and this will help stores track the mobile user’s choices and references and create a profile to see where he fits in-is he a frequent shopper, does he have a preference for brands and high end products and so on. This will enable them to woo customers accordingly. This is still in its nascent stages but bound to take off in the near future.

5. F-Commerce: Facebook shop tabs keep rolling out:

  • Create your store on Pikaba and have a Store tab displayed on your business Facebook page.
  • ShopBuddy will take your shopping carts product feed and convert the data into a Facebook friendly display of your shop.
  • The Storenvy Store Tab lets sellers put their stores right on their Facebook Pages and Profiles.

6. Sneakpeeq Launches out of Beta

SneakPeeq is the social shopping mall where as you shop, the price drops. SneakPeeq gets high end fashion brands to sell in season or upcoming items on the site, and somewhat aims to replicate the experience of shopping for items in a retail store. So similar to the way you flip over a price tag to look at the cost of at item at a store, SneakPeeq doesn’t tell you the price instantly when you visit a product’s landing page. You click a “Peeq” button to find the price, and every time you “Peeq” at the price it goes down, but once somebody buys the item, the offer goes away.

7. The Future Of Social Shopping

Retailers are unleashing powerful influence campaigns aimed at grass-roots audiences. Using social techniques to source new product ideas, building product awareness & driving consumer desires. There’s Starbucks Ideasite, where 1000 ideas were generated by customers in 8 months, and over 100 were implemented. How about the new Overstock.com RecLab Prize, where the researcher or team who comes up with a 10% more effective method for recommending products to online shoppers at Overstock.com will win $1 million?

 

Pikaba, Zaarly, SneakPeeq, and Wantlet – watch out these companies, they may get a tempting acquisition offer from Google, Facebook, Microsoft or Groupon rather sooner than later. And if you do a good job of creating social fun, who knows what else might happen. Stay tuned for great things to come!