The Technology Connected team attended some of the events at last week’s London Tech Week. As the leading network for the technology industry in Wales, it is always important for us to see how the Welsh tech community can best utilise the technologies available as well as share learning about how tech can develop in…
Social shopping or S Commerce is a type of eCommerce that seeks to involve people with similar tastes in an online shopping experience. Sites like Pinterest claim to differentiate because on the one hand they offer the ability to pin items of interest but on the other hand they allow targeted marketing and click-through referral opportunities through image relationships. Arguably TikTok and Snapchat are also powerful channels for brands to launch their eCommerce campaigns. In fact, perhaps more than 50% of Snap’s business is in Direct Response advertising.
Many social shopping sites are similar in feel and design to social curation site Pinterest. E-commerce experts suggest this is not coincidental, that the approach is catering to a new generation of shoppers who enjoy and expect a “Facebook experience” where users like and share as part of their online life and are seen to do this.
Social shopping sites, like Kaboodle and ShopStyle, offer recommendations to members in the same way that you’ll see on Amazon Etsy and eBay.
The concept of Social Shopping makes presentations personal, by providing members with the ability to create personal boards, preferences and lists. For these sites, stickiness comes in the concept of community and the opportunity to engage in a dialogue with friends and peers. The goal is to build community by encouraging members to talk about products and preferences and make suggestions directly to their friends and social contacts as they might if they were shopping together in actual bricks and mortar stores.
Social commerce is that segment of eCommerce where sellers can actually sell and not just market their products directly through the social media platform, they can also browse goods catalogues and make those direct purchases.
Unlike the more limited, social media marketing, true social commerce gives the customer the option to perform a direct checkout and settlement.
Right now this is a $90Bn market, so what are the implications for customer data and your business?
Social commerce is a subset of eCommerce makes it easy to measure and evaluate the performance of your ad spend with the various platforms. The social media platforms have built-in eCommerce metrics for impressions, engagement and reach. you can see the number of clicks, the number of views and the level of engagement and perhaps even the response sentiment. All these capabilities come at a price which erodes your potential customer lifetime value. With the average consumer spending around $400 – $500 per annum on social commerce, there are the many costs that are loaded up by the platforms to consider, from the ad spend through the commerce fees and charge and pay commission.
In reality, social commerce is there for shoppers, not businesses. Since the entire process is focused on the particulars of the Social Media platform and if it includes checkout you lose website traffic and the opportunity to harvest some important customer characteristics.
In today’s fast-paced and highly competitive markets, successful brands have to be consistent in the way that they communicate with their audiences across all channels and also need to be consistent and superior in the customer and audience experience. This may be across many applications, many different types of interaction and through the message and communication of all personnel and mediums.
The only way to harness the power of that customer data is with a customer master data management platform that ensures that the data that you have is complete, comprehensive, accurate and relevant to the job you want to do. Further, you need to gather and maintain this data in a compliant and consented way. That data needs to also be secure but at the same time accessible to the business areas that need it—no mean feat in the current era of heightened concerns about privacy and corporate personal data abuse.
Pretectum has a scalable secure solution that at the same time offers flexibility and structure in a way that is attuned to the way your business prefers to work. We think of it as the Pretectum Advantage.
Promises to take ‘reasonable endeavours’, ‘all reasonable endeavours’ or ‘best endeavours’ are commonly seen in commercial agreements. But how are they distinguished and when should they be used? Endeavours clauses aim to hold the performing party to a pre-defined degree of effort in achieving an objective. They are not absolute and unequivocal requirements to obtain […]
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In many cases, you won’t need to revisit the terms of contracts once signed if the words are clear and the relationship is harmonious. Unfortunately, sometimes disputes can arise and if the words in the contract are not clear enough you could end up asking a court to interpret what they mean. Broad principles of […]
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What Is TheCoinTrust? TheCoinTrust is one of the trusted and legal brokers available right now in the financial market. A comprehensive online brokerage platform has emerged, but it is doing incredibly well due to its unique features. To help traders improve their skills, TheCoinTrust brokerage systems provide state-of-the-art features and tools as well as unique […]
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Today 20th May 2022, First Minister Mark Drakeford opened ResilientWorks, a ‘living lab’ in Ebbw Vale as part of the National Digital Exploitation Centre campus. It has been jointly funded by leading Technology Connected member, Thales, and the Welsh Government Tech Valleys programme. ResilientWorks is the latest development on the former Ebbw Vale steelworks site,…
A gasification pioneer aims to seal the UK’s low-carbon future after winning a Government grant worth nearly £300,000 to develop waste-to-hydrogen production technology, innovation funding specialist Catax can reveal. Compact Syngas Solutions (CSS), based in Deeside, Wales, has secured £299,886 from the Department for Business, Energy and Industrial Strategy (BEIS) with the help of Catax. The […]
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In every business marketing model it’s highly important to address your return on investment (ROI). Monitoring, evaluating, and increasing your ROI is vital for maintaining optimal business operations. Marketing is one of the key areas of investment in most businesses, and has the greatest opportunity for profitable returns, but only when executed successfully. Therefore, if […]
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