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Top 3 social commerce tips from Gigya CEO David Yovanno
Over the 2010 holiday season consumers pushed into the ecommerce space in droves, driving more than $32 billion in online sales. But more than sales, consumers began sharing information about etailers through their social networks. From out of stock notices to the best deals, social commerce made huge strides in 2010; those trends are expected to continue through 2011.
I recently had the chance to chat with David A Yovanno, CEO of Gigya about social commerce trends and what brands can do to monetize the social space.
Kristina: In the social space, what truly engages the consumer?
David: Beyond a coupon or special offer, I think what consumers really want from their favorite brands is transparency, relevance and convenience. When people reach the checkout...they abandon [shopping carts] at an average rate of 40%. One initiative gaining popularity is the concept of 'social sign on', using an existing identity from [social networks] to register on a site. Registering with a social identity is not just easier for the consumer, but provides the retailers with a host of useful information about their customer.
Kristina: Is social becoming a channel unto itself?
David: Social is becoming a continuous, seamless layer across platforms. Sooner rather than later, all online retailers like other sites will make it possible for their customers to engage with their sites socially - including using a social identity to register, providing the ability to share a favorite item directly to Facebook and Twitter and engaging with friends about which items they covet or have already purchased.
Kristina: What are the best practices for creating word of mouth from a retail site?
David: First, remove friction - integrate social sharing with social sign-on so that items can be shared with the least amount of friction.
Second, provide incentives - reward customers for social activity by providing incentives. Both virtual and monetary incentives help foster customer loyalty.
Third, measure - track not only sharing volume but the resulting referral traffic and its impact on sales. With this information, retailers can then reward their largest influencers, driving more Word of Mouth (WOM) activity.
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