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| Example of an in-stream purchase opportunity. (Source: Chirpify.com) |
Have you heard the term "in-stream purchase"? Have you ever done it? If you haven't, you will and you're going to! It's true social commerce and it's going to be big!
Chris Teso, the CEO of Chirpify, describes the difference between "old" e-commerce and social commerce perfectly: "Social link sharing that eventually leads to a purchase is what we now often define social commerce as. The problem with this, and the previous definition, is that it's not actual commerce. It's merely a link that attempts to redirect one's attention, and browser, away from a social experience to a traditional e-commerce experience. If a consumer cannot pay in-stream on the social network, it's not social commerce, it's advertising." Brilliant, right? BAM, BOOM, BANG!!! It's like a slap to the forehead.
I think the real power of true social commerce is this—An in-stream purchase opportunity delivers an actionable stimulant directly to the consumer and removes all obstacles that could derail the final purchase. BAM, BOOM, BOUGHT! Talk about instant gratification! That's as close to instant as you can get... without magic!
Think about it... social commerce will change the consumer purchase cycle. Consider this—the act of purchasing a product online goes from:
Old (Current) • SEE online or social channel >> CLICK link >>Leave Channel and go to eComm site >> FIND the item (again) >> ADD to cart >> COMPLETE transaction by providing personal information (billing and shipping) Ugh... what a hassle!
to
New (Also Current, but just being discovered by smart retailers) • SEE >>> BUY
We are already starting to see true social commerce in action. Just imagine the potential:
• Turn image driven social platforms like Instagram and Pinterest into live catalogues or store-fronts.
• Peer-to-Peer Payments or Gifting (example: http://tweet-a-beer.
• Social Fundraising by giving users the ability to donate to a cause by replying or commenting "donate" to a Twitter or Instragram post.
Here's the question... Would you purchase a product this way? If so, why? If not, why?
Complementary SlideShare to this blog: http://www.slideshare.net/KellyBurnette/socialcommerce-18254964
Complementary SlideShare to this blog: http://www.slideshare.net/KellyBurnette/socialcommerce-18254964
Kelly, you are spot on that this is where the purchase point is going for a large part of retail, music, entertainment, dining, automotive and so much more. Excellent look into the future. Thank you!
ReplyDeleteThanks, Tim!!
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ReplyDeleteAre you on Fancy? Perfect example of what you're talking about! http://www.thefancy.com/
ReplyDeleteAnother very good example Rachel. Especially with it's share feature to Google+. I think what Kelly is referring to here though is actual "in-stream" purchases, no need to follow a link to an e-Comm page to 'checkout'.
DeleteExactly, Rachel!
DeleteI believe it is a matter of trust. From a european perspective everything must be super safe and we always want to check double if everything is correct...so the cultural aspect is also important. I personally would prefer such a process for non-complex goods and services like ordering flowers for my wife while travelling...
ReplyDeleteGood points Veit. I'd like Kelly to write a post on what industries her research is indicating this in-stream purchasing is best suited for right now. I agree with you, everyday goods and services (food, beverage, retail, cinema tickets, etc) would be perfect, I would think. Anything larger than that, I'm not sure we are ready for that.... IMHO
DeleteVeit, I agree that trust and comfort with anything new takes time. I just happen to believe that this new generation will be much quicker to adapt to things like this.
DeletePS Nice with the buying flowers for you wife!
Tim, absolutely think the buying your friend a beer or donating through such in-stream opportunities will be easier to adopt into the mainstream than buying large ticket items, but it will come!
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