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Thursday, February 3, 2011

Social Commerce To Rise Six Fold To $30 Billion In 2015, According To Booz & Co


Booz & Co has released their report "Turning “Like” to “Buy” Social Media Emerges as a Commerce Channel" , concluding that social media as a commerce channel is emerging and considering targeted efforts to integrate social commerce as part of an overarching multi-channel strategy.
Some hightlights from the report:
  • Conversion” will be impacted most by social commerce
  • By 2015, the dollar volume of goods sold through social media should rise six fold, to $30 billion from $5 billion this year (graph below)
  • In Booz & Company’s 2010 survey, 71 percent of social networking users said their “liking” a company on Facebook would have no impact on their propensity to buy from that company.
  • Social commerce will marry multiple types of data—purchase, behavioral, and demographic—to form sociographic data that tracks not only what individuals buy but what their friends buy.
  • Four Imperatives to getting started: 1) Jump in soon and learn by doing 2) Develop a strategy for getting the data you need. 3) Define what the customer experience should be. 4) Integrate social commerce into an overall multichannel strategy
The Technology Gurus, Inc. can help small and large businesses can effectively use Social Networks to augment other sales channels, optimize return on investment (ROI) and, at the same time, builds a trusting relationship with the clients.

Yash Talreja, Principal, The Technology Gurus

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