The Rise of Social Commerce as a Business - Less Investments, More Returns
A Virgin Business Idea with High Chances of Profitability.
The best way to outperform is to innovate. Well, the business runs on the same ethical lines.
But do you think coming up with out-of-the-box ideas every time is that simple?
It isn’t, right?
Another major concern for the business is funding.
But how great it would be to have innovation and funding hand-in-hand?
We are here with an interesting business concept of Social Commerce which is an unheard, unseen, and unimplemented business idea for any entrepreneur to try their hand over and ace.
According to a study, Facebook accounts for 50% of the total social referrals and 64% of total social revenue.
Wondering why do we think it will commemorate Facebook and will go a step beyond?
Umm, but Facebook was meant to be a social networking site, right?
Yes, Facebook started with the goal to connect the users from all over the world to one platform for them to interact but sincere kudos to Zuckerberg to have thought of a futuristic scope for the engagement of the avid shoppers and the shopaholics and the picture below shows the camouflaged intention.
The Social network indeed has become an Internet staple for the people’s need.
With the revelation of Facebook’s true intention to tap into the user’s space and provoke them to shop from the platform, there’s quite a buzz encircling the social media platforms to let their imagination run wild and come up with a business plan that commends the features of social media-like business, make revenue, and include social media features as well.
Social Commerce Features Inspired By Facebook
This is how a dedicated Social Commerce platform should look like. A combination of both - the Social Media and the E-commerce Portal.
Below are some of the features that should be build in a dedicated Social Commerce Platform.
Facebook provides the users with an option to get registered into the account that helps them connect to the users all over the world.
Similar to Facebook, Social Commerce can have a registration and login option, for the creation of account on the portal.
The news feed is a primary system through which the users are exposed to content posted on the platform.
Here using secret algorithms, Facebook selects a handful updates to actually show users every time they visit their feed, out of an average of thousands of updates they are potential to receive.
Now, when we are talking about the Social commerce portal, what we can do is enable the users to view the feeds of the requests of other users in order to make recommendations about the product.
The search user option in Facebook helps the user to find the profile of the searched users and view the related information about them.
The search on Facebook is made possible when the user makes the search with the help of the name of another user.
Similar to Facebook, the Social Commerce will have the same feature although with a different twist.
In Social Commerce, the search can be made with the help of the interests, products purchased, name of the user, brand pages, and include all the relevant options that can help the user connect with the right person who can guide make the purchases right.
Facebook provides the option to follow the users whom they know or who exhibits similar interests as that of the user.
In the Social Commerce, the follow user feature helps other users to know the choices and preferences of that particular user so as to make apt suggestion.
Connecting Fellow Users
Facebook lets the users connect the fellow users by sending them friend requests and/ or follow option.
In the Social Commerce, the suggestions/ recommendations to connect with the users having common interests listed out in their profile are shown.
This feature can be best used by the vendors. They can connect with the users after viewing their interests and can make direct sales here.
Facebook lets its users to ‘friend’ the other users by sending them friend request.
Once the user accepts the friend request, they both can mutually view the profiles, interests, and get feeds about them.
In addition to accepting friend request, the users have the option to decline the friend request or hide it using the ‘not now’ feature.
Moreover, it is also possible to unfriend the user after connecting with them on the platform.
Deleting the request allows the user to delete the request at the time, but it does allow the sender to resend it in the future.
While the ‘not now’ feature hides the request so that the user can go through the request in the later phase.
A timeline is the new virtual space in which all the content of Facebook user is organized and shown.
Replacing the wall, in a timeline the photos, videos, and posts of any given user are categorized according to the period of time in which they were uploaded or created.
Similar to Facebook, Social Commerce can be used to see the timeline of the requirements and products posted before the user joins the platform.
Posts and events are displayed along a timeline that runs through the centre of the profile, with the option of adding events that occurred prior to the user joining the Social Commerce platform.
Facebook allows the users to upload pictures, and add them to the albums.
Social Commerce can be built in a way that the users can upload and view 360- degree photos.
Mobile users will move their device around to navigate the environment, while the website users will have to click and drag the picture to get an all-covering view.
Facebook allows its users to upload recorded videos. This specifically highlighted the fact that the users will be able to view 360-degree videos.
Now, comparing this to Social Commerce, the users can post the requirement of the product by making the use of video.
This will prove to be helpful for the choosy users.
Facebook allows its users to post their views and reactions on the feed of others.
Similar to the working of comment feature in Facebook, in the social commerce it can be purely used for the commercial purpose.
The users can post their requirements and the users who can help the user can post their suggestions and recommendations in the comment box.
Apart from this, even the vendors and the marketing managers can make direct discounts and offers to the users.
Chats and Messaging
Facebook provides the option to chat and message within the platform to increase the engagement and involvement of the users.
In Social Commerce, the chats and messaging facilities for the users to interact with other users and get insights about the product. The marketing managers via messaging services can directly market and convince about their products.
The vendors can create the marketing events for the customers and can post the events.
Here the users can see the events listed in their feeds and can decide to go to the event or not.
This can be used by the brands to provide information about the exhibition, auction, sale that is going to be organized in their store.
Thus, even the promotions can be made from the platform itself.
Additional Features That Can Be Added to Social Commerce
Setting Business Categories
For the better targeting, individual vendors and marketing managers should be able to choose which categories they serve and select the exact products they serve.
This way they can see the targeted product buying requests posted when matched automatically by the application system.
If the user wants some variation in the selected product listed by the admin, he can specify it in the column meant for the additional requirement.
On the basis of the interests as specified by the users, they can view the feeds about the product requirements of other users they follow, can make suggestions and vice versa.
As the individual vendors or marketing managers get the effective sales out of the complete social commerce application set of features, their accounts should get activated based on the time based subscription like monthly, quarterly, half yearly, or annually as revenue to the platform.
Posting Deep Links
This can be a very useful feature for online store owners so that they can post the product link on the buying request so that the customers are redirected directly to suggested products.
Introducing Brand Pages
Allowing brands to have the pages on the platform announcing their products and giving marketing manager accounts to brand managing authorities so they can connect the users directly or market their campaigns.
Interface to Make Commercial Posts
As we see the analogy of the features between Facebook and social network, the basic essence of the social commerce remains aloft from the already existing social media platforms that provokes the user to respond to the purchasing behavior.
And that is why we believe that a dedicated platform serves the purpose better than a social media platform that additionally provides air to online commerce as well.
Talking about the dedicated platform, the interface of the Social commerce will be different in a lot of aspects.
The Social Commerce will have a news feed with the categories and listing of the products/ brands/ accessories attached to the feed.
This provides the users with the ease to post requirement just with the help of a few swipes and scrolls.
Also, for the users who are at the most choosiest should be provided with the options to post additional information, if any, for their requirements.
Apart from this, a separate login and registration can be provided for the marketing managers to publicize their brands value and products.
Social Commerce Business Needs Technical Experts More Than it Needs Investors
“Reality strikes the virtual world when you least expect it.”
You are extremely impressed with the business model of Social Commerce, you found the features of the portal to be apt according to the need, and you are almost ready to go with the idea; but then arises a problem.
Umm, to be frank a technical problem.
Well, going in the technicality of the project, the development is a bit more complex as it involves the development of both the platforms together.
The development of the application like Facebook takes couple of thousand of hours and the development of an ecommerce application takes nearly the same number of hours.
Now imagine the new application - the virgin application idea of Social ecommerce is going to be a merger. Think of the number of hours and think of the complexity pertaining to the number of hours.
Moreover, there is no application for the social commerce as such which you can give reference to any development firm. In this circumstance, what should you do to build this business perfectly?
Find out the complete resources and materials along with the business model for the social commerce.
Ultimately, it is the business bud who will launch the first Social Commerce Application directly get the position Facebook and Amazon combined is in today.
Good luck with your endeavors. :)