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Personalized Shopping Experience to Increase your Sales Leveraging Social Commerce SolutionTRANSCRIPT
Personalized Shopping Experience to Increase your Sales
Leveraging Social Commerce Solution
Nov 17th, 2011
Bharath Yadla Practice Head – Social Commerce & Cloud
Integration
Topics
1. Explosion of Social Media in online commerce
2. Multi-Channel strategy - a must, sell where the users are
3. Personalized Recommendations – a Key ingredient of Social Commerce
4. About ZSL SmartPrise Social Commerce
5. Demo
6. Next Steps…
Where is the market going?
2010 2011 2012 2013 2014 2015
Where is the market going? Exhibit Booz & Company Estimate of
Social Commerce Market Size (2010-2015; in USS Billions)
$5
$4
$9
$3
$6
$14
$5
$8
$20
$9
$12
$30
$14
$16
Note : Numbers might not add up because of rounding. Source : Forrester Research; GP Bullhound; Euromonitor; Booz & Company analysis
Explosion of Social Media in Commerce
Source : Nielsen Q3 2011
What is Social Commerce
Social commerce is a subset of electronic commerce that involves using social media, online media that supports social interaction and user contributions, to assist in the online buying and selling of products and services
We believe that it is all of this and more. We define social commerce as: "The use of social strategies to anticipate, personalize and energize the shopping experience."
Social Commerce as defined and was first introduced by
What is Social Commerce
E-COMMERCE Buying and selling
products and services online
SOCIAL-MEDIA Online media
supporting social interaction and user
contributions
SOCIAL COMMERCE The monetization of
social media with e-commerce
Recent Examples of social commerce
1-800-Flowers, setting up the first online retail store embedded into Facebook
US fashion chain The Limited creating a newsfeed store on Facebook allowing users to buy directly from
within newsfeeds
Dell offering a 'deal feed' on popular micro-blogging service Twitter, netting it over $7m in sales
Amazon & Best Buy extending their reach beyond their sites with social media services such as social
bookmarking 'universal wishlists’
Food processor brand Blendtec seeing a series of humorous 'Will it Blend?' ads to social media platforms,
and in doing so increasing sales by 500%
Dr. Paul Marsden, Syzygy Group Social Commerce Defined
Multi-Channel Strategy – Cannot Ignore anymore
Multi-Channel Strategy – Cannot Ignore anymore
Source : ChannelAdvisor 2011
2 Strategies
Multi-Channel Strategy – 2 Major Strategies
SOCIAL & Mobile MEDIA ON E-COMMERCE PLATFORMS
E-COMMERCE ON SOCIAL & Mobile MEDIA PLATFORMS
Helping people connect where they buy Helping people buy where they connect
Being Relevant on Website is important
Personalized Recommendations – Key to Social commerce
Personalized Recommendations – Key to Social commerce
Source : JWT, 2011
Recommendation Engine for Social
Commerce
Personalized Recommendations – A Bigger Value
The answers, not surprisingly, centered on revenue (63%), customer acquisition (55%), and customer satisfaction (80%0. In North America, employee productivity was also an important goal for 50% of respondents. In Europe, it was important to no respondents. Retailers are more focused: they had one goal, and it was revenue
Revenue, Acquisition, and Customer Satisfaction: the Goals
Fully 48% of our respondents are interested in deploying recommendations for a B2 ecommerce application. 35% indicated that they would use recommendations on a B2C site. Only 19% were interested in applying recommendations to a corporate Web site
Roughly 10% of our respondents already use a recommendation engine. Of those not currently using a recommendation engine, a quarter plan to deploy this year, and another 20% plan to deploy in 2011. So it seems that about half of our respondents are pretty hot on the idea of recommendations. Retailers unanimously chose 2011 for deployment
Few Current Users, Many Ready to Adopt
Source : Patricia Seybold recommendation engine market survey
Social Commerce – User perspective
“Personalized & Social recommendation is the back bone of
Social Commerce Strategy.”
Six Dimensions of Social Commerce
Ratings & Reviews • Customer ratings & reviews • Expert ratings & reviews • Sponsored reviews
Recommendations & Referrals • Social bookmarking • Referral programs • Social recommendations
Social Shopping • Social media stores • Group buying & gifting • Social shopping portals
Forums & Communities • Discussion forums • Retail blogs • Customer communities
SMO • News & Deal feeds • Social media events &
sharing • Link building
Social Ads & Apps • Social Ads • Social Apps & Widgets
Market Challenges
B2C businesses with web & mobile properties have the top 3 challenges, more so with Publishing, Retail, Travel, Entertainment…
Revenue or Transaction ability
Consumer acquisition
Consumer satisfaction
However, most businesses today struggle to address the above challenges because
They don’t have a personalization strategy nor successfully implemented it
They don’t have a clear Social CRM strategy
To address the above challenges the businesses need to
Provide a very personalized & relevant consumer experience
Follow the consumer on the social platforms
We help the businesses address this challenge by offering a Personalized & Social Recommendation Engine for their
web and mobile properties.
About ZSL
2
1
• 15+ years Global Technology Integrator & Business Solutions Provider, Headquartered in
Edison, NJ
• State-of-the-art Technology Research & Development Centers in US, Canada and India
• 4000+ employees with offices in US, UK, Canada, France, Germany, Malaysia, Singapore,
Middle-East and India
• Dedicated R&D Division to Offer Value Added R&D Services & Product Development
Services to the ISVs and SPs
• Emerging Technologies Specialization with the leading technology vendors alignment
• Pioneer in Industry Solutions Development (Insurance, Finance, E-Governance, Consumer
Electronics, Pharmaceutical & Telecom)
• Award Winning & Proven Partnership Program “Get IT Together” Partnership for ISVs, VARs,
SPs and SIs
• ISO and CMM Certified Solution Provider
Industry Recognition
Personalized & Social Recommendation Engine
Sources Relevant and Personalized
Recommendations for the Consumer’s need. Enhances Social Relevance through
personalized Opinions & Coupons from friends & social networks.
Increases the Consumer Transaction-ability (visit to buy) with 30-50% sales lift.
Acquires new Consumer-base (15 to 20%) through powerful viral loops.
Works on various touch points like web, facebook, smart phones (iPhone, Android…).
Social Analytics & CRM Monitoring – extracting consumer insights
from social sphere Profile mapping Middleware – Integration of all customer
facing touch points Measuring & Insights to sentiment
SmartPrise Social Commerce – Personalized & Social Recommendation Engine
Intent Based, Context Driven Personalization
Popularity Peer Influence
Profile
Past Usage
Persona in Social
Networks
Proximity Personal Actions
Pivoted Search
Pleasant Surprise
Personalized & Social Recommendation Engine
Opinions
SmartPrise Commerce solutions
SmartPrise Commerce for Retail • Social Commerce & Personalization
solution for Retail SMBs • Complete commerce solution • Social Enabled • Personalized recommendations for
customers
• Social Commerce & Personalization for Magento Commerce
• F-Commerce & M-Commerce Solutions
• Social Commerce & Personalization Solutions for IBM Smarter Commerce
SmartPrise Commerce for Online Media • Personalization solution for Online Media
• Personalized & Relevant News, content
• Social Enabled • Relevant Gossip
Ready for Social Commerce Solution – Next Steps
• Get a Strategic assessment – How to enable your store on facebook & mobile (multi-channel)
• Pilot Study – How to give your customers “Personalized
shopping experience”
• Not Convinced yet? - Want to see how your store looks like with our SmartPrise Social Commerce – Feel yourself, request for your own DEMO STORE setup