Why Social Media is the Next Big Platform for Commerce
We sat down with Chris Bennett of Soldsie to discuss how social selling is changing mobile retail
Chris Bennett is the cofounder of Soldsie, a social commerce platform that allows customers to purchase products by leaving comments within their feeds on Facebook, Instagram, and Pinterest. By registering their payment information with Soldsie, buyers need only type ‘SOLD’ next to their favorite branded products in order to complete purchases, all without ever having to leave their favorite social media platform.
The Mobile Commerce Playbook is a 12-week series from PSFKand Braintree exploring the key trends that are defining the future of mobile commerce. Be sure to check back often for more great articles here and onBraintree’s site, and don’t forget to download the full Mobile Commerce Playbook on our Slideshare page.
In this way, the tool offers new methods for sellers to connect with their fans and transform product discovery into seamless sales. The service not only capitalizes on impulses but also extends the reach of every transaction through its ability to broadcast on the shopper’s feed—tying commerce to word-of-mouth marketing.
During our conversation with Chris, we discussed the interplay of social and mobile commerce and how one-click checkouts are playing into new consumer expectations around frictionless transactions.
PSFK: How does social play into the m-commerce purchase path?
Chris: When we think about social commerce, we treat it as mobile first. It’s kind of a big pattern shift because brands are still doing a lot of their work and managing a lot of their business on the desktop. As a result, they don’t really think about the fact that most of their consumers are engaging with their business on mobile. The same goes for social.
We’ve been paying close attention to mobile engagement levels on the four major social networks—Instagram, Twitter, Pinterest, and Facebook—channels to understand where brands may see the greatest return on their social investment strategies. We try to translate those learnings into how we approach the social commerce space.
PSFK: What are the challenges brands encounter when thinking about an m-commerce strategy?
Chris: On the one hand, brands are attempting to keep up with consumer trends and using an m-commerce strategy to get their products in front of the right consumers. Right now, many brands are just adopting strategies to keep up and not get left behind, but there’s no real concrete plan in place. Once they understand what works and what doesn’t, they need to be able to quickly react and pivot to meet the needs of their consumers.
For instance, when eBay launched its mobile app, nobody was using it. Now, it makes up the majority of its sales. The company had to keep evolving alongside its consumers or risk failing. Nobody could have predicted that after first launching the app, but I think that speaks to the overall direction commerce is heading.
PSFK: Where can we improve the mobile commerce experience?
Chris: The mobile checkout process needs refinement. A major pain point for m-commerce shoppers is the amount of data that they’re required to enter when completing a purchase. If seamlessness isn’t baked into the checkout experience, we see a significantly higher rate of abandoned shopping carts.
PSFK: Does mobile change the relationship brands can have with consumers?
Chris: On the whole, mobile apps are changing the ways brands and retailers are communicating with consumers. Today, people carry their phones with them as if it’s an extension of their person, which opens up a lot of opportunities.
Personally, if I download a brand app, it’s usually because I’m already interacting with that company a lot, or I have a specific need that I’m trying to fill. As a result, I don’t mind getting push notifications from them. I almost want to, because it’s their information I want to get. Ideally, a brand should be sending a specific message or piece of information because they already know what’s important to you. That’s the really exciting part for me.
PSFK: Do you have any predictions about what consumers can look forward to in the future of mobile commerce?
Chris: I predict every retailer is going to be leveraging social to drive sales to their products in the next three years. If they’re not, they’re going to risk getting left behind. With the advent of ‘buy it now’ buttons, social is going to play a much bigger role in the future.
Thanks, Chris!
The Mobile Commerce Playbook is a 12-week series from PSFK and Braintreeexploring the key trends that can help merchants take a forward-looking approach to refining their mobile offerings. Be sure to check back often as we continue to examine the future of mobile commerce. You can also download the full Mobile Commerce Playbook and check out the report on our Slideshare page. Don’t forget to head over to Braintree’s site for more great content!
