Almost half of all Millennials would like to buy items while engaged with social media. In fact, 25% have already made a purchase via a social channel.
Social networks are jumping to meet consumers’ needs. In July, Facebook announced it is experimenting with a buy button in its app and website. Twitter unveiled a similar small test last week. Both social nets are spending significant time reassuring consumers that their privacy and credit card information will be completely secure.
Pinterest has taken a slightly different approach with its Gift Feed. The feed includes special product pins complete with pricing and buying information. Users can click through to purchase or repin items for later. If the price of a saved product goes down, Pinterest automatically notifies the repinners via email.
Instagram, the current "it" network, does not yet have an integrated buy button. However, Nordstom and Target are testing the Like2Buy platform. It inserts links connected to ecommerce channels into Instagram posts so consumers can purchase from their feed.
Marketers have long talked about the potential of social commerce, but nobody has cracked the code yet. Facebook gifts were a flop, as were Facebook stores. Are buy buttons the key to success?
What are the implications for your business?
- Have you created a strategy for selling your product directly in social media?
- Do you have plans to test Pinterest Gift Feed and Like2Buy?
For help developing powerful digital strategies that work, compelling marketing strategies that drive results, strategic plans that deliver growth, or new products that consumers love, contact Brandology at 925-417-2253 or Maura@Brandology.com.
Sources: New York Times 2014, Tech Times 2014, Teen Vogue 2014, Time 2014
