Social Media Trend : Twitter buy now button may alter consumer journey forever

twitter buy now button

In the last few years, e-commerce has transformed the way brands are looking at their businesses.

Not just the retail, but it has forced the entire services sector to build a unique experiential model online and create newer revenue channels (powered by e-commerce) to their existing business models.

Without doubt, social media platforms like Facebook, Twitter and Pinterest have literally altered the consumer’s path to purchase across industries, by making it more dynamic and real-time.

Talking about real-time, Twitter is the undisputed king of real-time marketing in social media. And yet brands are often challenged to work out exactly what role it should play in the mix. It can be used to create awareness, drive engagement, and play a crucial role in customer service.

Twitter users’ shopping habits make them a valuable audience for retailers and the findings can help businesses maximise sales by “sending Twitter shoppers the right message at the right moment.”

According to a Millward Brown survey of women on Twitter who had recently purchased household staples, Twitter users have bigger budgets and buy more often than non-users.

For five major retail categories, Crimson Hexagon used keyword analysis to quantify the share of conversation on Twitter for each stage of the purchase process.

 

“Whether they’re learning about a new product or on the cusp of buying, shoppers rely on Twitter for information and advice. The survey showed that nearly half (49%) of female Twitter shoppers say Twitter content has influenced their purchase decisions, which makes the platform prime real estate for brands,” Twitter says.

For five major retail categories, Crimson Hexagon used keyword analysis to quantify the share of conversation on Twitter for each stage of the purchase process.

Twitter Buy Now Button for e-commerce

After two years of testing, Twitter is finally making it easy for millions of merchants to sell products through a tweet.

The micro blogging network announced Wednesday that its “buy now” button will be available to any merchant in the United States that uses one of three major e-commerce platforms to run its online shopping operations. A store that is a customer of Demandware, Bigcommerce, or Shopify can use the software to tweet out a link to a product that will show up with a buy button.

What does this means for ecommerce startups and small business?

Technically speaking, you could run a startup business with the Twitter Buy button without even owning your own website. If the button allows you to connect directly with a payment processor it would work like Amazon or eBay where some people simply create an account on one of those sites and start selling — without ever having to slog through the hassle of launching their own site.

With Twitter Buy button, you can possibly cut down on the steps it takes for people to buy items from your store. From the looks of it, this button can be used as a one-click feature wherein your followers can link credit cards to their profiles.

Since no one has to go out of their way to get to your website, this feature constitutes a huge advance for the user experience. You won’t have to worry about how your shopping cart is working.

Honestly, I assume some stores would transition most of their resources to Twitter and other social outlets if this ended up working well, since the maintenance is so low and your entire checkout is handled by Twitter.

That, ladies and gentlemen, is quite frankly, a revolution in making.

Facebook Fan Acquisition has become irrelevant In Social Media?

stop worrying for facebook likes

The above presentation would come as a slap on the face to many “Social Media Gurus” (especially here in India). The beautiful part about this presentation is that all the points mentioned in this presentation are sheer common sense and does not comply with any ” marketing strategy template”.

I would like to quote a very famous statement made by Rene Descartes,

“Common sense is the most widely shared commodity in the world, for every man is convinced that he is well supplied with it.”

Since the days of orkut (and now Facebook, twitter, Instagram, Pinterest and many more), marketers have forced themselves to believe that ‘the money is where the audience is‘. By the way, that is not entirely incorrect. However, the very idea of a brand engaging with the audience is highly over rated & misnomered (BTW, did I say anything bad about the digital or social media agencies yet? Hell no! 🙂 )

How many times, as social media marketers, we genuinely think about the sales or business objectives of the company ahead our present marketing objectives? Often the approach used by the agencies is based on a common template which created for all the clients. This leaves little room for debate around how should the business objective be linked to the social media strategy.

It is becoming increasingly programmatic and how,

Step 1: A marketing manager creates a social media brief.

Step 2: He gives it to the agency.

Step 3: Who (the social media agency) comes up with a plan.

Step 4. Agency waits for an approval.

Step 5. The agency executes the campaign.

Step 6. The final report (with weekly, monthly likes, followers, retweets) is shared.

Step 7. Invoice reaches the client’s desk.

Step 8. Mission accomplished.

Sorry for being so dramatic. No offence to any digital or interactive agency. I think there are quite a lot of media companies with some fascinating talent who are trying their best to do great work in the space.

Also read: The Good, Bad & Hilarious world of Social Media

But lets come back to the main point.

Do brands really need to get over obsessed about the term engagement? I know most of you may not agree with me on this point, but it is practically impossible for audience to engage with so many brands. Facebook defines engagement rate as the percentage of people who saw a post that liked, shared, clicked or commented on it.

But is that engagement worth spending your precious time, money & resources?

In his article “5 Tips for a Better Facebook Brand Strategy in 2015“, Peter  Stringer-Vice President, Digital Media at Boston Celtics wrote about the Facebook’s definition of audience engagement:

But the first two of those (metrics) are basically worthless. Post likes are meaningless. OK, not completely, as a post’s likes do impact its organic reach, but realistically, a like is a one-second long, one-click engagement. How valuable is that? Do you remember the last post you liked on any platform?

facebook-engagement-is-not-the-only-metric

One of the biggest misunderstandings about Facebook likes is the assumption that once a person “likes” your page, they are going to keep coming back for more. A “like” on a page doesn’t guarantee that they will ever come back to that page and participate or even read any updates. According to an AdAge article , only one percent of fans on the biggest brand pages actually engage with the brand at all

Top reasons why people unsubscribe from facebook pages

Most of facebook likes are just casual observers or lurkers. This leads to a one-sided conversation led by the brand, or frankly no conversation at all. One of the major reasons.

The whole idea of increasing the number of likes and treating it as a mantra for social engagement success is absolutely B*ST. I am saying this because unfortunately this is how most of the social media professionals are talking these days. Needless to say, when so many people say the same thing, clients (most of them) believe it to be true. But is it really true?

According to a research published by a Denmark firm, Komfo:

Engagement is not the only social media marketing KPI, reach & fan penetration is another critical element in this puzzle. According their findings, smaller communities perform better (see below) on Facebook both when it comes to fan reach and engagement.

Facebook community page engagement metrics
Facebook community page engagement metrics

You can read their complete findings here.

No wonder, social platforms, notably Facebook, are starting to shift away from the airy talk of “brand engagement” and instead offer more nuts-and-bolts ad offerings. Engagement.

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PS: opinion expressed in this post are strictly personal.

‘Social Media phase of the internet’ has ended long ago | Opinion

Fred-Wilson-Social-Media

In his closing comments of 2014, leading New York City-based venture capitalist and blogger Fred Wilson says “the social media phase of the Internet ended” in 2014.

A lot of us would dismiss this statement immediately. And why not? After all there are 1.8 billion internet users who are accessing various social networks. But despite such a mammoth ecosystem, social is losing its sheen continuously.

In his blog article, Wilson thinks messaging and mobile have moved into the enterprise in a big way in 2014. What is also interesting to note, Social is continuously losing VC’s attention in their investment radar.

According to Carmel DeAmicis, Facebook’s IPO was a bust, the market has gotten saturated, and there’s perpetual questions over mobile monetization of social platforms.

The market has gotten saturated, some people are tired of social, and there’s a cultural pushback ranging from mocking social media job titles to compiling lists of how social is ruining your life. How many networks can a person possibly join?

Here is Wilson’s complete list of what happened in 2014:

1/ the social media phase of the Internet ended. this may have happened a few years ago actually but i felt it strongly this year. entrepreneurs and developers still build social applications. we still use them. but there isn’t much innovation here anymore. the big platforms are mature. their place is secure.

2/ messaging is the new social media. this may be part of what is going on in 1/. families use whatsapp groups instead of facebook. kids use snapchat instead of instagram. facebook’s acquisition of whatsapp in february of this year was the transaction that defined this trend.

3/ the “sharing economy” was outed as the “rental economy.” nobody is sharing anything. people are making money, plain and simple. technology has made renting things (even in real time) as simple as it made buying things a decade ago. Uber and Airbnb are the big winners in this category but there are and will be others.

4/ the capital markets have moved to the internet. we call it crowdfunding but what is really going on is raising money is a great application of a global platform that connects billions of people in real time. i don’t know the total amount of capital that was raised on the internet across all sectors (equity, debt, creative projects, charity, helping a person in need, real estate, energy, etc, etc) in 2014 but i am sure it is in the tens of billions.

5/ mobile OS has become a stable duopoly around the world. but android is splintering into google android and non google android and that may lead to new large players. 2014 was a big coming out party for xiaomi. if and when they come to the US, things will get interesting. they are the new (and better) samsung.

6/ mobile and messaging has started to impact the enterprise. slack is the poster boy for this trend in 2014.

7/ youtube became a monster. it always has been. but in 2014 youtube emerged as the place for entertainment consumption for anyone under 16. and these youngsters are going to grow up quickly. watching The Interview on YouTube was a fitting end to an amazing year for the king (and queen and joker too) of Internet video.

8/ we finally got rid of files. dropbox, google drive, soundcloud, spotify, netflix, hbogo, youtube, wattpad, kindle, and a host of other cloud based services finally killed off three letter filenames like mp3, mov, doc and xls. spending a week in the caribbean with young adults and bad internet was the tell on this one for me. they don’t even have mp3s on their iphones anymore!

9/ the net neutrality debate emerged as a national political issue with Obama’s endorsement of Title II regulation of the last mile of the internet. it is unclear how this issue will resolve itself but the public has spoken loudly and clearly and politicians understand that the internet needs to remain open for innovation and we can’t let the monopoly carriers and cable companies mess that up.

10/ cyber warfare, cybercrime, cyber hacking, and cybersecurity was by far the dominant theme of 2014. if anyone had their head in the sand on this one before this year, they don’t anymore. this is our new normal. the US takedown of North Korea’s internet last week, and the state department official’s comment that “i guess accidents can happen” is a moment to remember as we head out of 2014 and into our future.