The Internet Retailer Conference and Exposition (IRCE) is an annual tradeshow hosted by Internet Retailer. With over 500 vendors and more than 8,000 in attendance, there is sure to be some buzz of what’s to come in the commerce space. We listened to some of the top retailers and thought leaders views of what’s to come in the next generation of ecommerce.
It’s a fact that people ask others they know about products and services. In fact, “90% of consumers online trust recommendations from people they know” Randall Weinberg says. A must do for online retailers is to be where their customers are.
CEO, Randall Weinberg from Giantnerd.com, spoke about the advantages of social media in the ecommerce world. Giantnerd.com, a retail store offering products for the outdoor enthusiast is “Powered by Love” and encourages the communication of its shoppers. By providing Facebook log in, users can easily tie their purchases to their online identity. That in turn, makes recommendations of other products much easier.
Another example of a successful social site, Fab.com, went from 1.5 million members to 4.4 million users in the past several months. Their combined use of daily sales and the live feed within Facebook have allowed fab.com to have a crowd-effect on purchases.
Whereas, a lot of interest is generated within the Facebook feed, the takeaway was that while ads on Facebook will help your brand and encourage users to visit your site, they won’t necessarily guarantee purchases in Facebook. However, by having a social login, you can help lower the abandonment rate, increase the amount of data collected on your user, and additionally, add value to both the quality and experience of the shopper’s time.