Social commerce is an emerging field driven by the explosive growth of the social Web. According to a Booz & Co. estimate, social commerce will grow to $30 billion globally in the next five years. While there are many ways that the term is still being defined, according to Dr. Judy Strauss who recently co-authored the new textbook (with Efriam Turban and Linda Lai) entitled Social Commerce: An IS and Marketing Perspective, social commerce is defined as follows:
Social commerce can be viewed as a subset of electronic commerce where activities are done in social networks and by using social media tools. It operates at the intersection of social media, electronic commerce, e-marketing and supporting theories from several disciplines including social psychology, marketing, sociology, and information technology. Social commerce is able to add value to the performance of organizations while at the same time increasing the satisfaction and added value to individuals.
Earlier this week I sat down with Dr. Strauss, who is a marketing professor at the University of Nevada, Reno, to talk about her new book. In the below video we discuss her books, the topic of social commerce (click here for an infographic about the history of social commerce), and her general thoughts on marketing:
As mentioned in the video, when leveraged properly, social commerce has the potential to add a heightened level of awareness, engagement, and interaction with a product or service as as was the case with the successful re-launch of the iconic Ken doll. For an overview of Mattel’s social media campaign that sought to re-unite Barbie and Ken, as well as to grow awareness about the company’s products online, make sure to watch this classic textbook case study of social commerce in action.
Barbie and Ken: A Love Story
About Dr. Strauss
Strauss is an international speaker, seminar leader, entrepreneur, and a previous marketing director at two companies who has also worked as a stockbroker. She is an award-winning author of four books and numerous scholarly articles on internet marketing topics, including Radically Transparent: Monitoring and Managing Reputations Online and E-Marketing—the first textbook on internet marketing. Strauss earned her doctorate in marketing from Southern Illinois University, her MBA in Finance and Bachelors in Marketing at University of North Texas. She has won two teaching awards, a lifetime achievement in marketing award from the American Marketing Association, and teaches courses on marketing communication, international marketing, internet marketing, and strategy topics.For more information on her book, please visit her web site at www.judystrauss.com.
Now it’s your turn! How have you leveraged social media to help inform your buying decisions? How have your shopping habits changed with the advent of social media? What are some examples of products or services you would have never heard about and/or purchased had it not been for social media? Tell us!