No. 3: From "Transactional eCommerce" to "Web 2.0 Commerce"
Transactional eCommerce is increasingly becoming hygiene as community participation is driving purchase decisions. Studies show that Over 70% consumers agree that they choose companies and brands based on what other say online; Over 80% shoppers say that online product evaluations and reviews influenced their purchasing decisions. Revenue opportunities are also higher when social media is integrated into eCommerce. This has been demonstrated by Dell which has been reported to have raked in more than $3 million from Twitter followers who clicked through its posts to its Web sites to make purchases. In another report , eBay found that their customers who participate in online communities tend to spend 54% more than those users who do not.
We see this coming together of Social Media and eCommerce critical for success of all new ecommerce initiatives.
