When planning to step into the world of business, the first and foremost aspect any individual concentrates upon is an indifferent idea to radically drive that particular industry. Same is the case with this exclusive Social Commerce concept which we call seCommerce, which calls the business personas for its trendsetting development and implementation.
So what’s the hack about this Social Commerce Concept?
Social Commerce is an intersection between eCommerce and Social Media on mobile platforms.
It is a kind of social network that encourages social engagement so that users are drawn towards an online purchase of products and services.
Thus, it helps the users to get advises and suggestions about the product from their trusted individuals.
Next, they are redirected to the eCommerce Portal Links / Meta information about the product, and ultimately they make purchases.
Commemorating the latest trends of Social Networks and Online Marketplaces on an individual basis, Our seCommerce has the potential to bring about a disruptive change in the digital market store.
It is like a Social Networking Site, where a user has a Profile, Followers and Following, Different Community for different topics however the platform is not a social networking site, it is a dedicated site for online commerce.
Hence it has robust feature for buying or selling goods online.
The business model of this social commerce concept is based on a simple, three-step mechanism
Step 1: Putting a Request;
When a seeker (user) wants any product he will simply put a request for the product, there are a predefined set of product categories, which helps the app to simplify and organize the request from the seeker.
Apart from categories there are set of predefined additional requests which he/she can make, for example, if a seeker wants a formal shirt, he/she will be able to choose, size, color, material or brand etc. and there is also an additional box to mention any other request apart from these predefined ones.
Step 2: Quoting Offer;
Once the seeker submits his/her request, a notification will be sent to all the relevant person, his followers, relevant community/groups, the Online retailers selling the product.
Then the one who has a product or wants to sell the product will quote the offer with product image and attributes, even if someone wants to suggest a seller he can do that as well, the seeker will get a notification for every quote submitted by the provider.
Step 3: Placing Order;
Once the user gets all the quotes from friends, followers, online sellers, community members, he can choose any offer he wants and place the order with just click of a button.
Next steps in the process depend on the revenue model chosen for this concept, there are many revenue models to choose which are mentioned in the following parts of the blog.
This Social Commerce Concept is a unique yet very simple and adaptable business model, you can even adopt the model for selling services.
In the model business could have a unique business account where they get additional features like giving deals and offers, sponsored placement and more while the user gets multiple options and deals to choose from, the marketing managers can down-rightly market about their business, and the admin earns profit out of the customer satisfaction, so it is a win-win situation for everyone.
For making the app based on our concept we have to make features for
Manage Subscription Plans: Manage the pricing according to the time period of the subscription plans and deciding the number of subscription plans for the vendor group
Manage Payments and Invoices: To look over the payments of subscription plans, relevant invoices generated automatically by the app system.
Manage Buying Requests: Admin holds the control over the buying requests as well which gets posted by the customer users
Apart from general provider features mentioned above the business Account can have the following Advance features;
Apparels, Accessories, Footwear.
AC, Television, Computer, Mobile Phones, Refregitor, etc.
Bakery Product, Vegetable, Fruits, FMCG products, etc.
Personal care products, premium beauty products, salon products, male beauty products etc.
Sports equipments, Gym accessories, training modules can also be added to it
New or secondhand Two-wheeler, four-wheeler, heavy vehicles and spare parts makes a great niche for the model
This Social Commerce Concept Unlocks number of ways of generating revenue, any startup developing a social commerce marketplace can adopt any one or multiple options to create a revenue model for their site;
Transaction fees (aka. Commission, Service Charge) is the most adopted revenue model by an eCommerce marketplace.
It is simple and very viable, the marketplace charges a certain percentage of commission or transaction fees on the sale of the product via the site.
How will it work on this social commerce concept? (briefly)
let’s continue with the above example, (Assume that the transaction fee of social commerce site is 3% for this product)
Cooper (seeker) request for iPhone Xs, he receives 3 Quotes one form Retailer, one form Community Member, and One form his Friend.
Cooper choose Community member, he then gives the order to community member and makes payment of $950.
The payment will be received by Social Commerce site, and the site will notify the community member to deliver the phone to Cooper.
Once the phone is delivered to cooper, the Social Commerce site will pay $920 ($950 – 3% transaction fees) to Community Member.
The transaction fee is undoubtedly the best revenue model for a marketplace, and you can seamlessly integrate with the internal listing and product sell be business account holders, but the real challenge is to How to integrate the model if anyone suggests an outbound link for the product?
There are two advertising models which can be adopted for this social commerce business model
Display ads are fixed banners showing images, gifs, videos or text appear on the website or mobile apps.
It is just like a billboard on the road but has more targeting options, remarketing, interest, demographic, geographic targeting.
It could be an excellent tool for the business account holder on this platform when a seeker is posting a request the site will automatically show the ‘sponsored product’ matching the request of the seeker.
By this way, the buyer who wanted the product urgently and does not want to wait for the quotation has an instant option to choose.
For this model charging for the business model makes really good scenes, there are three ways how you can adopt the business model.
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