What Every Entrepreneur Should Know About Social Commerce
Adam Lilling is a Serial Entrepreneur & Investor (http://www.lilling.com/). In this video he discusses what every entrepreneur should know about social commerce.
- Social commerce provides the next scalable online opportunity
- Based on community-driven buying & selling
- Groupon.com, Gilt.com, Onekingslane.com
- Social commerce types: private/flash sales, group buying, subscription, pop-up shops, etc..
- Social commerce unites people around a common interest
My first company was an internet retailer. I started in 1994. It was one of the first and I'm very excited about this new future of social commerce. Social commerce is really the next scalable online opportunity. Where the first 15 years of the internet was a lot about infrastructure whether it would be the chic manufacturers or the hosting of websites.
Now, commerce is scaling very quickly. You're seeing lots of sites get to a billion dollars in revenue in less than 3 years. Why? Because social commerce is around community. If you think social commerce, community is really local, think Groupon. It can be a community of interest, think Gilt Group or One Kings Lane. It can be a community around a vocation or a profession. It can also be a community around religion or ethnicity. There's so far to go when it comes to community.
There are lots of types of social commerce in the market today. There’s private sales, flash sales, group buying, subscription, pop-up shops and many more to come. We're really in the beginning of social commerce. The important thing to remember is that it's about a passionate interest in something. Whether it's where you live, whether it's something that you'd love to do, it's an activity, it's something you believe in.
But social commerce is bringing lots of people around something that they're very interested in and connecting them and selling to them at the same time and there is a really big opportunity for businesses to go out and think about who are my core audiences and what do they believe in and what do they love to do and what am I really selling. That's going to help them accelerate their growth through social commerce.