Success in Social Commerce Essay Example | Topics and Well Written Essays - 1750 words

Success in Social Commerce - Essay Example As technology developed, these challenges were being turned into opportunities and over the years to date, there are several changes that have come up due to the changes in technology. Since the major aim is to reach out to the consumers through the social media, the recent years have seen inculcation of online sites such as MySpace, twitter, Facebook and as these have been made accessible through mobile phones (Weintraub & Litwinka, 2013). Defining Success in Social Commerce Success in social commerce includes use of many parameters that shows the changes that have been experienced over the years and the developments that are being experienced. These parameters of success include many issues that comprise a compilation of many components of social commerce. Success also includes use of all the initial objective goals that would make it possible for a strategic success to be realized (Rad, 2011). Clarity can therefore be defined by use of the following very important procedural metho ds; Clarity of ROI Goals Return on investment (ROI) is very important especially when it comes to consideration of the long term strategy of the company engaging in social commerce. One of the factors that will lead to a high success on the ROI realized is the acquisition of new customers. Customers play a very important role in realization of the business prospects. For instance, the current generation specializes in use of Facebook, Twitter and YouTube. Therefore concentration on advertisement through these will increase the number of customers and hence a high ROI (Berger & Heath, 2007). For instance, Vente-Pricee Company, a European leading Retail Company created a Facebook referral program that made sure that there is a new acquisition of new customers. The second goal that would increase the returns is the capture of new data points and website referrals. Website referral is the sharing of website information where there is an aim of increasing the customer web by increment of the information shared online. Capture of new data points is also a method that would be used to modernize the information system and help install new technology that works fast enough to the best interests of the customers and the company (Duan & GuWhinston, 2008). The outcomes of website referral and data point capture are diverse. According to Liang and Turban (2011), information shared on micro-blogs act as special media that is used to reach out to many individual blogs hence sharing the information. Loyalty program growth is an issue that should be captured in the objectives and therefore aims at retaining the existing customer base apart from addition of more customers. Online business is an issue of the current generation. For instance, to retain loyalty of Facebook users, Carrefour, a leading retail company in the world invented face shopping mostly for those that use Facebook only. Response to customer sentiments is a method that will be used to listen to the customers an d make sure that all the needed changes are made. This ensures that their demands are met hence making the ROI more by virtue of adding value to the needs of the customers (Kietzmann, Hermkens, McCarthy, & Silvestre, 2011). Implementation of On-Off the Media Strategy This is a strategy that makes sure that there is