F-Commerce will be one of the most important developments in 2011. The introduction of ‘on Facebook’ commerce coupled with Facebook Credits will impact brands, retailers and e-commerce providers due to the size and potential of the Facebook audience.
In this article we look at 10 reasons why brands cannot ignore the rise of F-commerce.
1. Facebook has 600m users. 1/2 of the UK population has registered with Facebook. [infographic]
3. f-store conversion rates are on a par with web-stores at 2-4% (avg. 3.4%, according to Forrester/Shop.org)
4. Facebook users spend 1.5x more online that other Internet users
5. Facebook users now spend 1/3 of their online time on Facebook.
6. 17% of Facebook users who say simply having the ability to ‘Like’ a brand makes them more likely to buy.
7. 76% of retailers surveyed plan to use Facebook for social commerce initiatives.
8. 2.5 million sites and counting have integrated Facebook Connect.
9. 10,000 new sites integrate with Facebook every day (with social plugins) (since April 2010)
10. Facebook is the second most visited website in the UK after Google, accounting for 6.89% of all visits from UK Internet users in September. [Hitwise]
11. Nearly 10% of Internet visits come immediately after a visit to Facebook, second only to Google in traffic generation. If consumers can buy directly from Facebook this not only cuts off downstream traffic but also increases the importance of being on Facebook.
These figures come from the excellent article at Social Commerce Today. The article has many more statistics plus links for further data references. Do also read our article, ‘10 Facebook Facts UK Brands cannot ignore‘.
Where Next with F-Commerce?
Quoting Adrian Melrose,
As Facebook camps at the offices of the Financial Services Authority (FSA) waiting for their banking license, we’ll soon see the ability to cash-out of Facebook credits. As soon as we can do this please hold onto your hats: we’re about to experience the Big Bang of F-Commerce. Facebook credits could become the official currency of the online economy.
Our clients and premium subscribers can also read about the future F-commerce and Credits with examples of brands currently harnessing Facebook and further steps of how to start harnessing F-commerce. [password required, more details here.]
How can your brand harness F-Commerce?
Assuming you have a Fan Page already. [If not, stop reading and go create one] you can start with small scale selling using Fan Page plug ins like Payvement. These will allow you to trial sales through Facebook. They will not yet integrate with credits but it will get you started.
Hire us. We discreetly consult with clients to develop their social media strategies as a standalone or integrated part of their marketing mix. We work to deliver insight and strategy to ensure their (and your) digital marketing campaigns are optimised for today, and tomorrow. You can get in touch here.