Social Commerce. It’s the hottest new marketing opportunity for marketers, media companies and agencies. Group deal sites Groupon and Living Social have become hot properties, valued at more than $6 billion and $3 billion respectively. Last year social marketing was only a $1.2 billion business according to Jack Myers Media Business Report – consisting primarily of word-of-mouth advertising, online blog sites and conversational marketing campaigns. By 2020 Jack Myers Media Business Report forecasts that marketers will invest almost $50 billion annually in social marketing and commerce, much of it coming at the expense of traditional print coupons and retail trade promotion.
Facebook is positioned to be a primary beneficiary of this huge growth trend. Seventy-five percent of retailers report they plan to use Facebook to drive their social commerce business and nearly 50 percent plan to use Facebook in place of their own websites for product launches and promotions. Hyper-local sites and apps are positioned to be the connecting commercial link between … read on.”