We've been completely captured by Web 2.0 for the past decade. We upload videos to YouTube, tweet our thoughts, post events, and take photos to share with the world – all in real time.
This change to user-created content has driven a constant change in the way we communicate online. It’s changed our entire lives.
But what’s next? Is it possible that we are on the brink of the next evolutionary wave of peer-to-peer interaction?
Welcome to Web 3.0. The next big thing is here and it’s time you prepare.
Web 3.0 is the convergence of everything we have witnessed in the past up until today. The web will eventually become a single ecosystem where the worlds of social media and commerce collide. Consider the recent holiday season. We saw gift lists on Facebook, coupons on Pinterest, and millions of Christmas morning videos showing kids unwrapping the latest gadgets. We continue to showcase our latest purchases to our peers with validation in the form of “likes.”
The New Social Experience
Social Commerce is the next stop in online transactions. To give you a picture of what this looks like, imagine a guy tweeting his buddy a beer at the bar. In this scenario, the sender selects the account (credit, debit, checking, or savings) from which to push funds. When the transaction is successful, the receiver will chooses which of his accounts to drop the deposit into. While this scenario might seem a bit silly to some, there’s a larger picture to grasp.
Take this same technology and put it in the hands of celebrities like Paris Hilton, Katy Perry, or even non-profit organizations like the Red Cross. It’s easy to imagine the impact their Social Commerce campaigns can have when offering limited perfume, VIP concert tickets, and relief to those in need. With social platforms like YouTube, Vine, Instagram, and Facebook streaming video, the ability to sell at a much higher success rate is at our fingertips. The technology to convert the last frame in a streaming video to a checkout cart exists today. It’s only a matter of time before customers start purchasing the latest products and services at this level. The question is, what are you doing to act on that accessible technology?
It’s Time to Change the Game
One of the most important factors to consider is that the emergence of social payments will ultimately increase processing volume in the payments industry on a drastic level. This is why it is vital to pay attention and be part of the change. In the next few years, we can expect drastic change as smartphones, mobile wallets, and social networking are at the fingertips of every millennial.
We will continue to see change in the way customers make payments. Do you remember the days of going to a record store and using physical cash to make purchases? Do you remember the shift from this to online purchases with your credit card? This trend will continue as consumers use social media to make purchases and share their purchases. It is important to remember that all social media platforms have one thing in common – advertising as a source of revenue. We are not too far off from these platforms competing head-to-head with e-commerce giants like Amazon, eBay, or Google.
How You can Prepare
Are you utilizing a social media presence to increase sales? Are you offering exclusive deals to your followers on Twitter? Are you putting coupons on your Facebook page, encouraging fans to share and buy into your brand?
You should be.
Take a look at the big picture. Look at the future of social payments and where your company sits in the spectrum. Look at your current offerings and figure out a way to utilize social media into your campaign. For example, a local bakery could offer buy-one-get-one-free coupons that are exclusive to their Twitter or Facebook fans. You can even take it one step further and incorporate online videos that encourage consumers to share with their friends and family for a special deal. The return on this might end up being more than you bargained for.
It’s time to master the integration between commerce and social media. We can no longer be afraid of this emerging trend. By focusing on how we can better reach our target audience through social media TODAY, we will be better prepared for the explosive round of growth that takes place TOMORROW.
So the question is – How are you preparing?
Rey Pasinli, MBA, is Executive Director of Total-Apps and a featured sponsor of Tech in Motion.