Have you heard about it – the commercial opportunities on Facebook? It is readily being referred to as fCommerce. No, you didn’t flunk your commerce class in college – it means there are opportunities to drive revenue on Facebook, and plenty of it. If you haven’t investigated the opportunities on this platform, time to take a closer look. An entire fCommerce ecosystem exists with Facebook Deals, Facebook Credits, Facebook Storefronts and Facebook Authentication. If you haven’t made fCommerce a part of your CRM strategy, time to get started.
Truly Define fCommerce
There may be a number of different definitions flying around the stratosphere as to what fCommerce really means, but it basically refers to the use of Facebook as a platform for the facilitation and execution of sales transactions. These transactions can be completed either within Facebook, or outside of Facebook on the social network’s Open Graph. fCommerce is considered to be a type of social commerce as it relies on social media to support user contributions and social interaction as users participate in online buying and selling of services and products alike. Still not convinced fCommerce will make a dent in your strategy? This ecosystem and associated transactions will likely generate $34 billion – more than Amazon.
Why Does fCommerce Exist?
So, if the world works in such a way that you have been able to successfully sell to people face-to-face, why should you consider fCommerce? Take a step back and ask yourself how many more sales you could handle if face-to-face wasn’t always required. With fCommerce, sales transactions can be facilitated and executed on the Facebook platform. You can offer trials through Facebook, re-purchase opportunities to build loyalty and leverage word-of-mouth opportunities to drive customer advocacy. While all of this is going on, you are also improving the customer experience.
Surely fCommerce Only Includes Small Companies
It may be easy for you to assume that only small companies are taking advantage of fCommerce, but you would be wrong. Major brands such as Starbucks, Apple, Levi’s, Dove, Gap and even Disney – to name just a small few – are leveraging the power of fCommerce and giggling all the way to the bank. There is huge opportunity here for you and your company and if you don’t have a strategy in place to integrate your fCommerce and your CRM focus, you will find yourself struggling to drive profitability in future years.
Is There Really a Future in fCommerce?
This question is still being asked simply because social media has not been used to drive sales in an obvious way. The platform is racing in this direction, however, and now is the time for your company to get on the fCommerce train. The days of simply “liking” a company will soon be in the past and customers will use this platform to buy from a company. Do you want to be the one company that isn’t participating in this ecosystem? Do you want to stick to the face-to-face plan and risk the business you could enjoy online? Yes, it will require an investment of time and resources, but the potential in fCommerce is massive.