Transaction by transaction, partnership by partnership, the connected economy is taking shape.
And the role of social media in this evolution is becoming increasingly important.
In just one example, Wednesday, June 22, Twitter and Shopify announced that merchants of the latter will now be able to view and update, in real time, dozens of posts in their Twitter profiles.
And in terms of mechanics, Twitter is launching a sales channel app for US Shopify merchants. This app will allow merchants to connect to Twitter’s Shopping Manager and then link and sync their product catalogs.
The relationship highlights two trends: The growing use of social media to find out what we want to buy; the need to meet consumer expectations that what they find and want to buy will be readily available.
After all, one of the biggest frustrations in commerce is out of stock, with the lack of transparency that comes after clicking through to the checkout page only to find the transaction will be impossible.
Modernize the catalog
We see the urgency of what we might call “catalog modernization” taking shape through consumer interactions, but also B2B.
As reported in this space for the past few weeks, Elastic Path CEO Jamus Driscoll told PYMNTS CEO Karen Webster that the traditional catalog “experience” is clunky and inefficient in its current digital incarnation.
On the web, brands and businesses only have minutes, if not seconds, to fully engage the end user, whether it’s a consumer or a B2B transaction.
In this short window, they must offer the right product, in its context, at an attractive price. Vendors such as Elastic Path offer EP PXM, which in turn centralizes commercial product merchandising and catalog creation in one place.
Also read: Legacy catalogs undergo a digital transformation that enables easy real-time updates
Beyond ways to ensure that product information is updated, consistently and consistently, there is a noticeable blurring of boundaries in the connected economy, where cross-pollination makes social interaction inextricably related to purchases.
PYMNTS found in its latest deep dive into the connected economy that consumers are 40% more engaged in digital activities that don’t involve purchasing, such as streaming videos and hanging out with friends on social media. social, than those that are only about transactions, such as shopping and paying bills.
By integrating commerce into these interactions, we begin to see a broader continuum of activity that naturally leads to finding new items and services that become a priority and end up in online shopping carts. There is certainly room for “live shopping”, via social media, to take hold. Our research shows that digital transformation, as measured in 11 countries around the world, is only 27% complete.
Read more: How the world is going digital: Digital transformation is only reaching 27% of its full potential