Online Social Networking & Business Collaboration World - Paul Marshall

It’s not all about getting more traffic to your site and spending time. It’s about getting engaged with your customers, interacting with them wherever they are.

Retail networks and social networks are not currently connected. Retailers know that shopping is a social experience. But they are not using online social networks. Why not?

They need to see retail networks and social networks merging – currently non-existent. Interactions leading to transactions.

Word of mouth is the most powerful tool that sellers have, says research. The number one influencer on purchasing decisions.

‘For a portion of web users, blogs rival search as a way to find things’ Buzzlogic CEO

There are plenty of conversations going on, and lots of examples of companies responding poorly or not responding.

Widgets are being used to push brand, moving from the browser onto the desktop.

Many tools now to vote on what retail offers are good: Digg, OzBargian, uLasoo, TopBargains etc.

The power of recommendations and reviews is driven by word of mouth. It gives customers satisfaction, and creates happy customers. However no Australian retail companies have ratings on their sites.

Costs of organising social communities:
Cost of community/ discovery
Cost of participation/ transaction
Cost of communication/ access

Google Checkout, Paypal, iTunes make it far easier to buy online.

The ideal purchase process: decide to and can purchase instantly.

Social currency is reputation. The frameworks have yet to be build.