Social commerce is a novel term in the US, and many people are not familiar with it. Some think it refers to those annoying ads on Facebook. According to Wikipedia, social commerce is the use of social networks in the context of e-commerce transactions.
In China, social commerce has taken up a life of its own and become the backbone of e-commerce.
While the “Ice Bucket Challenge” has gone viral on Facebook, Chinese consumers use social media in a much more thoughtful way. Instead of posting some silly videos and pictures, they turn to social media to solve real life problems, to seek advice from friends and opinion leaders, and to decide what products to buy or not to buy.
Read the full article on Forbes.
Recently, McDonald and Coca Cola launched a new app that encourages people stay engaged with each other rather then being distracted by constant phone calls and messages. As featured in Trendwatching’s July newsletter:
In May 2014, McDonald’s and Coca-Cola partnered in the Philippines to launch BFF Timeout, an app that rewards users for not using their phones. Once individuals in a group have all opened the app, the timeout begins and points are earned for every moment the phones are left alone. As soon as anyone uses their phone, the timeout ends. Users’ scores are ranked on a public leaderboard, and prizes include trips to Japan and Singapore.
I believe that the next wave of innovation in mobile-commerce and social-commerce will come from Asia. Companies need to pay close attention in this area in order to stay ahead of the curve.