Social commerce has jumped from buzz worthy to a must-have strategy for many retailers. Additionally, social networks, particularly Facebook, have become prime real estate to harvest not only engagement, but real revenue.
Payvment recently released Social IQ, designed to help retailers understand the optimal social media activities for boosting sales and engagement on their Facebook stores. Based on analysis of more than two years of data from thousands of retailers, Payvment Social IQ technology delivers a daily set of customized actions to help sellers who are new to social commerce drive rapid fan base growth, traffic and sales.
This technology is embedded in a new release of Payvment's Social Commerce Dashboard, which has an added set of tools to monitor key social commerce metrics and track the impact of new campaigns.
An internal survey of Payvment sellers showed that monitoring growing Facebook fan count is the most challenging aspect for sellers who are new to social commerce, with 72% of new sellers having a fan count of 500 or fewer.
Payvment's Social IQ offers a "score" that provides a quick benchmark of how effectively sellers are promoting their stores and generating engagement relative to other Payvment sellers. They also receive suggested actions to boost their social marketing efforts, such as creating and posting a product poll, or running a seasonal promotion. The seller's Social IQ score climbs in direct correlation to its growth in fans, reactions (Want, Like), conversations and product sales that are driven by these actions.
Payvment's Social IQ also help retailers develop new social marketing tactics, such as running a Twitter promotion or offering a "Like" discount for fans, which can be measured to improve product discovery and sales.
"We want to make it as easy as possible for smaller sellers and social media novices to market and sell products on Facebook," said Christian Taylor, Founder and CEO of Payvment. "For more than two years, Payvment has analyzed the marketing activities of hundreds of thousands of sellers and seen how millions of shoppers discover, share and purchase products on our platform. We truly understand what works to drive engagement among our thousands of successful sellers. Our new Dashboard with Payvment Social IQ is a simple way for merchants to pull powerful social levers to build their businesses and drive sales."
Payvment has more than 100,000 active sellers offering more than 2.5 million searchable products across Facebook.