Cyber Monday 2011 exceeded all expectations with PayPal data showing a 552% increase in global payment volume compared to 2010. In addition, PayPal also claims that there is a 397% increase in the number of consumers shopping via PayPal. This increase gives social shopping a lot of hope in where it can go and grow in the coming years. There are several sites that have the opportunity to shine this holiday season.
- Fab.com, OpenSky, and Gilt Groupe are growing websites due to their unique products. These sites allow you to invite friends to sales, as well as share socially. Fab.com is a six-month old company which already has 900,000 users and a revenue run rate of $50 million.
- Pinterest, Ployvore and Svpply are online virtual wish lists which allow users to share products they love. These sites produce the perfect opportunity for retailers like Nordstrom and Bergdorf Goodman to create collages of their products to drive online traffic. These sites are still relatively new and they home content, not commerce, so measuring their effectiveness is not available at this time.
- OpenSky is a new female-friendly online shopping site, which is search-box free. The site allows women to discover new products by choosing and connecting with pros, experts and celebrities who will recommend their favorite products for you based on your interests.
For more information about social shopping, check out: http://www.adweek.com/news/advertising-branding/can-social-shopping-finally-take-136611