A new study on social commerce conducted by MAGNA Media Trials, in partnership with Snap and Reprise Commerce, has garnered significant media attention in recent weeks.
The study – What Does the Future of Social Commerce Entail? – surveyed 8,000 people across the US, the UK, Germany, and Saudi Arabia. Its findings had far-reaching implications for both brands and social platforms, particularly in terms of building consumer trust in social commerce transactions.
MediaVillage took the opportunity to sit down with Glen Conybeare, Global President of Reprise Commerce, to get the Reprise Commerce perspective on the study’s findings…
“Brands are realizing that a significant double-digit percentage of their sales are likely to be through eCommerce channels,” Glen Conybeare told Charlene Weisler of MediaVillage, “That makes their life more complicated because while most brands are adept at selling through physical retail, having honed their approach over many years to maximize sales, their e-commerce knowledge and capability is still nascent.”
Another popular topic of discussion for commerce concerns augmented and virtual reality solutions, which may help to reduce returns, providing a more frictionless journey for customers whilst removing or reducing a profit drain for brands and retailers.
“Consumers don’t want [to buy] twelve items and send ten back […] it’s a hassle. They want to order something that works for them and not have to send anything back. AR and VR technology help with that.”
“It’s a lot easier to walk into a physical store, try on a pair of jeans, buy the pair of jeans. In addition, return rates for physical commerce are low.” Said Conybeare, “When you buy a pair of jeans online, you’ll probably buy two. Maybe one fits. Maybe none fit. It’s the same with style. Technology can help reduce this friction in the online consumer journey. That’s why we’ve seen such a positive reaction to AR and VR in the study.”
As the share of sales attributed to eCommerce grows, profitability is becoming a headline priority for brands, and many are turning to the tech world for solutions.
“eCommerce is not as profitable as physical retail for the vast majority of retailers,” Conybeare told Media Village, “If implementing AR or VR technology on your site means your returns go from 30% to 20%, that pays off very quickly.”
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