We’re delighted to announce the launch of a brand new Co-buying channel for Tesco – the UK’s largest retailer.
Co-buying is the fast-emerging new form of online retail, allowing the customer to define what's on offer and for the offer to increase in value as more people participate; smart rewards rather than blanket discounting. It turns social media into a powerful transactional channel, driving customer acquisition and insight.
Powered by buyapowa’s award-winning technology, Tesco’s Co-buying channel features products selected by their shopping community. The more people who buy the better the price becomes for everyone. Whoever brings the most other people into a Co-buy gets their product for free. Co-buys only last a short time, and stock is limited, so customers are urged to sign-up for alerts so they don't miss out. In fact, the more people who sign up for alerts, the bigger and better the Co-buys become.
Tesco have always led the way in using technology to serve their customers - from being the first to launch a loyalty card in the UK to their celebrated social customer service.
Co-buying represents the latest expression of that innovation and, following an initial pilot phase featuring Co-buys from their Wine By The Case portfolio, the opportunity for expansion across other categories is phenomenal. Watch, as they say, this space…
The launch of this brand new Co-buying channel, by one of the top-three retailers in the world, marks an important stage in the evolution of Social Commerce – getting customers to shop where they share. So, why Social Commerce and how is it going to change the retail landscape in 2013?
• Social in 2013 is exactly like the Web in 1996: what people assumed was just a marketing channel actually has the potential to become a critical sales channel. Amazon cottoned on to this back in the '90s with E-commerce. Now brands are applying the very same lesson to social.
• But don't be fooled into thinking you can just open a shop in Facebook and be done with it. Instead, you have to pass some control back to the consumer and empower them. That's what Co-buying and Social Commerce achieve.
• The time is now because retail is increasingly running the risk of slipping behind the zeitgeist. Customers are using social to customise every other element of their lives - before long, the current experience of shopping online is going to feel static and lifeless.
• And there's another threat from brands such as Sony and Pepsi, who have already launched Social Commerce initiatives powered by buyapowa. If originating brands and manufacturers are using Social Commerce to sell directly to their social audiences, retailers need to stay ahead of the game or risk being disintermediated.
These are exciting times and the opportunities are immense. Just as the Web became a disruptive, business-critical route to market, social media is set to do the same. To make sure you don't get left behind, call us on +44 20 3008 4431 or contact us here.
Or, if you'd like to learn a more about the basics of Social Commerce and how it's changing retail, we're holding a series of free webinars. Just click the image below to sign up - but hurry, space is limited.