Social networks change the online retail game

The rapid growth of online shopping has drawn many small businesses to create an online platform in the past few years. The amount of revenue for online retail continues to grow, and social networking sites such as MySpace and Facebook continue to gain popularity and diversity in their use. Social networks have become more than just social with an increasing amount of revenue potential.

When shopping online, consumers want products from retail sites they can trust. Social networks bring new elements into the online shopping experience and are potential springboards for lead generation and added revenue, allowing businesses the ability to place products in front of thousands of potential customers in a familiar and easily accessible environment. Social networks have the ability to reach large and targeted audiences, the customizable and user-friendly interface of the social networking platform introduces them as an ideal platform to reach a large audience and expand your business presence in an interactive environment.

There are several resources that are available for a retail site to create and design its MySpace or Facebook business profile. The page should have a regular flow of current and useful information, with personality that matches the business and its consumers. Posting MySpace bulletins and Facebook notes is an ideal way to spread the message about new product offerings and special deals.

Music bands have offered up an interesting case study for the opportunities within social networks, marketing their music online and creating groups of interest. It is estimated that more than five million bands are now using Myspace as a tool for exposure. If these bands decide to take the next step to use social networks as a retail platform for their fan base, they can realize significant gains. Fashion sites (like Ed Hardy) are copying this model and beginning to utilize MySpace as a means to market to their target audiences.

Social platform tools are now available, allowing retail sites to easily add products from their online stores directly onto their social profiles, giving their customers the ability to check out securely from that merchant's online storefront.

Keep in mind the following items to get your social store going:

Website design. Site usability and quality of the customer's overall experience are key factors in gaining customer loyalty when online shopping.

Become active in the space most fitting for your target audience. There are a lot of social networking sites out there, but there is no need to dilute your efforts by attempting to use every single one. Instead, research the user volume and demographics for different social networking sites, and seek out niche sites that appeal to your target audience. Concentrating on the most relevant platforms will enable you to engage with the most targeted group of consumers.

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