Social Media just got more muscles. And this time, these are super-bold-nitro-packed ones. In the near future, just having a bank card and a twitter/facebook account will be enough to transfer money. Twitter has already partnered with a French Bank (BPCE) to allow money transfers. It seems that Facebook might also have a secret payment service waiting to be revealed. (Japanese bank, Rakuten already offers a transfer by facebook service). In September, even Apple launched a mobile wallet feature that allows in-store payments from a touch screen.
So what does this all mean for marketers? What does this trend means for brands? How will this all link back to social engagement?
Here are 3 key ways in which I believe this phenomenon could disrupt the social landscape:
1) Consumers could directly transact online from a brand page – Imagine consumers having a conversation about a brand on twitter and instantly tweeting money to the company to deliver their goods? Could social impulse buying become the next big consumer trend?
2) Consumers could painlessly share costs of good online – Imagine a group of friends buying a birthday gift for a friend online? We could just tweet each other our share of contribution and purchase a gift online instead of wasting time gathering everyone’s share of money.
3) Return on Online Investment could get so much more measurable – Social Media has often been seen as something ‘in the air’. Brands still don’t really know if their online conversations really result in offline purchases? In the future, it could be so much easier to truly see the impact of social engagement on the company’s bottom line. Especially with the power of dark posting, imagine the power of really measuring spend on products based on different conversations instead of just clicks and impressions? Could this change how we measure the true impact of social?
Well, for all those people who say engagement on social media does not reap any ‘real revenue’, just ignore them. You don’t want that kind of negativity around you. :)