AMEX & Twitter Innovation: The Shift To Social Commerce
Familiar? Twitter, Facebook, Foursquare…Tweets, Likes, Check-ins, Badges. Generating: spin, friend word-of-mouth, pic/video sharing, 3rd party endorsement, etc.
Then Bam! Gamechanger by American Express recently with its SYNC innovation that creates “Social Commerce” and directly drives retail and online sales. And many (but not all) companies and consumers have yet to notice the new AMEX competitive advantage.
Here is the scoop: A quick, one-time SYNC of your American Express card gives you ways to save, get bonus values automatically (no coupons or cumbersome stuff). Then see an AMEX Sync offer, Tweet, post/like or check-in and it is instantly added to your account. Then when you make a purchase then or even months later, the offer savings is activated.
The Innovation: building a platform that links the AMEX and Social systems, so you can simply Tweet, Like or Check-in to automatically save.
The Win-Win: Cardholders get bonuses/savings they really want, with little effort. The AMEX Partners (retailers, chains, etc.) get social exposure (to your friends/followers) and then direct traffic/sales. American Express gets a major competitive advantage as the first mover on meaningful Social Commerce, that leads to greater share of wallet spending and very happy cardholders and partners.
Added Kicker: As USA smartphone penetration has reached 65% of cell devices and the average phones has 35+ apps (with social ones leading the way). Twitter, Foursquare, Facebook see all their growth coming from mobile use. Now add in these automatic, location/occasion related offers and you see the true value to everyone with this Sync commerce innovation.
Fast Company: “AmEx aims to be the connective tissue between merchants and consumers on social media that will provide a mix of offers, data, and branding to its members…
… AmEx has (also) finally developed a way to demonstrate a tweet’s ROI”
Implications/Actions For IX Readers:
- As Consumers: check it out for personal savings and a bit of social fun
- As Innovators: the obvious move is to align with AMEX or to create similar social commerce solutions for your business or new product.
- The bigger implication: how do you totally rethink/re-invent your brand or product/service user experience through mobile/social fusion. Location and occasion empowering smartphones will change almost everything around us.
See for yourself: the PatrickTV video (below) shows you the simple steps to Sync or go to:
Stay tuned for more PatrickTV weekly episodes on Biz – Tech – Life 3.0
Patrick Meyer is the Global Correspondent for Innovation Excellence, and an Innovation and Business 3.0 Expert, Author and Keynote Speaker. He is the founder of PatrickTV and The CEO Futurist – Delivering The Future Now. Follow him at @PatrickMeyer and http://www.patrickmeyer.com/