Socomm, short for Socialized Commerce is a term and experience popular among many online shoppers and dealers. Now what is socialized commerce and how does it work? Socialized commerce refers to the process of earning via buying. It is a networking space where a consumer uses his/ her purchasing power fueled by loyalty in return of earnings, ergo in the form of savings, while the product supplying brands obtain the reward of loyal customers in the bargain. The term was first coined in 2016 to define a prominent shift of phase in the multi- level marketing industry by eliminating the need for online websites to compulsorily set up sales to market. Socialized commerce is such a type of marketing that establishes a website as a mediator between various brands associated with online shopping and distribution, and all types of consumers, acting as the point of contact and trust between the two parties. This network of mediator endorses the brands to the access of the customers and vice versa, via internet. The importance of socialized commercial platforms in the business is in its capacity to be able to bring hundreds of brands together and their favorite customers together, and create a podium for exchange of mutual benefits, besides just sale and purchase, and bending even qualitative experience into quantitative savings. In exchange of ready- made loyalty from the consumers to the brands, the brands provide them with regular incentives, ensuring equitable profits on both sides.
Socomm, also known by Locomm or the loyalty commerce, is witness for the dawn of 21st century, where customers, mediators and the producers, all have a fair chance and equitable profits in their business. Though it is quite exciting to begin a new venture and invest in every kind of marketing strategy there is, it is a mistake if one underestimates the power of customer loyalty. If the natural human expectation of returns is the logic by which a vendor establishes a new networking site to reach people, it is the natural sense of suspicion and hesitation in humans that clings to security and hard- earned trust for the best reasons, it is only vey difficult to lead a business to success in some time period. Socialized commercial platforms reduce this risk. Whether it’s a new seller in the market or a new brand that comes with new ideas and best intentions, or a customer who is looking for variety but is extremely cautious to digress from his/ her conventional choice or a customer who is looking for variety and is ready to explore, it is not the most likely situation where such minds can possibly meet and learn of each other. Unless, they both trust an extraneous entity that is ready to act as a tangent that will hold both of these parties in connection with each other. That entity, is a socialized commercial platform.
Socomms govern their investors’ (producers and consumers) confidence and assure them to see an opportunity to achieve more. Socialized commercial platforms are the rendezvous for earning money from purchasing asset. While the vendors earn the gift of consumer loyalty and consumer marketing without actually contributing to propagate that effect, the consumers in return earn benefits of cash backs, discounts, gift cards, gift vouchers, points gained from purchases that can be converted into cash monthly etc., while the socomm platforms earn substantial money for simply mediating.
