Social commerce spotlight: Twitter proves its serious about t-commerce by appointing former Ticketmaster president
Despite the relative failures of f-commerce on Twitter’s main social rival Facebook, the micro-blogging platform seems determined to turn t-commerce into a tangible trend. We’ve seen continued efforts to boost advertising potential, and Chirpify has played a pivotal role in pioneering the in-tweet payment function. Now though, Twitter’s called in the big guns.
Former Ticketmaster president Nathan Hubbard has been bought in as Twitter’s first ever head of commerce. Reporting to Adam Bain, head of global revenue, Hubbard is tasked with the challenge of making t-commerce a reality and hitting the $370m value by 2017 as estimated by Forrester Research.
But it won’t be an easy journey. Recent data from digital consultancy L2 shows that over the past four years, less than 0.25% of new customers have been acquired through Facebook and less than 0.01% from Twitter. Furthermore, customers acquired via social media spend less money over time than those acquired via search. Not encouraging figures.
Nonetheless, Ticketmaster did some good work blending social media with commerce, and regardless of public opinion surrounding the company’s insistence on surcharges and ticket fees, can’t be faulted for really driving revenue. Hubbard is well-placed for the role.
There aren’t any specifics yet on Hubbard’s vision for t-commerce. In an interview he simply said: “We’re going to go to people who have stuff to sell and help them use Twitter to sell it more effectively,” Hubbard said. Vague indeed, but the company wouldn’t have drafted him in if they didn’t have at least a few tricks up their sleeves. Watch this space.