Ed Cotton: Walmart Makes A Social Commerce Bet
No one is quite sure how social commerce will pan out, but if you are Wal-Mart, the world's largest retailer, it's worth a $300 million "punt" to find out.
- 21 april 2011
No one is quite sure how social commerce will pan out, but if you are Wal-Mart, the world’s largest retailer, it’s worth a $300 million “punt” to find out.
Today, the giant announced the acquisition of the Silicon Valley based Kosmix.
What are they buying?
A quick read of Kosmix’s blog post for today provides some insight.
“As we worked on the Social Genome platform, it became apparent to us that this platform could transform ecommerce by providing an unprecedented level of understanding about customers and products, going well beyond purchase data. The Social Genome enables us to take search, personalization and recommendations to the next level…
More and more visitors to the retail stores are armed with powerful mobile phones, which they use both to discover products and to connect with their friends and with the world.
We are at an inflection point in the development of ecommerce. The first generation of ecommerce was about bringing the store to the web. The next generation will be about building integrated experiences that leverage the store, the web, and mobile, with social identity being the glue that binds the experience.”
(Continue reading here.)