Soldsie partners with Magento to offer social shopping channel

Social shopping service Soldsie is now available for Magento customers, offering retailers a platform to transform social communities into revenue-generating channels.

Magento Connect customers can download Soldie's Enterprise Edition for free by signing up on the website. As a technology partner, Soldsie helps brands take advantage of consumers communicating on social networks.

"Magento is a fantastic e-commerce platform that is uniquely suited to the needs of big brands and enterprises,"  said Chris Bennett, co-founder, Soldsie. "At Soldsie, we are developing similar tools specifically designed to enhance and customize the social shopping experience. Together, we're excited today to extend social shopping functionality to brands and enterprises for the first time."

"Social shopping is the future of e-commerce. Amazon showed us that in early May," he said. "Brands needs to be everywhere their fans and followers are, and they need to be properly equipped to create amazing social shopping experiences. Soldsie is paving the way for brands to easily activate their social communities by enabling social commerce with the turn of a key." 

So how exactly does it work? First a brand or retailer posts a product photo along with its price and available quantity on Facebook or Instagram. Shoppers then comment with the word "sold" before browsing more news feeds. When they are ready to check out, their items will be in the shopping cart, ready to purchase. And the post stays up, continuing to build awareness.

Soldsie has a 70 percent completion rate, compared to a 30 percent completion rate for traditional shopping carts.

It seems several of the social networks have been experimenting with technology that will allow brands to monetize social media. Twitter users have reported seeing a "Payment & Shipping" tab among the security preferences and a "Buy Now" button within tweets. Facebook users have also spotted the apparent test link of a "buy" button as a potential effort to encourage e-commerce on its platform.

For more:
-See this Soldsie press release

Related stories:
Twitter drops more e-commerce clues
Social media leads to a surge in coupon searches
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Amazon launches Prime Pantry
New Amazon Fire takes aim at Apple

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