Popular startup Payvment, which allows anyone to create a shop-front on Facebook today debuts a new feature which allows merchants to monitor key social commerce metrics to help drive sales.
Payvment’s Facebook App which launched back in November 2009 allows you to set up products, categories of products, import photos, list terms of service and shipping orders and more. On all Facebook shop-fronts you also get a virtual shopping mall.
The new Social IQ dashboard which has been introduced today, greets merchants with a Social IQ ‘score’, which displays a benchmark of how effectively the seller is promoting their store and generating engagement compared with other Payvment sellers.
The Social IQ technology analyzes merchant data and delivers a daily set of customized actions to help sellers who are new to social commerce grow fans, traffic, and sales. Payvment’s Social IQ also makes it easy for sellers to try social commerce campaigns such as running a Twitter promotion or offering a “Like” discount for fans, while being able to measure exactly how those actions improve product discovery and sales.
Based on performance data, sellers will be recommended campaigns such as creating and posting a product poll, or running a seasonal promotion. The seller’s Social IQ score climbs in direct correlation to their growth in fans, reactions (Want, Like), conversations, and product sales driven by these actions.
The question is, with the decline of Facebook stores this year amongst top brands, will Payvment’s new feature encourage customers to give it a go?