Soldsie is a social commerce platform that promises to make it easier than ever to sell merchandise to your Facebook and Instagram followers. The idea is simple. You post a photo of your product to your Facebook or Instagram account and users can purchase it by writing “SOLD” in the comments. Many business owners have reported a surge in user engagement and sales after starting to use Soldsie’s selling platform.
Let’s take a look at what Soldsie does and if it’s right for your business.
What is Soldsie?
Soldsie is a social commerce platform that allows you to turn social networks into points-of-sales, meaning your business can sell its products directly from your brand’s Facebook or Instagram account.
You post a photograph of your product in your feed and notify fans it’s for sale along with how many are available. In essence, you are creating a flash sale that all of your fans and followers can participate in.
When someone wants to purchase an item, they simply leave a comment, such as “SOLD” on the post. After the customer leaves a comment, they are sent an invoice via email (whichever email is tied to their social account) for their order.
Getting Started with Soldsie
Getting started with Soldsie isn’t difficult, but it is a different process than you may be used to. Instead of signing up for an account and being able to use it right away, Soldsie makes you fill out a simple contact form. Then you wait to hear from them.
It doesn’t take long for Soldsie to reply. When they do, they’ll discuss the options available to you and help you determine which of their solutions is right for your business. It may be a different process than you’re used to when signing up for an online service, but it’s helpful, efficient and ensures that the on-boarding process happens smoothly.
How Soldsie Works
- You post a photo of an item you have for sale.
- A fan (really a customer) comments on the photo with the word “sold” or your word of choice.
- If the buyer has never bought from you via Soldsie, they register by clicking a link.
- The buyer gets an invoice via email and provides billing and shipping information when they checkout.
- You ship the product.
The simplicity of Soldsie is impressive. Customers can register in less than a minute and Soldsie has automated most of the invoicing process so that you can focus on continuing to engage your customers and create new ones.
What Soldsie Is and What It Isn’t
Soldsie is a tool that allows you to sell products directly on Facebook and Instagram. It gives you an easy way to reach your fans and offer them products that they can buy without ever leaving their social platform of choice.
If you don’t have a large Facebook or Instagram following, Soldsie isn’t going to make your account explode in popularity overnight. Similarly, if users aren’t engaging with your posts already, Soldsie isn’t going to turn you into the queen of engagement, but great photos and good deals can help. Even so, you should have a solid following (you’ll probably want around 1000 followers on Facebook or 500 followers on Instagram) as well as some user engagement before turning to Soldsie.
With that said, Soldsie can help you increase engagement and your number of fans over time. When customers purchase an item, their “SOLD” comment is displayed in their timeline and photo feeds where their friends can see and through the power of social proof can be influenced to purchase your product too. If their friends then make a purchase, once again a comment will be left and that will spread to a new group of friends enabling your store to go viral
What Does Soldsie Cost?
The Soldsie website is vague on this front and currently lacks concrete details as to the costs involved with using Soldsie.
The website doesn’t list how much Soldsie costs to use and user reports vary. It seems that most users pay around $200 per month as a base fee and an additional commission percentage if they make more than “X” amount in sales. It’s important to note that this is only a guess based on what some users have reported.
One user reported paying Soldsie $1,200 upfront to cover their first six months of service. The user reports that the $200 per month is used to prepay a 6% monthly sales commission. If commissions total more than $200 for the month, the user is issued an invoice for the difference. There is no mention of what happens if you don’t’ sell enough to create $200 worth of commissions in a given month.
Again, this isn’t the only pricing structure that Soldsie sellers have mentioned. It only serves as an example of one possible fee structure. To know what it will cost with any certainty, you will need to contact Soldsie and discuss fees with them directly.
Pros and Cons of Using Soldsie
Benefits of Using Soldsie
- It’s easy to use for both buyers and sellers
- Every seller has an account manager they can speak to
- Soldsie offers tips and social media training designed to help you increase and engage your fan base so that you can make more sales
- Easy to use sales dashboard that makes tracking purchases and inventory easy
- Easy integration with Facebook and Instagram. Additionally, Soldsie easily works with Shopify and Magento, making it easy to integrate if you use either platform for your eCommerce store.
- You don’t need an eCommerce store to sell with Soldsie. Check out this interesting storyon Accessory Concierge, which first started selling using Soldsie without having a website. After successfully proving their model, they then built an eCommerce store.
- Reports a 70% purchase completion rate vs 30% completion rate for traditional online shopping carts. This is likely due to the consistency’ technique (foot-in-the-door) – comment selling moves people along the sales funnel in a more seamless manner. It costs nothing for a customer to comment ‘SOLD’, but psychologically, to avoid cognitive dissonance, the customer will be more motivated to finish the purchase once they’ve made a seemingly trivial but public commitment.
- Using Soldsie to create flash sales takes advantage of the principle of urgency and scarcity. Since the product(s) only lasts for a limited time using Soldsie can help push people to make a purchase.
- Comments left by customers making a purchase helps to increase your stores conversion rate as it take advantage of social proof which can influence future customers.
Strikes Against Soldsie
- There is a learning curve for fans. Writing “SOLD” or some other chosen hashtag is easy enough, but some of your fans might not understand what’s happening right away
Is Soldsie Right For You?
Soldsie is a fantastic app for any business, small or large, that’s looking to increase engagement, community and ultimately conversions and sales by being able to sell to customers directly on social media.
If you have an active and responsive fan base, you should have little problem using Soldsie to increase sales and grow your fan base.
To get the most out of Soldsie your fans need to:
- Want to purchase your products
- Be a part of your online community
It’s the second one that can be a problem for businesses starting out. If your fans aren’t engaging with your brand prior to you using Soldsie, what reasons are you going to give them to engage with you after you start?
If you’re considering using Soldsie as a way to sell directly to fans on Facebook and Instagram, it may serve you well to focus on improving user engagement before you make that leap. You can view some of the Soldsie success stories here to help give you a better idea of how to begin.
If you have a solid presence and engaged users on Facebook and Instagram, Soldsie offers a simple way to sell to your customers directly through social media. If you don’t have many fans, or the ones you have don’t engage with your pages, you are probably best served by focusing on improving user engagement first before getting started with Soldsie.
Here’s a video of a Soldsie client being interviewed on national television discussing how they grew their businesses as well as reviewing Soldsie.